Latest Oil Gas Headlines
All the headlines from our Oil Gas Topic Page, ordered by recency.
Here’s What You Need to Know About Russia Oil Sanctions, Effective Dec. 5
Dec 5 2022 // After months of planning and negotiations, the biggest tranche of sanctions on Russian oil to date take effect on Monday. How big their impact will be remains uncertain. The Group of Seven clinched a last-minute deal to...
EU Agrees to $60 Price Cap for Russian Oil, Allowing Buyers to Access Insurance
Dec 2 2022 // The European Union agreed to put a price cap on Russian oil at $60 a barrel, paving the way for a wider Group of Seven deal, according to a Polish diplomat. The price is higher than where Russia already sells most of its...
Western Governments Struggle to Set Russian Oil Price Cap Before Dec. 5
Nov 30 2022 // Western governments want to set a maximum purchase price for Russian oil on the world market to limit Moscow’s ability to raise money for its war on Ukraine. The plan is meant to punish Russia while at the same time...
Norway to Improve Security Around Submarine Fiber Cables for Oil & Gas Industry
Nov 29 2022 // Norway will beef up security around the digital infrastructure that is essential for the Nordic country’s oil and gas production, following the recent sabotage on the Nord Stream pipelines. Norway will spend an...
Russia Says It Won’t Sell Oil to Nations That Cap Prices
Nov 22 2022 // Russia doesn’t plan to supply crude or oil products to nations that implement a price cap, according to Deputy Prime Minister Alexander Novak. Instead, Russia will redirect its oil supply to “market-oriented...
Turkey to Demand Oil Tankers Have Proof of Insurance, Adding Teeth to Russia Sanctions
Nov 17 2022 // Turkey warned the world’s oil shippers they will need to prove they’re insured to cross the country’s vital straits, a move that could restrict flows of Russian oil as new European sanctions kick in. The...
Five Iran-Connected Oil Tankers Lose Their Flags Following U.S. Sanctions
Nov 15 2022 // The international ship registries of Djibouti and the Cook Islands suspended the flags on five oil tankers, following sanctions by the United States this month for having facilitated oil trade for Hezbollah and...
Reuters: Russian Oil Cap Spurs Insurer Fears of Oil-Laden Ships Being Left at Sea
Nov 11 2022 // Oil-laden tankers risk being left languishing at sea if insurers do not urgently get clarity on an unfinished G7 and European Union plan to cap the price of Russian crude, two senior industry executives told Reuters. The...
Grounded Oil Supertanker Could Take Month to Free: Indonesian Navy
Nov 8 2022 // Indonesian authorities said on Monday it could take up to a month to free a crude oil tanker stuck in its waters, while the United States slapped sanctions on the vessel for alleged links to Hezbollah and a branch of...
Oil & Gas Operator Agrees to $1.5M Settlement Over Clean Air Act Violations
Nov 7 2022 // The United States Department of Justice announced that Utica Resource Operating LLC (URO) has agreed to a settlement resolving alleged Clean Air Act violations at URO’s oil and gas production well facilities in Ohio....
Ahem, Florida Lawmakers: State Insurance Market Badly Needs an Oil Change
Nov 7 2022 // As the Florida Legislature prepares for its 2nd Special Session on property insurance in 2022, it’s time we examine why our market sputtered out of control and discuss the necessary solutions to fix it. Many...
Court Revives Louisiana Wetlands Damage Suit Against Big Oil
Nov 7 2022 // A federal appeals court has ordered a nine-year-old lawsuit filed against oil and gas companies over damage to Louisiana’s wetlands to be returned to state court for trial, potentially clearing the way for at least...
UK to Cap Price of Russian Oil Using Insurance, Brokerage, Shipping Services Ban
Nov 4 2022 // The UK government is to cap the price of Russian oil for any company in the world using the country’s insurance, brokerage and shipping services. The UK Treasury said in a statement on Thursday that the country will...
Dutch Government to End Credit Insurance for Fossil Fuel Exports
Nov 4 2022 // The Dutch government on Thursday said it intends to stop giving companies and banks credit insurance for exports in the fossil fuel sector as of Jan. 1, following through on a pledge made at the COP-26 climate conference...
Court Revives Louisiana Wetlands Damage Suit Against Big Oil
Oct 24 2022 // NEW ORLEANS (AP) – A federal appeals court has ordered a nine-year-old lawsuit filed against oil and gas companies over damage to Louisiana’s wetlands to be returned to state court for trial, potentially clearing...
Insurers Still Unclear How G-7 Sanctions on Russian Crude Oil Cargoes Will Work
Oct 24 2022 // Just six weeks before European Union sanctions on Russian oil come into effect, insurers are still unclear as to exactly how they will work. At the heart of the uncertainty is a continued lack of detail surrounding US-led...
Russia Poised to Largely Circumvent G-7 Oil Price Cap, Insurance Restrictions
Oct 21 2022 // Russia can access enough tankers to ship most of its oil beyond the reach of a new G-7 price cap, industry players and a U.S. official told Reuters, underscoring the limits of the most ambitious plan yet to curb...
New Jersey Lawsuit Alleges Climate Change Deception by Oil and Gas Industry
Oct 20 2022 // New Jersey officials announced a lawsuit Tuesday against five oil and gas companies and a petroleum trade organization, alleging they had known for decades about the harmful impact of fossil fuels on climate change but...
Insurers Increasingly Withdraw From Fossil Fuel Projects: Climate Activists’ Report
Oct 20 2022 // Insurance companies that have long said they’ll cover anything, at the right price, are increasingly ruling out fossil fuel projects because of climate change – to cheers from environmental campaigners. More than a...
Russia Oil Exporter Rosneft Moves Into Tanker Chartering as Western Sanctions Loom
Oct 18 2022 // Russia’s biggest oil exporter Rosneft has expanded its tanker chartering business to ease oil shipments for buyers amid looming Western sanctions on insurance of Russian oil shipments, three sources familiar with the...
