US military forces occupying Syria looted a new batch of oil on 7 October from the country’s Jazira region, local media reported.

Yesterday afternoon - after reports that the Biden admin would ease sanctions if Venezuela would pleeeeease pump more oil, @BradHuston succinctly opined on Twitter:

The Biden administration is preparing to scale down sanctions on Venezuela’s authoritarian regime to allow Chevron Corp. CVX 1.54%▲ to resume pumping oil there, paving the way for a potential reopening of U.S. and European markets to oil exports from Venezuela, according to people familiar with the proposal.

Ministers from a group of oil exporting countries led by Saudi Arabia and Russia agreed on Wednesday to slash output by two million barrels a day, prompting pushback from the US and igniting fears that it could propel global inflation higher. 

Update (1015ET): It did not take long for the Kremlin to respond to the G-7 plan to impose price-caps on Russian oil, with Deputy Prime Minister Alexander Novak warning that Moscow will ban exports of oil and other petroleum products to countries that impose a cap on the price of Russian crude. Novak made the remarks to reporters in Moscow on Sept. 1, according to Russian state media Tass, which came as Western powers were preparing to meet on Sept. 2 to agree on a Russian oil price cap.

The oil and gas industry has delivered $2.8bn (£2.3bn) a day in pure profit for the last 50 years, a new analysis has revealed.

Bloomberg reported Wednesday that the US and its allies have discussed trying to cap the price of Russian oil around $40-$60 per barrel as the West wants to limit Russia’s profits without sending the price of oil even higher. Oil is currently hovering around $100 per barrel on the global market.

After just 11 minutes, a new record for brevity, the OPEC+ minister meeting ended and as noted earlier, concluded by agreeing to a 648K increase for both July and August, the first time that OPEC+ has deviated from its standard monthly increase of 432K since the increments were started last summer. The decision will accelerate the completion of OPEC's reversal of several years of output cuts a month earlier than planned.

Exxon Mobil Corp on Monday said its first-quarter results could top a seven-year quarterly record, with operating profits from pumping oil and gas alone of up to $9.3 billion.

India’s state-run oil company purchased 3 million barrels of Russian crude this week as numerous other nations bar such imports due to Moscow's invasion of Ukraine, The Associated Press reported on Friday.

President Joe Biden said gas prices in America that are already at historical highs are going to continue to go up and that there’s not much that can be done about it at this time.

First, Brazilian President Jair Bolsonaro declined to condemn the Russian invasion of Ukraine. Then, India followed suit - as the Modi government attempted to balance its historic ties with Moscow and its strategic partnership with Washington.

President Joe Biden announced Tuesday the U.S. will ban all Russian oil imports, toughening the toll on Russia’s economy in retaliation for its invasion of Ukraine, but he acknowledged it will bring costs to Americans, particularly at the gas pump.

California is by far the most ambitious U.S. state when it comes to things like emission standards, EV sales, and renewable energy. California is shutting down its nuclear power plants to double down on wind and solar.

The Department of Energy will release 50 million barrels of oil from the nation's Strategic Petroleum Reserve, the White House announced Tuesday, as the Biden administration seeks ways to control rising costs at the pump.