A campaign group is urging residents to have their say on the latest stage of a long-running legal battle over oil drilling in the Lincolnshire Wolds. The decision to approve an oilfield in Biscathorpe was quashed in July last year following a Supreme Court judgement after a claim had been brought in by SOS Biscathorpe.

The European Commission proposed on Friday a floating price cap on Russian oil of 15% below the average market price of crude in the previous three months, EU diplomats said.

The U.S. Department of Energy announced Friday it has approved an exchange from the Strategic Petroleum Reserve, or SPR, with the ExxonMobil Corp. to ease issues that affect crude oil deliveries to a company site.

Supply is set to rise three times faster than demand this year, the International Energy Agency said, though seasonal factors are tightening the market in the short term.

Venezuelan state-run PDVSA's oil sales abroad in 2024 stood at $17.52 billion, according to a results document seen by Reuters on Friday, as exports jumped due to U.S. licenses allowing foreign partners to operate in the sanctioned OPEC member.

BP said that second-quarter profit took a hit from lower crude prices, becoming the latest oil major to issue such a warning. But the stock rose anyway Friday.

BP has said lower oil and gas prices will weigh on its earnings in the second quarter, even as the energy major flagged an increase in production and higher refining margins. In a trading update on Friday, BP said it expected earnings in its oil business to be $600mn-$800mn lower in the three months to the end of June than the previous quarter.

On June 13, the U.S. Environmental Protection Agency proposed higher biofuel blending requirements for 2026 and 2027. Read more here.

The U.S. is set to place hefty tariffs on several big energy producers—Algeria, Brazil, Iraq and Libya. So why do oil traders seem unbothered? For one thing, the executive order that accompanied Trump's April "Liberation Day" tariffs exempted energy and energy products.

The International Energy Agency has said it expects global oil demand to grow at the slowest pace since 2009, outside of the coronavirus pandemic, amid early signs that US tariffs are weighing on economic activity.

Here’s why oil prices are climbing to their highest levels in two weeks, despite a group of oil producers agreeing to open the floodgates of global crude supply.

U.S. energy firms this week cut the number of oil and natural gas rigs operating for an 11th week in a row for the first time since July 2020 when the COVID-19 pandemic cut demand for the fuel, energy services firm Baker Hughes said in its closely followed report on Friday.