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Oil prices extended a multi-session slide in early Asian trading on Friday, weighed down by news of Zelenskyy agreeing to work with Washington on a peace plan, a development that could ultimately add fresh barrels into an already fragile market.At the time of writing, West Texas Intermediate for December delivery had slipped by 1.03% to $58.39 per barrel, while Brent crude for January delivery had fallen 0.99% to $62.75.A continued pullback would mark the third consecutive daily decline for WTI, putting the U.S. benchmark on track for a weekly loss of over 2%, a reflection of broader concerns over global…

India’s three-year spree of buying discounted Russian oil is ending as US sanctions on companies dealing with Russia’s top oil firms take effect.The last supertankers filled with Russian oil bound for India left their docks in the Black Sea about four weeks ago, racing to reach their destination before Friday, when US sanctions on companies doing business with Russia’s two biggest oil firms are scheduled to take effect. The last-minute stockpiling is expected to mark the end of India’s three-year buying spree of Russian oil. Since Russia began its full-scale invasion of Ukraine in 2022, Indian companies have snapped up…

Reliance Industries Ltd said it stopped importing Russian crude for the SEZ facility with effect from November 20. Reliance Industries Ltd has halted the use of Russian crude oil at its export-only refinery in Jamnagar, Gujarat, to comply with European Union sanctions, PTI reported. The SEZ refinery supplies fuel to Europe, the United States and other overseas markets.The company said it stopped importing Russian crude for the SEZ facility with effect from November 20. Reliance added that the refinery is currently processing older inventories of Russian oil and that exports from December 1 will be made only from non-Russian crude.Reliance…

(Oil Price)– The $5-billion East African Crude Oil Pipeline (EACOP), which is planned to export crude oil from Uganda via a port in Tanzania, is now 75% complete, moving landlocked Uganda a step closer to becoming an oil exporter. EACOP, a controversial pipeline project that has seen a lot of environmental opposition and planning and construction delays, is now about three-quarters completed, according to the Petroleum Authority of Uganda (PAU) as quoted by Reuters. With pipeline construction progressing, Uganda now aims to begin oil production from its oilfields in its Albertine rift basin in the west in the second half of…

2025-11-21T00:53:21.276Z Share Facebook Email X LinkedIn Reddit Bluesky WhatsApp Copy link lighning bolt icon An icon in the shape of a lightning bolt. Impact Link Save Saved Read in app This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in. In an all-hands meeting on Thursday, Nvidia CEO Jensen Huang addressed the company’s earnings. Huang said that “the market did not appreciate” Nvidia’s knockout numbers. Huang said the company was in a no-win situation amid AI bubble chatter. In a company meeting on Thursday, Nvidia CEO Jensen Huang said…

(World Oil)– Baker Hughes has received a significant order for 25 aeroderivative gas turbines from U.S.-based Dynamis Power Solutions, expanding the energy technology company’s footprint in mobile power systems used across upstream, refining and petrochemical operations. The order—booked in the third quarter of 2025—includes LM2500, LM6000 and LM9000 gas turbines, totaling 1.3 GW of generation capacity. The equipment will be integrated into Dynamis’ fleet of mobile power units, which are deployed in regions where reliable on-site power is essential for drilling, production, and processing activities. A key component of the deal is Dynamis’ adoption of 10 LM9000 gas turbines, which will anchor…

Sam Altman, chief executive officer of OpenAI Inc., during a media tour of the Stargate AI data center in Abilene, Texas, US, on Tuesday, Sept. 23, 2025. Kyle Grillot | Bloomberg | Getty ImagesOpenAI is partnering with Taiwan’s Foxconn, the world’s largest contract electronics manufacturer, to design and build artificial intelligence data center components in the U.S., the AI startup’s latest announcement tied to its massive infrastructure development plans. While no financial terms were disclosed, OpenAI said in Thursday’s announcement that it will have early access to evaluate the systems Foxconn produces, and the option to purchase them. The companies…

(Oil Price)– A massive fire has erupted at a crude oil upgrader project in Venezuela after an explosion was heard near the distillation tower, workers on site and sources at state oil firm PDVSA told Reuters. The Petrocedeno project in Venezuela’s Orinoco Belt, operational since 2000, was one of the four original projects in the heavy crude oil belt in the world’s biggest holder of crude resources. Petrocedeno, operated by PDVSA, extracts extra-heavy oil and upgrades it into a lighter synthetic crude for export. Petrocedeno produces 8.3° API gravity crude at the field, which is upgraded to a 32° API synthetic…

Oil drilling rigs and support equipment stand on the tundra in Deadhorse, Alaska, on Friday, Sept. 5, 2025. Nathaniel Wilder | Bloomberg | Getty ImagesThe Trump administration unveiled plans Thursday for a huge oil drilling expansion off the coasts of Alaska, California and in the Gulf of Mexico. The Department of Interior proposed 34 lease sales to drill in those waters through 2031, a big expansion compared to the Biden administration program that allowed just three lease sales and only in the Gulf. The Trump program would include lease sales in 21 areas off Alaska’s coast, six off the Pacific…

Oil fell after Ukrainian President Volodymyr Zelenskiy said he agreed to work on a peace plan drafted by the US and Russia aimed at ending the war in Ukraine. West Texas Intermediate fell 0.5% to settle above $59 a barrel on Thursday, paring some losses from intraday lows following Zelenskiy’s comments. A peace deal, if followed by the elimination of sanctions on Russian oil over its invasion of Ukraine, could unleash supply from the world’s third-largest producer. Oil markets are already staring down expectations for a surplus as OPEC+ and other producers ramp up output, with the commodity heading for…