Oil industry | Business| Economy and finance news from a German perspective | DW | 02.02.2016

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Oil industry

Oil prices have experienced a steep drop in recent months, with experts not believing in a near-term trend reversal. Consumers may be happy, but most producers of the black gold certainly aren't.

The drastic fall in oil prices has pundits wondering when oil-producing nations are finally willing to strike a deal on reducing their output so as to ease the current glut. This page collates recent DW content on the topic.

José Filomeno dos Santos

Angola: Former president's son charged with fraud amid crackdown on corruption 27.03.2018

Jose Filomeno dos Santos has been accused of making a fraudulent $500 million transaction out of Angola's sovereign wealth fund. The case highlights the endemic cycle of corruption within the oil-dependent country.

Irak IS Beiji Öl Raffinerie

PetroChina seeks role in Iraqi oil industry recovery 12.02.2018

Iraq is looking to attract billions of dollars in foreign investment to revive its oil industry, planning to build refineries and crank up oil production with the help of a Chinese oil giant.
Lateinamerika Reise US-Außenminister Rex Tillerson in Argentinien

US weighs extending sanctions to Venezuela oil industry 05.02.2018

The US could broaden existing sanctions against Venezuela to cover the South American country's important oil industry. US Secretary of State Rex Tillerson said the goal was to return Venezuela to a democratic path.

US offshore drilling plan unveiled 05.01.2018

The Trump administration has unveiled a proposal to permit oil and gas drilling in nearly all US waters. Environmentalists and many lawmakers, particularly in coastal US states, are sharply critical of the plan. For the oil industry, it’s a boon.

Illegal practices in Nigerian oil industry 07.11.2017

It's toxic for the environment and also a huge waste of energy. According to recent studies, the oil industry of Nigeria alone flares off 8 billion cubic metres of gas each year.The gas is a by-product of oil production and could be used as energy. But so far, oil companies have avoided making the necessary investments to do that.

Nigeria Port Harcourt Arbeiter auf Plattform Ölförderung

New rules for Nigeria's oil industry 08.06.2017

Nigeria has a wealth of natural resources and produces around two millions barrels of oil a day. But legal uncertainty has plagued the industry for over 17 years. But that could change with a bevy of new laws.

Venezuela Tankstelle in Caracas

Motorists line up for scarce petrol in oil-rich Venezuela 23.03.2017

Venezuelans are being faced with crippling gasoline shortages amid mounting problems for the country's oil industry. It's a source of frustration in a country that has the largest crude oil reserves in the world.

USA Rick Perry

Ex-Texas governor Rick Perry nominated as US energy secretary 14.12.2016

US President-elect Donald Trump has formally chosen Rick Perry as his future secretary of energy. If the oil industry ally is confirmed to the post, it could have profound consequences for US environmental policy.

Talk: Spencer Welch 30.11.2016

OPEC Optimism: Oil ministers agree on big output cut. We asked Spencer Welch, Oil Industry Analyst, IHS Markit: What Sort of deal would it be and would it really ease downward pressure on prices?
Palmöl

Getting a grip on the palm oil industry 10.05.2016

Indigenous, community and civil society leaders are calling on Europe to take action on the global palm oil supply chain, which is held responsible for all manner of social and environmental problems.
People's Climate March Sydney 21.09.2014

Living Planet: Calls for action 06.05.2016

Kids sue the US government over climate change, Canada’s First Nations take their pipeline fight to the Supreme Court, and calls for action over the palm oil industry.
Norwegische Bohrplattform

Germany's Celle and its oil industry 18.04.2016

As a traditional oil production town, Germany's Celle has long attracted oil-related industries. Now these enterprises are feeling the pinch and canceling many investment projects.
Öl Industrie in Nigeria

Nigeria's state oil firm accused of withholding billions 22.03.2016

This is the latest and largest in a string of allegations against the firm. Nigeria's president, pledging to crack down on corruption, has his eyes set on the firm as he aims to overhaul the nation's oil industry.

Sun setting on Aberdeen’s oil industry 02.02.2016

Over the years, major companies like BP and Shell have invested there. As a result, Aberdeen has more millionaires per capita than London. But now fortunes are changing and people are worried about their jobs.
Ölproduktion in Angola

African oil producers struggle to adapt as oil prices drop 28.10.2015

The big players in Africa's oil industry are meeting in Cape Town to discuss the ongoing turmoil in the industry. Falling oil prices are not just causing doom but could be beneficial to the continent.
Ölfelder in Bahrain

Schlumberger to buy Cameron in oil industry takeover 26.08.2015

The world's largest oilfield services company, Schlumberger, has said it's acquiring equipment maker Cameron. The two firms are hoping to save on costs through synergy effects after the merger.
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