US energy giant ConocoPhillips announced Wednesday that it is acquiring competitor Marathon Oil for $22.5 billion in the latest big petroleum merger consummated in spite of rising concerns about climate change.

ConocoPhillips to buy Marathon for $22.5 billion in latest big oil deal

Sri Lanka had inked a deal to set off export of tea to Iran against a legacy oil credit owed by state-run Ceylon Petroleum Corporation to the National Iranian Oil Company, without busting US sanctions.

Sri Lanka inks deal to set off tea to Iran

There is growing concern for the red sea coral reef, environmentalists now say that these coral reefs are under threat due to the Israel-UAE oil deal warning that this could lead to the next ecological disaster.

Red sea coral reefs are under threat due to Israel-UAE oil deal

China’s crude oil imports from Saudi Arabia rose 15% in June from a year ago, as refiners ordered record volumes of the fuel in March and April when oil prices tumbled, cementing the kingdom’s position as the top oil supplier to China.

China imports more oil from Saudi than any other country in June

OPEC and Russia have reached a historic deal to cut oil production. But, the oil markets may not cheer the truce just yet. WION's Palki Sharma decodes the biggest headline in the oil industry in more than a decade.

Gravitas: OPEC & Allies ink historic oil deal

The oil producting countries have finally agreed upon a production cut. As per the historic deal signed today, 10 per cent of the global oil supply would be cut.

EXPLAINED: What is the historic oil deal all about?

At the time when global fuel demand has plunged, Saudi & Russia oil deal came down under threat. The US pressure underlines record oil cut.

Saudi & Russia oil deal under threat, US pressure underlines record oil cut

The reduction by OPEC will be 1.2 million barrels per day, president of the OPEC conference, Mohammed Bin Saleh Al-Sada, said

OPEC reaches deal to cut oil production

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