Libya is preparing this week to reopen two of its biggest oil fields and ship the first cargo from its largest export terminal in two years, as the war-torn OPEC state pursues plans to almost double crude output in 2017.
For OPEC, there are few enemies more fearsome than the tiny Oklahoma town of Cushing.
Ever since the U.S. Supreme Court broke up John D. Rockefeller’s Standard Oil in 1911, the energy industry has been at loggerheads with the federal government. Now it is the government -- or may be if Exxon Mobil Corp. Chief Executive Officer Rex Tillerson is confirmed as President Donald Trump’s secretary of state.
Oil retreated from the highest close in 17 months after the American Petroleum Institute was said to report that U.S. crude inventories climbed last week.
The U.S. Energy Department rejected a request from President-elect Donald J. Trump’s transition team for the names of workers who played a role in implementing President Barack Obama’s climate agenda.
The man poised to replace Rex Tillerson as the leader of America’s most influential energy giant helped transform Exxon Mobil Corp.’s refining business from a poor cousin of oil production to the primary profit generator.
On paper, OPEC’s supply deal could drain almost half the global oil glut within six months.
Oil advanced to the highest since July 2015 after Saudi Arabia signaled it’s ready to cut output more than earlier agreed and non-OPEC countries including Russia pledged to pump less next year.
Oil prices at $60 a barrel would be “ideal” for OPEC, as higher levels risk sparking a recovery in competing supplies from the U.S., according to Nigeria’s petroleum minister.
Oil jumped to the highest since July 2015 after Saudi Arabia signaled it’s ready to cut output more than earlier agreed while non-OPEC countries including Russia pledged to pump less next year, strengthening the coordinated commitment by the world’s largest producers to tighten supply.
Norway gave public backing to OPEC’s historic deal to cut oil production in tandem with non-members, although Western Europe’s largest producer gave no indication it would reverse its previous refusal to directly collaborate with the group.
Saudi Arabia is wrong to think that U.S. shale production won’t respond to higher oil prices in 2017, according to Goldman Sachs Group Inc.
Glencore Plc and Qatar’s sovereign wealth fund are using 2.8 billion euros ($3 billion) in equity and $7.8 billion in financing from a bank consortium led by Italian lender Intesa Sanpaolo SpA to buy their stake in Russian oil company Rosneft PJSC.
Saudi Arabia signaled it’s ready to cut oil production more than expected, a surprise announcement made minutes after Russia and several non-other OPEC countries pledged to curb output next year.
Exxon Mobil Corp. Chief Executive Officer Rex Tillerson is emerging as Donald Trump’s choice as secretary of state, a move that would hand top diplomatic powers to a man whose ties to Russian President Vladimir Putin go back almost two decades.
Quebec’s legislature passed a bill that will pave the way for more oil and gas exploration, providing a boost to drillers such as Junex Inc. while drawing criticism from environmental, aboriginal and citizen groups.
OPEC is likely to bring the oil market into balance by the middle of next year, but its production cut looks set to fall short of its stated goal of draining the stockpiles that are depressing prices.
Advisers to President-elect Donald Trump are developing plans to reshape Energy Department programs, help keep aging nuclear plants online and identify staff who played a role in promoting President Barack Obama’s climate agenda.
Global spending on oil and natural gas exploration is set to fall next year to the lowest level in 12 years as the industry cuts costs and shuns more expensive areas such as the Arctic, according to Wood Mackenzie Ltd.
Advisers to President-elect Donald Trump are developing plans to reshape Energy Department programs, help keep aging nuclear plants online and identify staff who played a role in promoting President Barack Obama’s climate agenda.
OPEC is likely to bring the oil market into balance by the middle of next year, but its production cut looks set to fall short of its stated goal of draining the stockpiles that are depressing prices.
At a March conference where 20 state attorneys general met to strategize on environmental issues, New York’s Eric Schneiderman said "morally vacant forces" were opposing President Barack Obama’s green agenda. Exxon Mobil Corp. wants those words to haunt him.
Oil-hauling supertankers are bracing for the worst earnings year since 2013 as they become collateral damage in OPEC’s quest to trim a global glut of crude.
Russia sold an 10.2-billion euro ($11 billion) stake in its largest oil producer to commodity trader Glencore Plc and Qatar’s sovereign wealth fund in a triumph for President Vladimir Putin, who announced the deal on state television personally.
OPEC won’t insist that all countries participating in a global oil-supply accord actively cut their production, accepting natural output declines from some nations, according to three oil officials familiar with the matter.
