Saudi Arabia’s OPEC sway limited by resurgent Iraq and Iran
Saudi Arabia’s dominance of OPEC isn’t what it once was.
Oil firms in Norway slash spending forecasts for 2017
Oil and gas companies operating in Norway, western Europe’s biggest producer, cut investment forecasts for 2017 as they continue to wrestle with a collapse in crude prices.
OPEC defers question of Iran, Iraq output cuts to ministers
OPEC talks in Vienna Tuesday didn’t resolve whether Iraq and Iran will join any production cuts, instead deferring the crucial matter to ministers who will meet on Nov. 30, said two delegates.
Twitter is new battleground in Ukraine-Russia gas feud
Ukraine’s state gas company has battled with Russia’s Gazprom PJSC over natural gas supplies in the real world for years. Now it’s taken the fight to Twitter.
Oil trades near three-week high as OPEC seeks agreement on cuts
Oil traded near a three-week high as OPEC members sought to reach an agreement on output cuts.
Big oil slipped ‘poison pill’ as Norway seeks to limit exodus
As one oil major after the other considers leaving Norway, the alarm bells are sounding at the country’s Petroleum and Energy Ministry.
Nigeria says OPEC will agree details of oil-supply cuts Tuesday
OPEC is on track to finalize the details of the Algiers accord to cut oil production at a meeting in Vienna on Tuesday, said a delegate from Nigeria.
Oil surges as Opec signals progress on output deal
Oil surged for a third day on signs OPEC members have made progress toward finalizing a deal to cut output.
Goldman says scope for OPEC deal makes oil short-term buy
Goldman Sachs Group Inc. raised its oil-price forecast for early next year, while Russia, Iran and Iraq separately signaled optimism that producer nations will be able to reach a deal to limit output at OPEC’s next meeting on Nov. 30.
Nigeria’s economic slump deepens as oil output continues to drop
Nigeria’s economic slump deepened in the third quarter as oil production continued to fall and factory output was hit by a shortage of dollars.
Israel gas partners close to $4bn financing for Leviathan
The companies that own the rights to Israel’s largest natural gas pool are close to securing the $4 billion financing needed to develop the field, according to the chief executive officer of one of the partners.
Opec’s output deal: What are the chances of an agreement?
OPEC says it’s close to a deal to cut oil output for the first time since 2008, a move that may halt a 2 1/2-year price slump. The actions of individual member states tell a different story. Here’s a look at the prospects for an agreement ahead of OPEC’s November 30 meeting:
Oil price rises as Iran, Iraq provide optimism ahead of Opec meet
Oil extended gains as Iran signaled optimism OPEC will agree to a supply-cut deal and Iraq said it will offer new proposals to help bolster the group’s unity before members meet next week in Vienna.
Obama pulls carpet from under firms’ Arctic drilling plans
The Obama administration’s decision to forgo auctions of new oil and gas drilling rights in U.S. Arctic waters deals a blow to energy companies seeking to lock up new territory beyond the long-explored Gulf of Mexico.
Opec says progress made on output deal, but key questions unanswered
OPEC said it made progress toward a deal to cut production by more than 1 million barrels a day after another round of oil talks with Russia, but left crucial details including the role of Iraq and Iran to be resolved later this month.
Saudis optimistic for OPEC deal as oil nations hold more talks
Saudi Arabia’s energy minister thinks OPEC will reach a deal to cut oil output and said a production ceiling of 32.5 million barrels a day would speed the balancing of supply and demand. The group is near a consensus on capping production for at least six months, said his Algerian counterpart.
Nigeria reaches $5.1bn debt settlement with oil majors
Nigeria reached a $5.1 billion settlement to reimburse foreign oil companies including Exxon Mobil Corp. and Royal Dutch Shell Plc for past operating costs.
Trump isolated on climate as world works on fossil fuel limits
Donald Trump’s opposition to the fight against global warming could leave the U.S. stuck in the past as countries from Europe, Asia and even the Middle East pursue an energy revolution in which renewables offer a better bang for their buck.
Kuwait said to renew contract to supply crude oil to Egypt
Kuwait renewed a contract to supply Egypt with crude oil for the next three years, according to a senior Kuwaiti government official, who said the shipments are not intended to make up for the loss of Saudi fuel shipments to the North African country.
Tesoro to buy Western Refining for $6.4bn
Tesoro Corp., an oil refiner based in San Antonio, Texas, agreed to buy Western Refining Inc. in a deal valued at $6.4 billion.
Opec talks generate $6bn for Russian budget
Russia’s decision earlier this year to engage in talks with OPEC about limiting oil output has added more than 400 billion rubles ($6 billion) to the nation’s budget, according to two officials familiar with government calculations.
Oil price decline stretches as US supplies rise, Opec in Russia talks
Crude extended its decline after U.S. stockpiles rose and as OPEC meets Russia for informal talks without oil ministers from Iran and Iraq, the two countries that pose the biggest hurdle to an output deal.
Iran oil resurgence at stake as investors weigh Trump threat
Iran’s resurgent oil industry has confounded skeptics. Production is up by almost a third since sanctions were eased in January and foreign companies are lining up to help boost output further. Yet Donald Trump’s victory in the U.S. casts doubt on whether the momentum can last.
Libya planned oil output drive weighs heavily on Opec deal
OPEC’s Libya plans to almost double crude production next year even as the producer group tries to implement a deal to trim production and ease a global supply glut.
Worst still to come for Norway offshore fleet as more rigs stacked
The offshore fleet tending to Norway’s oil industry, already sailing through the worst downturn in a generation, is in for even more pain, according to the head of the Norwegian Shipowners’ Association.