The scale of the internal differences OPEC must resolve before securing a deal to cut supply was revealed Wednesday as the group’s latest output estimates showed a half-million-barrel difference of opinion over how much two key members are pumping.
The UK Serious Fraud Office told Soma Oil & Gas Holdings Ltd. in August it had found "insufficient evidence of criminality" in its probe of possible illegal payments to Somali officials, according to a letter cited in a London court judgment.
Norway’s suffering junk bond market is gaining more followers.
Vitol Group posted a 42 percent decline in first-half profit as the world’s largest independent oil trader grappled with fewer opportunities to benefit from energy-market price swings.
Chevron Corp., the U.S. oil producer divesting assets to counter an energy-price slump, is seeking about $2 billion from a sale of natural gas assets in Bangladesh, people familiar with the matter said.
Rising demand for oil over the next two decades is likely to overwhelm the impact of the electric car on crude markets, said Spencer Dale, chief economist for BP Plc.
BP Plc won’t proceed with oil exploration in the offshore Great Australian Bight five years after it began looking for resources in the area and before it was allowed to drill any wells.
OMV AG, central Europe’s biggest oil and gas company, has got initial bids from Vitol SA and Trafigura Group Pte for its Turkish fuel retailer OMV Petrol Ofisi AS, people with knowledge of the matter said.
A Marathon Petroleum Corp. unit sued BP Plc subsidiaries over claims they left parts of BP’s former Texas City refinery in shoddy condition and lied about unfinished repairs and inspections when selling the complex to Marathon.
OPEC’s first deal to cut output in eight years has spurred a running of the oil bulls.
Brazil’s state-controlled oil company Petroleo Brasileiro SA is preparing to announce a domestic fuel policy that will avert costly subsidies that drained profits during Brazil’s previous government, Chief Executive Officer Pedro Parente said in an interview.
Oil may need to rally further before China’s producers make enough money to reverse a drop in output to the lowest in more than six years.
Noble Group Ltd., the embattled commodity trader backed by China’s sovereign-wealth fund, has agreed to sell its U.S. energy unit to Calpine Corp. for $800 million plus working capital, saying the deal largely completes a drive to raise $2 billion. The shares jumped in Singapore.
The number of rigs drilling for oil and gas in the North Sea, home of the Brent crude benchmark, plunged in September to the lowest in nearly 35 years as companies cut spending to weather low prices.
Igor Sechin, a long-time ally of Russian President Vladimir Putin, won an internal Kremlin struggle to buy the government’s share in a regional oil producer, allowing his company, Rosneft, to continue expanding.
Venezuelan bonds plunged the most in almost nine months after state oil company Petroleos de Venezuela SA extended an early deadline for bondholders to exchange notes due next year for longer-dated ones after investor demand fell short of the required level.
Essar Group, controlled by India’s billionaire Ruia brothers, is nearing a final agreement to sell control of its refinery unit to Russian energy giant Rosneft PJSC and commodities trader Trafigura Group Pte, people with knowledge of the matter said.
Total SA agreed to sell its specialty chemicals unit Atotech to Carlyle Group LP for $3.2 billion as the French oil company disposes of non-core assets to weather a slump in crude and preserve payouts to shareholders.
Exxon Mobil Corp. was ordered to pay a record $74 billion fine in Chad for underpaying royalties in the central African nation where the company has been drilling for 15 years, according to a court document.
Petrobras is negotiating the sale of two offshore oil fields to Karoon Gas Australia Ltd. as Brazil’s state-controlled producer disposes of assets to reduce the industry’s biggest debt load.
The world’s biggest oil company is planning to sell shares in the entire business and not just in its refining or distribution operations, its chief executive officer said in an interview.
Norway is ratcheting up withdrawals from its $890 billion sovereign wealth fund to support a recovery as it foresees a continued slump for the nation’s petroleum industry.
A pile up of tankers waiting in the North Sea suggests a glut is building again in the market where benchmark crude is traded, highlighting the task facing OPEC as it seeks to rein in a global glut.
Oil halted gains below $50 a barrel as investors weighed falling U.S. stockpiles against speculation the recent price rally will encourage producers to raise output.
An agreement among OPEC and non-OPEC states to limit oil production could slash global supply by 1.2 million barrels a day and add as much as $15 to prices, said Venezuelan Oil Minister Eulogio Del Pino.
