Norway stimulus seen fading as economy survives oil calamity
The Norwegian government is seen rolling back some its massive fiscal stimulus amid signs the economy of western Europe’s largest oil producer is on the mend.
Trump meets with energy CEOs discouraged by fracking remarks
Energy executives in Denver on Tuesday warned Donald Trump, who has said he supports letting local residents vote on fracking bans, that state regulations are thwarting oil and gas development.
Oil major BP buys first Iranian oil since lifting of sanctions
Iran’s state-owned oil company sold natural gas condensate to BP Plc for the first time since sanctions were lifted in January, marking the country’s re-emergence as one of the world’s top suppliers of crude oil and natural gas liquids.
Seadrill shares surge on loan promise
Seadrill Ltd.’s billionaire chairman and largest shareholder, John Fredriksen, is willing to lend the rig company as much as $1.2 billion as part of a potential deal with banks and bondholders to restructure the biggest debt load in the offshore-drilling industry, two people familiar with the matter said.
Iran, OPEC’s Big Winner, Will Sign Landmark Oil Contract
Iran, fresh from an OPEC meeting where it won significant concessions from regional rival Saudi Arabia, will accelerate the rejuvenation of its sanctions-ravaged energy industry on Tuesday when the state producer signs a new-model oil investment contract.
Norway faces mediation to avert strike curbing UK gas supply
Mediation to avert a wage strike that could shut down three Norwegian onshore oil and gas plants, including Royal Dutch Shell Plc’s Nyhamna facility that processes about 20 percent of the U.K.’s gas supply, will start on Thursday.
Shale oil firms hedge 2017 prices in ‘droves’ on OPEC rally
Independent oil companies are using the post-OPEC rally to hedge their price risk for next year, banks and consultants said, a trend that’s likely to be viewed with concern from Saudi Arabia to Venezuela.
Pemex reshuffles bonds to buy time for CEO’s turnaround plan
Petroleos Mexicanos has turned to bond repurchases, maturity extensions and swaps to reduce shorter-term debt, Chief Financial Officer Juan Pablo Newman said.
Oil trading near three-month high as investors weigh up Opec deal
Oil traded near a three-month high in New York as traders continued to assess last week’s change in OPEC policy.
Opec rally prompts shale oil companies to hedge prices en masse
Independent oil companies are using the post-OPEC rally to hedge their price risk for next year, banks and consultants said, a trend that’s likely to be viewed with concern from Saudi Arabia to Venezuela.
Oil drops as US adds drill rigs while Iran seeks export boost
Oil declined from the highest close in six weeks as U.S. producers increased drilling and Iran signaled it’s seeking to boost exports after OPEC members agreed to reduce output at a meeting last week.
Saudi Arabia lenders told to reschedule loans of clients hit by cuts
Saudi Arabia’s central bank directed local lenders to reschedule the consumer loans of clients affected by last week’s decision to scrap the bonuses and allowances of many state employees.
Oil caps biggest monthly gain since April after OPEC output pact
Oil advanced, adding to the biggest monthly gain in five months, after OPEC agreed to its first output cut in eight years on Wednesday.
US drilling rebound plows ahead as oil rigs are added
US oil producers put more rigs back to work, marking the highest level of activity since February as crude markets headed for a second monthly gain.
Oil heads for second monthly gain after OPEC production accord
Oil was little changed, adding to a second monthly gain, after OPEC agreed to its first production cut in eight years on Wednesday.
OPEC’s unexpected winner is the electric car
Electric car makers may breath a sigh of relief from OPEC’s decision to curb oil output, which if it holds may help tilt the argument in favor of greener transport.
Oil Sands cost cutting ‘close to bone’ as crude stalls
Canadian oil-sands producers are running out of tricks to buoy their share prices as crude prices keep bumping up against a $50 ceiling.
Nigeria can sue Chevron, Total over illegal exports, judge says
Nigeria’s government can take the local units of Chevron Corp. and Total SA to trial for illegally exporting oil, a judge said.
Oil majors’ selloff worries Norway’s biggest opposition party
Norway’s Labor Party, the country’s biggest opposition group, is worried about oil majors, such as Exxon Mobil Corp. and Total SA, selling off assets in the North Sea, potentially reducing competition.
OPEC deal a bad surprise in Asia as Goldman sees buyers squeezed
Refiners in the world’s biggest oil market, already struggling with a profit-sucking glut of refined fuel, face another hindrance if OPEC members cut supplies of crude.
Opec production cut made possible by Saudi economic woes
It took the kingdom’s new oil minister, Khalid Al-Falih, just six months to blink, ending the country’s two-year policy of pump-at-will.
Opec confounds analysts with agreement on oil output reduction
Oil held gains after the biggest advance since April as OPEC agreed to reduce production for the first time in eight years, surprising traders who had expected members to maintain output.
Nigeria’s shrinking economy puts sale of oil fields in play
Facing the likelihood of its first full-year economic contraction in 25 years, Nigeria is contemplating a rare sale of stakes in the oil and gas industry, the country’s biggest foreign-exchange earner.
How actual nuts and bolts are bringing down oil prices
Last spring, Statoil ASA announced it had used the same oil well design and components to drill three reservoirs for the price of one.
Oil halts loss before OPEC meets as Saudis look to future deal
Oil halted losses below $45 a barrel after Saudi Arabia signaled it may compromise with regional rival Iran on a future supply agreement as both countries expect no deal when OPEC members meet Wednesday in Algiers.