Amid the most enduring global oil glut in decades, two OPEC crude producers whose supplies have been crushed by domestic conflicts are preparing to add hundreds of thousands of barrels to world markets within weeks.
The oil industry may cut spending for a third straight year in 2017 as lower costs kick in and companies continue to grapple with weaker finances because of crude’s slump.
Even as speculation builds over whether OPEC will clinch an output deal with Russia this month, their negotiations are already paying off.
Oil dropped as the International Energy Agency changed its view on global oversupply, seeing a glut persisting into 2017.
Total SA is considering selling down its 51 percent stake in an offshore oil and gas field in Norway’s North Sea, people familiar with the matter said, as the French oil giant disposes of assets to offset a slump in crude prices.
Anadarko Petroleum Corp. agreed to buy Gulf of Mexico oil assets from Freeport-McMoRan Inc. for $2 billion and said it will use revenue generated by the offshore wells to develop its U.S. oilfields on land.
U.S. oil bankruptcies haven’t been this “catastrophic” for lenders in a long time, in what may be the worst bust of any industry this century, according to Moody’s Investors Service.
OPEC flipped its forecasts for rival supplies in 2017, predicting an increase in output from outside the group instead of a decline, the latest sign that the global surplus is persisting.
The U.K. could build facilities to capture and bury carbon pollution under the sea at a similar price to offshore wind farms and nuclear plants, a government adviser will say Monday, setting out options for tackling climate change.
Oil extended declines following the biggest drop in more than a month after U.S. producers increased drilling as the market contends with an overhang of crude and fuel inventories.
The longer OPEC and other producers talk about a ceiling on crude output, the more doubts grow in the market.
U.S. solar installations surged 43 percent in the second quarter largely because of a wave of utility-scale projects going into service to take advantage of a tax credit that was due to expire.
There’s a terminal on Louisiana’s coastline that seemingly everyone in the U.S. natural gas market is watching closely.
Norway’s financial regulator said that banks exposed to oil-industry losses face a rise in impairments that will erode profits as the full effect of the slump in crude prices runs its course.
Energy adviser to Donald Trump, CEO of Continental Resources, Harold Hamm has history with OPEC.
The Obama administration halted work on a stretch of land where Energy Transfer Partners LP is building its controversial Dakota Access oil pipeline, a move that could threaten to thrust the fate of the project into the hands of the next president.
Maersk Line, the world’s largest container shipping company, is seeing a short-term rise in freight rates and an inflow of new clients after the collapse of Hanjin Shipping Co.
Two months after Energy Transfer Equity LP walked away from a $33 billion deal to take over its pipeline rival, another possible buyer, Enterprise Products Partners LP, said it’s no longer interested in Williams either.
Oil trimmed its weekly gain after the biggest U.S. stockpile slump in 17 years was seen as a one-off caused by a tropical storm that disrupted imports and offshore production.
Origin Energy Ltd. Managing Director Grant King, head of Australia’s largest electricity company since 2000, will be replaced by its energy markets head, Frank Calabria, the company said Friday.
BASF SE’s Wintershall unit is studying how it can participate in a project to expand a link from Russia to Germany into the European Union’s biggest gas import point.
Petroleos Mexicanos, the state oil company, may avoid deeper cuts to its 2017 budget if lawmakers approve an 86-billion-peso ($4.6 billion) reduction proposed by the Finance Ministry.
Saudi Arabian Oil Co. is poised to choose an adviser from a list of boutiques for what could be the biggest initial public offering ever, a major coup for one of the smaller banks in an otherwise sluggish year for listings.
It will be too early for Iran to discuss freezing crude output when the world’s biggest producers meet later this month in Algiers, according to an official from the Persian Gulf nation’s state-oil company.
Oil advanced as weekly industry data showed U.S. crude inventories declined, trimming supplies that are at the highest seasonal level in at least 30 years.
