Kuwait’s government approved an increase in prices of gasoline sold locally by as much as 83 percent, becoming the latest oil-rich Arab nation to cut subsidies as lower crude prices squeeze finances.
India’s liquefied natural gas buyers are being encouraged to renegotiate long-term contracts after spot prices tumbled amid a global glut.
Nigeria resumed payments to former militants in the oil-rich Niger River delta and the military targeted gangs involved in sabotage of pipelines, as the government responded to sustained attacks on infrastructure that dragged crude production back to an almost 30-year low.
Oil fell after its biggest monthly decline in a year as U.S. producers increased drilling and crude and fuel stockpiles remained at the highest seasonal level in at least two decades.
Iran is expected to approve a new model for oil contracts on Wednesday, paving the way for billions of dollars of foreign investment to help rebuild its energy industry.
Vladimir Putin’s economy has been shrinking for 18 months but he still doesn’t have a plan to get it going again.
Exxon Mobil Corp. and Royal Dutch Shell Plc this week reported their lowest quarterly profits since 1999 and 2005, respectively. Chevron Corp.’s third straight loss marked the longest slump in 27 years, and BP Plc lodged its lowest refining margins in six years.
Saudi Arabia’s central bank offered lenders short-term loans in late June to help ease liquidity constraints, according to five people familiar with the matter.
Oil held its biggest monthly decline in a year as U.S. producers increased drilling for a fifth week amid a glut of crude and fuel supplies that are at the highest seasonal level in at least two decades.
For U.S. oil drillers, $60 is the new $50.
Exxon Mobil Corp. and Royal Dutch Shell Plc this week reported their lowest quarterly profits since 1999 and 2005, respectively.
Oil was poised to enter bear market in New York with its biggest monthly decline in a year, as brimming crude and fuel inventories forced a retreat toward $40 a barrel.
Oil headed for the biggest monthly decline in a year as brimming crude and fuel inventories force a retreat toward $40 a barrel.
Eni SpA posted a second-quarter loss, missing analysts’ estimates as the Italian oil major suffered the effects of the collapse in crude prices.
When OPEC’s new chief starts next week, he’ll take over an organization that’s largely reconciled internal differences after a two-year fight over strategy. But as oil prices sink again, that unity could be at risk.
Total SA said profit fell 30 percent in the second quarter, beating analysts’ estimates as deeper cost cuts and rising production helped the French company offset the slump in crude prices and strikes at its domestic refineries.
Suncor Energy Inc. posted a loss in the second quarter after wildfires curtailed output from its oil-sands operations in northern Alberta, eclipsing a recovery of crude prices.
The Rockefeller Brothers Fund, the foundation divesting from the fossil-fuel industry it helped create, took its first direct stake in a renewable energy company in a move meant to bolster the fight against climate change.
Halcon Resources Corp., the oil and gas explorer founded by wildcatter Floyd Wilson, filed for bankruptcy as part of a restructuring agreement reached with key lenders in May.
At the biggest oil market in the world, crude from Iran is back in vogue.
The chief executive officer of Norway’s biggest oil company says he has few doubts that crude will again trade at around $50 to $60 a barrel, marking a jump in prices that could be more than 30 percent compared with today’s level.
Statoil ASA, Norway’s biggest oil producer, reported its first adjusted loss following the plunge in crude prices that has roiled the industry for nearly two years. The company also deepened spending cuts.
Anadarko Petroleum Corp. posted a loss that was narrower than expected for the second quarter as it cuts costs and sells assets to weather the oil industry downturn.
Energy acquisitions are poised to pick up as oil and gas prices stabilize and fears of bad deals wane, according to Ernst & Young LLP.
InterOil Corp. founder and former Chief Executive Officer Phil Mulacek is back out swinging at the management team that replaced him three years ago.
