Oil’s brief $50 breach doesn’t mean much unless it sticks around
For the oil industry, $50 a barrel is a nice start. The big question is what comes next.
Saudi Aramco boosts oil output to record in fight for market
Saudi Arabian Oil Co., the world’s largest crude exporter, increased production to an all-time high last year while keeping its reserves unchanged as the kingdom battles for market share.
Brent trades above $50 for 1st time in 6 months as supplies drop
Brent crude rose above $50 a barrel for the first time in more than six months as a drop in U.S. stockpiles accelerated a rebound from a 12-year low after global disruptions trimmed the market’s glut.
Pre-OPEC meeting said to have no discussion of oil-output limits
The final preparatory gathering of officials from the Organization of Petroleum Exporting Countries before the ministerial meeting on June 2 didn’t discuss any limits on crude output, the latest signal that the group will stick to its current strategy of letting low prices eradicate a supply glut.
Chevron, Shell said among bidders to operate Qatar oil field
Chevron Corp., Royal Dutch Shell Plc, Total SA, ConocoPhillips and Maersk Oil Qatar submitted bids to operate Qatar’s biggest offshore oil field, according to two people with knowledge of the matter.
For tanker owners, shrinking oil glut is least of their worries
Tanker owners hauling the world’s crude were among the few big winners from an oil-price crash that started in mid-2014. Now for the flip side.
Norway wants Statoil, Lundin to stay rivals as ties tighten
Norway’s government, which has called for greater competition in the country’s oil industry, wants Statoil ASA and Lundin Petroleum AB to remain rivals after the two companies deepened ties this month.
World better forget about $100 crude coming back, Norway says
The oil market is rebalancing, but don’t count on ever seeing prices at $100 a barrel again: that’s the message from Norway’s petroleum and energy minister.
Oil extends gains near $50 as US crude stockpiles seen falling
Oil extended its advance to near $50 a barrel as weekly U.S. industry data showed crude stockpiles declined, easing a glut.
Atlas Energy pays CEO $73million cash, becomes penny stock
Atlas Energy Group LLC, a developer of oil and gas assets, paid Chief Executive Officer Ed Cohen $73.2 million in cash prior to its collapse and suspension from trading on the New York Stock Exchange.
Oil rebound has Citigroup seeing worst over for commodities
The commodities market has turned a corner and prices are unlikely to return to lows seen in the first quarter, according to Citigroup Inc., which boosted forecasts from metals to grains amid an oil-led recovery.
Saudi Arabia’s economic plan shows it’s just not that into OPEC
Saudi Arabia, one of the founders of OPEC, is sounding the group’s death knell.
Oil’s recovery under threat as tankers run in circles off China
In late February, the tanker Jag Lok loaded oil from Equatorial Guinea in western Africa and set sail for the Chinese port of Qingdao, the gateway to the world’s newest buyers of crude, a journey of more than 12,000 nautical miles.
Canada’s oil-sands producers set to re-enter evacuated sites
All of the Canadian oil-sands facilities that workers fled last week as a wildfire spread are being allowed to prepare for restart as cool, humid weather has helped contain the inferno.
GE agrees to $3billion Saudi Arabia investments away from oil
General Electric Co. agreed to take part in $3 billion of Saudi Arabia investments as the desert kingdom seeks to diversify its economy away from crude.
Iran won’t freeze oil output as it gears up for OPEC meeting
Iran, which is due to meet with OPEC partners on June 2, has no plan to join any freeze in crude output as the country won’t be done ramping up oil exports to pre-sanctions levels before the second half of the year, the head of the state oil company said.
Oil extends drop as Canada seeks to resume production after fire
Oil dropped for a fourth day as producers in Canada started the process of resuming operations after wildfires crimped output and as Iran continued to boost exports amid a glut.
World’s biggest wealth fund faces wider ban on coal investments
Norway’s sovereign wealth fund may be forced to step up divestments of coal companies and could face a wider ban on investments in other fossil fuels such as oil sands.
Shell said to start talks with buyers for North Sea asset sales
Royal Dutch Shell Plc is in talks with potential buyers for some North Sea assets, mostly fields itgot this year as part of the record acquisition of BG Group Plc, according to people familiar with the matter.
Oil extends drop as unexpected stockpile gain expands US glut
Oil extended its decline for a second day as U.S. crude stockpiles unexpectedly increased, keeping supplies at the most in more than eight decades.
Alberta plans reentry to oil-sands town ravaged by wildfires
Albertans who fled the wildfire devastation in the oil-sands community of Fort McMurray can tentatively expect to return in a couple of weeks, while the blaze still rages elsewhere in the region and major production sites remain shut.
American energy to shut after founder Aubrey McClendon’s death
American Energy Partners LP, the firm created by Aubrey McClendon, will shut down following the shale pioneer’s death, the company said in a statement e-mailed by an outside spokeswoman.
Oil holds below $50 as supply Is comfortable despite disruptions
Oil held below $50 a barrel in New York and London as global supplies remained adequate despite production cuts in Canada and Nigeria.
Shell faces opposition on CEO’s pay as bonus seen as excessive
Two shareholder-advisory firms recommended investors vote against the Royal Dutch Shell Plc Chief Executive Officer Ben Van Beurden’s pay, saying his bonus is “excessive.” A third adviser said shareholders should give “qualified support.”
Oil holds near seven-month high at $49.49
Oil held gains near the highest close in seven months as U.S. industry data showed crude stockpiles declined, trimming a glut.