Political turmoil in Brazil shouldn’t stop Petrobras from completing asset sales it has already opened up to bidders, according to one company vying for the state-controlled driller’s Bauna offshore field.
Oil producers are evacuating workers from the Niger Delta because of the deteriorating security situation in Nigeria’s most-important oil producing region, a union official said.
The massive wildfires that swept through Canada’s energy hub of Fort McMurray left about 85 percent of the city intact, including most of the downtown core, while completely leveling some neighborhoods.
"Just when I thought I was out, they pull me back in," Don Corleone famously quipped in The Godfather.
Noble Group Ltd. plunged the most in more than four years after Fitch Ratings Ltd. placed the company’s debt ratings on negative watch as Asia’s largest commodity trader was seen facing less financial flexibility amid a challenging market.
Crude rose as expanding wildfires in Canada knocked out about 1 million barrels a day of output, and after Saudi Arabia replaced Oil Minister Ali al-Naimi with a close ally of the deputy crown prince.
Saudi Arabia will probably keep producing crude at near-record levels under its newly appointed oil minister, Khalid Al-Falih, as the world’s largest exporter sticks with his predecessor’s policy of defending market share against higher-cost shale.
China Petrochemical Corp., one of the world’s biggest oil refining companies, named Dai Houliang as general manager, filling a role left empty since his predecessor was removed the company and then expelled from the ruling Communist Party on corruption charges.
Saudi Arabian Oil Minister Ali al-Naimi, the architect of the 2014 switch in OPEC policy that’s since roiled the energy market, companies and entire economies from Mexico to Nigeria, is leaving his post.
Wildfires raging through Alberta have spread to the main oil-sands facilities north of Fort McMurray, knocking out an estimated 1 million barrels of production from Canada’s energy hub. Fire officials say the out-of-control inferno may keep burning for months without significant rainfall.
Saudi Arabia replaced its veteran oil minister with a close ally of the king’s increasingly influential son, Deputy Crown Prince Mohammed bin Salman, as the world’s largest crude exporter embarks on an economic overhaul designed to make it less reliant on energy.
There are currently no proposals on the table for OPEC to revive limits on crude output at its June meeting after the failure of talks to freeze production last month, according to six delegates from the group.
Venezuela’s oil production dropped across all regions in the first quarter for the first time since 2008, according to energy consultant IPD Latin America.
Alberta’s largest-ever evacuation from a wildfire has forced tens of thousands people to flee Fort McMurray and prompted Suncor Energy Inc. to reduce output in Canada’s main oil-sands region.
Norway’s $870 billion sovereign wealth fund will back proposals to force Exxon Mobil Corp. and Chevron Corp., two of the biggest oil companies, to assess how climate-change policies can affect their business.
The helicopter crash that killed 13 people on their way back from an oil platform off Norway’s west coast has sparked a debate over whether the industry’s deepest cost cuts in 15 years are imperiling safety.
Halliburton Co. and Baker Hughes Inc. called off their $28 billion merger, which has met stiff antitrust resistance from regulators in the U.S. and Europe.
Iraq’s oil exports approached a record high in April, adding barrels to a worldwide supply glut, even as protests against public corruption threatened to paralyze the OPEC member nation’s government.
Equity markets in the United Arab Emirates extended declines on speculation recent gains were overdone after earnings fell at some of the country’s biggest banks.
Seadrill Ltd., the offshore driller with the biggest debtload, reached a deal with its banks to extend its three nearest credit lines and amend covenants as it seeks to ease its burden amid a drop in the demand for offshore rigs.
Eni SpA posted a first-quarter loss that was worse than analysts’ estimates amid a collapse in crude prices.
Leftist guerrillas in Colombia, rebels in Libya and militants in Nigeria are succeeding where the world’s biggest oil producers failed, helping keep a 1.5 million-barrel crude surplus from expanding.
Gulf Arab monarchies are gearing up for a prolonged period of low oil prices and pushing through reforms that are more ambitious than the last time crude slumped in the 1980s, according to investment bank Renaissance Capital.
DNB ASA expects loan losses to grow more than analysts estimated as Norway’s biggest bank adapts to the fallout of lower oil prices.
The United Nations Security Council added a tanker carrying Libyan oil to its sanctions list in response to the latest dispute between competing powers in the North African country after Malta refused to allow the ship to dock.
