Oil producers head for Doha counting $315 billion cost of slump
The world’s top oil exporters are burning through their petrodollar assets at an accelerating pace, increasing the pressure to reach a deal to freeze production to bolster prices.
US set to issue tighter offshore drilling rules fought by industry
The Obama administration will issue sweeping new regulations on offshore drilling Thursday, imposing potentially costly requirements for those coastal wells and the emergency equipment meant to prevent environmental disasters.
Wall Street drilling for oil backfires as banks face loan losses
The Wall Street bankers that backed the biggest oil boom in US history are paying a price for the bust.
Qatar’s oil-freeze letter to Norway reveals logic of Doha deal
The preliminary agreement by Russia, Saudi Arabia, Venezuela and Qatar to freeze output has already put a floor under crude prices and a deal this weekend to include other producers would extend the recovery, according to Qatar’s Energy Ministry.
Exxon says ‘$25billion rule’ will sink deepwater oil drilling
The world’s biggest oil explorers are fighting a U.S. plan to toughen offshore drilling rules that Exxon Mobil Corp. said will cost $25 billion over 10 years and render many offshore discoveries worthless.
Deal or no deal, oil freeze seen having little supply Impact
Oil market watchers see a 50-50 chance that Russia, Saudi Arabia and other major producers will agree to freeze output in Doha on April 17, but either way they don’t anticipate any impact on crude supply because most of the countries are already pumping flat out.
Noble Group’s Alireza says markets difficult as debt deal sought
Noble Group Ltd. Chief Executive Officer Yusuf Alireza said that commodities markets remain difficult as he presses on with efforts to refinance the trader’s debt.
Oil extends losses as US stockpiles rise before freeze meeting
Oil extended losses as rising crude stockpiles kept supplies at the highest level in more than eight decades before major producers meet in Doha to discuss freezing output.
Schlumberger to pare Venezuela services on lack of payments
Schlumberger Ltd. will reduce activity in Venezuela after the world’s largest oil services provider failed to collect enough payments from the national oil company.
BP reaping rewards in Russia even after sanctions added to risks
Two years ago, BP Plc said international sanctions against Russia could hurt its business there.
LNG backers face comatose market as oil shows signs of life
As oil markets look for the green shoots of a price recovery, LNG participants are hunkering down for a long winter.
The invisible money makers who thrived during 2015 oil slump
Even in the closely knit energy industry they are virtually unknown. On the streets of Geneva, London and Houston they go unrecognized. Yet a handful of executives were oil-industry standouts in 2015. They thrived because of -- not despite -- plunging crude prices.
Saudi Arabia steps up transparency with company disclosures
Saudi Arabia’s stock exchange, the Arab world’s largest, plans to start disclosing ownership information of top executives at listed companies as the kingdom steps up efforts to increase transparency.
Chesapeake pledges almost everything it owns to keep bankers happy
Chesapeake Energy Corp. pledged “substantially all” of its gas fields, office buildings and derivatives contracts to maintain access to a $4 billion credit line as the shale driller grapples with falling energy prices. Investors pushed the stock to the top of the Standard & Poor’s 500 Index.
Kuwait targets oilput at 43-year high as freeze talks looms
Kuwait Oil Co. will soon offer contracts for offshore rigs and support services to drill its first undersea wells as the Persian Gulf nation tries to boost crude output to the highest level in more than four decades.
Oil holds gains as US rigs idled before Doha freeze meeting
Oil held gains after the biggest jump in almost two months as U.S. drillers idled more rigs ahead of talks between the world’s biggest producers about freezing output.
Iraq boosts oil production to record before talks to cap output
Iraq increased crude output to a record level in March, ahead of a meeting in Qatar of OPEC members and other producers on capping production to curb a global glut.
GE’s oil unit seen finding `missing piece’ with Baker Hughes
General Electric Co. could become one of the top players in the oil services and equipment industry if it decides to bid for Baker Hughes Inc.
Dubai stocks lead advance in Gulf markets as oil rises above $40
Gulf Arab stocks climbed after oil, the region’s main source of income, rebounded to the highest level this year.
Shell, Chevron and Total have debt ratings cut by Moody’s on price rout
Three of the world’s largest energy companies had their credit ratings lowered by Moody’s Investors Service on the expectation that oil prices will stay low for longer and cause leverage concerns.
Latin America oil producers call for action to improve prices
Oil-producing countries must take the necessary steps to stabilize the global crude market in a bid to improve prices, Ecuador Foreign Minister Guillaume Long said on behalf of Latin American nations after a gathering in Quito.
BNP among banks facing $172million loss after Suttie’s First Oil fails
BNP Paribas SA and its partners in a Scottish energy loan are staring at a loss of 122 million pounds ($172 million) after entrepreneur Ian Suttie’s venture went bankrupt, illustrating the wreckage banks are likely to face from the oil bust.
Oil set for weekly gain as US output falls before freeze talks
Oil is poised for a weekly gain as U.S. crude output continues to drop before a meeting between suppliers to discuss freezing production.
Halliburton’s bonus plan shows forecasting oil price is hard
It seems not even the board of Halliburton Co. thought the price of oil would remain depressed this long.
Nigeria says companies to provide $200 million for fuel imports
International energy companies in Nigeria have agreed to provide about $200 million to help fund fuel imports and end shortages, Petroleum Minister of State Emmanuel Kachikwu said.