Marathon Oil seeks $1.3billion in stock sale to weather rout
Marathon Oil Corp. joins a slew of U.S. producers selling shares to shore up their finances as they endure the worst market rout in a generation.
Bullish oil bets rise as hedge funds see supply tightening
Talk of an output freeze by OPEC and Russia along with falling US production spurred money managers to bet oil is ready for a rebound.
Bullish oil bets rise as hedge funds see crude supply tightening
Talk of an output freeze by OPEC and Russia along with falling U.S. production spurred money managers to bet oil is ready for a rebound.
Oil woes are draining bountiful wells of Asian financing
Arab states' petrodollars are burning fast and that's bad news for emerging markets, real estate and, above all, Asian securities.
Oil pares fourth monthly decline as US explorers idle rigs
Oil pared its fourth monthly decline as U.S. drillers cut the number of active rigs targeting crude to the lowest in more than six years amid a global glut.
Three former Tepco executives indicted for Fukushima negligence
The former chairman of Tokyo Electric Power Co., Tsunehisa Katsumata, and two other executives have been indicted over the 2011 Fukushima Dai-Ichi nuclear power plant disaster.
Nigeria backs oil output freeze while giving Iran way out
Nigeria backed Saudi Arabia and Russia in freezing oil production while giving Iran and Iraq a way out to regain some of their lost market share due to sanctions and war.
For OPEC, path from oil freeze to output cuts is far from clear
Saudi Arabia said its accord with Russia to cap oil production was “the beginning of a process,” but the path from a freeze to the output cuts needed to eliminate a global surplus is far from clear.
Nigeria’s biggest bank targets consumer industry as oil weighs
Guaranty Trust Bank Plc, Nigeria’s largest lender by market value, said it will target the consumer industry and small to medium-sized companies for growth as a plunge in oil prices and foreign-exchange restrictions limit opportunities in the West African nation.
The robber baron who botched the world’s first oil storage trade
A century and a half before the current supply glut sent oil prices into contango, one of America’s greatest industrialists tried to make money by storing crude. He failed.
Oil trades below $31 as rising US crude stockpiles expand glut
Oil traded below $31 a barrel after U.S. crude stockpiles rose to the highest in more than eight decades as Saudi Arabia and Russia propose to freeze output amid a worldwide surplus.
Anadarko anoints `brand ambassadors’ to fight off drilling bans
Windsor High School junior Kamille Hocking worried a dozen oil wells on her family’s 132-acre Colorado homestead might sicken them. Then, Rebecca Johnson, an Anadarko Petroleum Corp. engineer, used a blender in her chemistry class to show the interaction of swirling frack sand, city water and friction reducer. “We heard a lot of stories about how it could get into the water and pollute the land,” said Hocking, who is 16. “I’m going to tell my parents that fracking fluid only makes cracks in the rock the size of a hair that the sand gets into and holds open.”
Shale faces March madness as $1.2 billion in interest comes due
The U.S. shale industry must come up with $1.2 billion in interest payments by the end of March as $30-a- barrel oil makes it harder for companies to scrape up the cash needed to stay current on their debts.
Oil extends gain as Iran backs output freeze without vowing cuts
Oil extended gains above $31 a barrel as Iran supported a proposal by Saudi Arabia and Russia to freeze production at near-record levels, without saying whether it would curb its own output. Futures climbed as much as 3.5 percent in New York after rising 5.6 percent Wednesday. Iran backs any measures to stabilize markets including the output cap, Oil Minister Bijan Namdar Zanganeh said after talks with Qatar, Iraq and Venezuela, according to a report from the Shana news service.
Abu Dhabi’s new oil head comes from investment side
Abu Dhabi, the Persian Gulf emirate that holds about 6 percent of global crude reserves, replaced the head of its state oil company with an executive who spent the last 10 years investing in energy as prices languish near a 12- year low.
Secret petro-diplomacy starts to pay off in echo of 1999 shock
For more than a year, oil diplomats have been busy behind the scenes trying to forge a deal between OPEC and nations outside the cartel to revive prices by curbing output.
Woodside profit wiped out as chief exec Coleman doubts oil recovery
Woodside Petroleum Ltd. reported a 99 percent decline in full-year profit, its worst result in 13 years, and cast doubt on any recovery this year from the energy price crash that forced it to write down the value of its assets.
Brent trades near $32 as focus turns to Tehran after Saudi pact
Brent oil traded near $32 before a meeting between Iraq and Iran in Tehran after Saudi Arabia and Russia agreed to freeze production at near record levels amid a global glut.
Putin’s reward for doing a deal with OPEC overshadowed by risks
Neither a recession nor a collapse in revenue has yet been enough to convince Russian President Vladimir Putin that it’s time to join with OPEC in cutting oil output to boost prices. His reasons may be pragmatic rather than political.
Sembcorp Marine surges on talk of potential privatization
Sembcorp Marine Ltd., which posted its first loss in more than a decade in the fourth quarter, saw its shares jump by the most in nearly a month amid talk that the company could be taken private.
Saudi, Russian oil ministers said to plan talks in Qatar
Saudi Arabia’s oil minister plans to meet with his Russian counterpart in Doha on Tuesday to discuss the oil market, according to a person familiar with the talks. Ali al-Naimi, the most senior oil official of the world’s biggest crude exporter, will speak with Russia’s Alexander Novak in the Qatari capital, according to the person, who asked not to be identified because the talks are private.
Azerbaijan raises rates first time since 2011 as oil jolts Manat
The Azeri central bank increased its key interest rate for the first time in almost five years as it struggles to restore confidence in the national currency after the collapse in crude prices.
Buhari’s budget riddled with errors puts graft war in doubt
Nigerian President Muhammadu Buhari’s 2016 budget proposals are riddled with errors and provisions that may undermine his anti-graft war, civic groups say. In some instances, the same purchase of vehicles, computers and furniture are replicated 24 times, totaling 46.5 billion naira ($234 million), 795 million naira is set aside to update the website of one ministry, while no purpose is assigned to a 10 billion naira provision in the education ministry’s spending plan, according to Oluseun Onigbinde, partner and co-founder of BudgIT, a Nigerian group that campaigns for transparency in public spending.
Oil resumes drop as Iran loads Europe cargo, China imports fall
Oil resumed its decline below $30 a barrel as Iran loaded its first cargo to Europe since international sanctions ended and Chinese crude imports dropped from a record.
Billionaire neighbors clasp dirty fuel shunned by Angela Merkel
Two Czech billionaires have come up with an unusual way to tap Angela Merkel’s shift toward clean energy: invest in some of Germany’s dirtiest coal-fired power plants and lignite mines.