Venezuela President Nicolas Maduro moved to increase the military’s involvement in the country’s oil and mining industries with the creation of a new state company that will report to the Defense Ministry.
The thousands of attendees seeking reasons for optimism didn’t find them at the annual International Petroleum Week. Instead they were greeted by a cacophony of voices from some of the largest oil producers, refiners and traders delivering the same message: There are few reasons for optimism. The world is awash with oil. The market is overwhelmingly bearish.
World powers agreed a partial cease fire in Syria’s civil war, reaching a deal that could forestall a humanitarian crisis around the besieged city of Aleppo even amid skepticism about how broad and lasting the truce might be. Backing the accord were all the major outside powers in the five-year-old conflict, including the U.S., Russia, Turkey, Saudi Arabia and Iran. But the halt to fighting won’t cover jihadist groups like Islamic State, meaning U.S., French and Russian air strikes against them will continue.
Sempra Energy temporarily plugged a leak near Los Angeles on Thursday from a broken well that had been spewing natural gas for months and is now estimated to cost the utility owner at least $250 million excluding potential fines.
Oil rebounded from the lowest level in more than 12 years amid the highest price volatility since 2009 as speculation swirls over whether producers will act to bolster the market.
Iran just revealed its oil prices to European buyers for the first time since sanctions were lifted against the Middle East country. The most competitive pricing compared with Saudi Arabian supply in 21 months underscores its intention to win back market share.
State-controlled oil producer Petroleo Brasileiro SA sank to the lowest level since 1999 as the Ibovespa fell for a third consecutive day, joining a global market selloff.
Oil extended losses to trade near a 12-year low as crude stockpiles at the delivery point for New York futures expanded to a record even as nationwide supplies slipped.
BG Group Plc, pioneer of natural-gas shipping, will trade on stock exchanges for the last time on Friday, 19 years after it was created.
The world is so awash with crude, the boss of BP Plc said people will be filling their “swimming pools” with it by the end of the year.
After testing a 12-year low, the price of oil simply has to go up.
A conman posing as a millionaire London trader who defrauded a Dutch shipping company of 100 million euros ($113 million) was sentenced to 14 years in prison by a UK court.
The future of Britain’s shale gas industry hangs on a small exploration company that’s been stymied by protests, earth tremors and bureaucracy convincing the government to give it another chance to drill a giant deposit near England’s biggest tourist resort.
Tullow Oil Plc, a U.K. explorer focused on Africa, reported a wider-than-expected full-year loss as tumbling crude prices forced the company to record writedowns.
The U.S. Supreme Court may have put President Barack Obama’s most aggressive plan to curb power- plant emissions on hold Tuesday. That’s not going to save coal from a shrinking market, or stop some states and utilities from moving forward with their own measures.
The global oil surplus will be bigger than previously estimated in the first half, increasing the risk of further price losses, as OPEC members Iran and Iraq bolster production while demand growth slows, according to the International Energy Agency.
Emilio Lozoya resigned as Petroleos Mexicanos’ chief executive officer after the oil giant failed to reverse falling output and reported 12 straight quarterly losses.
About 150 oil and gas companies tracked by energy consultant IHS Inc. may go bust as a supply glut pressures prices and punishes revenues.
Oil at $30 a barrel is blowing a hole in the insurance that U.S. shale drillers bought to protect themselves against a crash.
A British fuel-cell developer that was first to put the technology harnessing the power of hydrogen into London’s distinctive black cab said it’s working on a system that would allow mobile phone users to charge just once a week.
While the crash in oil prices has eroded the Norwegian government’s income from crude production and taxes, it could count on one source of income to remain unaffected: the state’s dividends from Statoil ASA.
Oil prices will stay low for as long as 10 years as Chinese economic growth slows and the U.S. shale industry acts as a cap on any rally, according to the world’s largest independent oil-trading house.
Oil traded near $31 a barrel after Saudi Arabia and Venezuela met to discuss cooperating to stabilize the market and U.S. data signaled investors are split on the direction for prices.
Saudi Arabian Oil Minister Ali al-Naimi said he held “successful” talks with his Venezuelan counterpart about ways of cooperating to stabilize the crude market, without saying what steps producers should take to shore up prices.
As U.S. natural gas prices collapse to 1990s-era lows, producers in four shale plays are cutting their losses.
