U.S. oil traded near the narrowest discount to global marker Brent in 11 months amid expectations that a 40- year-old ban on American crude exports will be lifted, offering an outlet for the nation’s swollen supplies.
Halliburton Co. and Baker Hughes Inc. will extend to April 30 the time period for closing their pending $26 billion merger as they work to satisfy U.S. Justice Department concerns.
Congressional leaders agreed on a fiscal plan that would avert a U.S. government shutdown and lift the 40-year-old ban on crude oil exports, House Speaker Paul Ryan told fellow Republicans during a closed-door meeting Tuesday night.
Oil extended its gain from a six-year low in New York amid signs the U.S. may allow unfettered crude exports for the first time in 40 years.
The collapse of oil prices has claimed its first bankruptcy victim in Norway’s offshore industry, and analysts warn more may follow.
Charif Souki said he knew something was wrong on Dec. 8 when Cheniere Energy Inc.’s board of directors asked him to leave the room -- and then spent 10 hours talking without him.
As oil crashed through $35 a barrel in New York, some producers were already living with the reality of much lower prices
The opening of Petroleos Mexicanos’s first- ever gasoline station in Houston featured several cultural reminders of the company’s origins. There were mariachis dressed in traditional Charro suits, trumpet-heavy Mexican music and, of course, tacos.
Oil’s slump of more than 10 percent in New York since OPEC met on Dec. 4 has struck fear into any remaining crude bulls. The last time the group rattled the market like this -- after its November 2014 meeting -- the pain was much deeper.
Oil fell below $35 a barrel in New York for the first time since 2009 as Iran reiterated its pledge to boost crude exports, bolstering speculation OPEC members will exacerbate the global oversupply.
Oil extended declines from the lowest price since February 2009 as Iran pledged to boost crude exports, bolstering speculation OPEC members will exacerbate the global oversupply.
Saving the world isn’t going to be cheap. If you sell oil, coal or old-fashioned cars, that threatens disaster. For makers of stuff like solar panels, high-tech home insulation, and efficient lighting, it’s a potential miracle.
Senate negotiators are nearing a deal to allow unfettered U.S. crude oil exports for the first time in 40 years, though differences remain on renewable-energy tax credits that Democrats are demanding in return, according to people close to the discussions.
Qatari stocks led a retreat in Middle Eastern markets as oil’s decline to a seven-year low, scant evidence of a pick-up in Chinese growth and the prospect of a U.S. interest-rate increase next week unsettled investors across the region.
The deal struck at United Nations climate talks requires an overhaul of historic proportions for energy policies worldwide and a huge investment in cleaning up the pollution now damaging the Earth’s atmosphere.
Envoys from more than 195 nations are poised to adopt the most sweeping deal on global warming ever, extending limits on fossil-fuel pollution to developing nations for the first time.
No topic has so dominated public discussion over the past week like Donald Trump’s call to indefinitely ban Muslims from entering the U.S. Editorial pages have raged, talk shows have engaged, even leaders of his Republican Party have forcefully rejected the proposal. One group of national leaders, however, has said little: corporate chiefs. A few, it is true, have spoken in broad terms, usually without mentioning Trump. Mark Zuckerberg, for example, wrote on his Facebook page that Muslims should know they are always welcome at Facebook “and that we will fight to protect your rights and create a peaceful and safe environment for you.”
The global oil surplus will persist at least until late 2016 as demand growth slows and OPEC shows “renewed determination” to maximize output, according to the International Energy Agency. The Organization of Petroleum Exporting Countries, by effectively dropping production limits at its Dec. 4 meeting, is displaying hardened resolve to maintain sales volumes even as prices fall in an oversupplied market, the agency said Friday in its monthly report. While its policy is hitting rivals, triggering the steepest drop in non-OPEC supply since 1992, world oil inventories will likely swell further once Iran restores exports on the completion of a deal to lift sanctions, it said.
BP Plc, Chevron Corp. and the other partners in Australia’s largest oil and gas venture approved a $2 billion expansion in the project, the fourth major gas development at the North West Shelf in the past seven years. The Greater Western Flank Phase 2 off the north-west coast will develop 1.6 trillion cubic feet of gas from six fields, the operator of the North West Shelf, Woodside Petroleum Ltd., said Friday in a statement.
Oil headed for the biggest weekly decline since March amid speculation OPEC’s decision to effectively scrap production targets will keep the market oversupplied.
Oil traded near the lowest close in more than six years as speculation OPEC will keep markets oversupplied countered a drop in US crude stockpiles. Futures slipped 0.5 percent in New York after closing 9.5 percent lower in the four days since OPEC’s Dec. 4 decision to effectively abandon its output target. The exporters’ group raised production in November to a three-year high, according to its monthly report. US stockpiles along the Gulf Coast fell the most since December 2012, according to government data Wednesday. Refiners typically drain tanks to reduce their tax burden, which is determined by year-end levels.
General Electric Co. is in advanced talks to buy the drill-bits and drilling-services divisions of Halliburton Co., which is divesting assets to win antitrust approval for its takeover of Baker Hughes Inc., according to people familiar with the matter. Selling both the drill-bits and drilling-services businesses could have fetched as much as $5 billion in total for the oilfield services provider, people with knowledge of the matter said earlier this year, when the units were each put on the block. It is not clear how much the decline in oil prices -- which have been hovering near six-year lows -- may have affected their respective market values.
Technip and FMC Technologies are said to be in merger talks, according to reports. The oilfield services provider has held talks about a potential combination although terms have not yet been agreed on. Sources familiar with the matter said there is no certainty the two companies will do so.
Renewables are beating fossil fuels on cost in island nations from the Pacific to the Caribbean, where governments are seeking to limit their exposure to volatile market prices. “We’re so far-flung from the sources of fossil fuels that by the time they reach us, with all the shipping, you pay a substantial cost,” said Tommy Remengesau, the president of Palau, whose nation is located almost 1,000 miles (1,600 kilometers) east of the Philippines in the Pacific Ocean. “It’s an economic advantage for us to go for renewables.”
In an instant, Chesapeake Energy Corp. will erase the equivalent of 1.1 billion barrels of oil from its books. Across the American shale patch, companies are being forced to square their reported oil reserves with hard economic reality. After lobbying for rules that let them claim their vast underground potential at the start of the boom, they must now acknowledge what their investors already know: many prospective wells would lose money with oil hovering below $40 a barrel. Companies such as Chesapeake, founded by fracking pioneer Aubrey McClendon, pushed the Securities and Exchange Commission for an accounting change in 2009 that made it easier to claim reserves from wells that wouldn’t be drilled for years. Inventories almost doubled and investors poured money into the shale boom, enticed by near-bottomless prospects.
