Oil and gas companies face an increasing risk of government investigations and significant financial penalties if they do not take appropriate steps to comply with international sanctions measures.
Oil headed for its first back-to-back weekly gain since June on signs the U.S. and China could be edging closer to a trade deal and as a growing list of central banks start easing policy to shore up growth.
The energy-rich Central Asian nation of Turkmenistan is hosting an economic forum intended to bolster co-operation between Caspian Sea nations.
TechnipFMC has won a major contract with Russia’s Novatek worth £6.1billion.
Oil and gas industry contractor KCA Deutag (KCAD) has clinched a trio of new contracts worth about £135 million for land drilling work in Russia.
The North Sea oil industry must keep a lid on costs if measures taken by Opec and its allies push crude prices much higher, top Aberdeen energy experts have said.
The OPEC+ alliance is poised to extend production cuts into 2020 as the world’s leading oil exporters fret about a weakening outlook for global demand growth and the relentless rise in output from America’s shale fields.
OPEC proposed mid-July meetings with its allies in Vienna to discuss extending production cuts, after talks between Russia and Iran made some progress toward resolving a standoff over the date.
Oil closed down in New York for the first time in three days amid rising concerns about the likelihood of a global economic contraction and mounting supplies.
Hedge funds kept running away from oil as prices tumbled into a bear market.
Russian oil flows to parts of Europe were halted after customers complained of unusual impurities in the crude, adding another disruption to the global oil market and pushing prices in London above $75 a barrel.
Vladimir Putin’s poll ratings are down after a tax hike squeezed cash-strapped consumers. But the Kremlin has opened the coffers to give as much as $8 billion this year to another key constituency: oil companies awash in record profits.
Depreciation costs, corporation tax and discontinued operations have led to heavy losses for Aberdeen-based Plexus Holdings.
Just as Venezuelan state-run oil company PDVSA was running out of an obscure product needed to thin out its crude and keep exports flowing in the wake of U.S. sanctions, Russia is coming to the rescue.
Germany is preparing one of its biggest sustained increases in natural gas consumption in almost two decades, regardless of U.S. admonitions that it shouldn’t draw so much of its energy from Russia.
Russia is aiming to accelerate the pace of oil production cuts after its reductions drew criticism from Saudi Arabia.
Plexus Holdings has agreed to buy back 4.95 million shares in the company from its Russian partner Gusar.
Brent crude oil averaged $72 per barrel (b) in 2018, and West Texas Intermediate (WTI) averaged $65/b in 2018.
Oil prices will stabilise over the coming weeks as cuts agreed by OPEC kick in, an analyst has said.
A backstop could be placed on the recent oil price freefall if traders are convinced OPEC proposals to cut production are "for real", according to a leading petroleum economist.
As ministers from OPEC and its allies arrive in Vienna for crucial talks, all have made clear they agree on the need for a cut in oil production. But none have explained how they’ll turn that desire into a reality.
Qatar’s “surprise” decision to withdraw from OPEC raises questions about the loyalty of the cartel’s remaining members, analysts said.
Oil headed for its biggest monthly decline since 2008 as Russia reiterated it’s comfortable with current prices, just a week before it meets with OPEC in Vienna to discuss possible production curbs.
The choice facing Saudi Arabia at next week’s OPEC meeting is dramatic: cut oil production and enrage Donald Trump, or keep pumping and risk ultra-low prices blowing up its economy.
The steepest drop in oil prices in more than three years put investors in the US in a selling mood, extending a losing streak for the S&P 500 index to a fourth day.