Alfa Bank, one of Russia’s largest private lenders , cut its estimate for the nation’s growth in 2016 as the selloff in oil has given the world’s largest energy exporter Continue Reading
Utility company E.ON announced plans to start laying the foundation for the Rampion wind farm project slated for the English Channel. The Germany company, with help from Canadian energy company Continue Reading
European stock markets fell on Monday as oil prices reversed earlier gains to tumble 4 percent, while weak business sentiment numbers from Germany highlighted growing concerns about the outlook for Continue Reading
Oil prices fell 4 percent on Monday as Iraq announced record-high oil production feeding into a heavily oversupplied market, wiping out much of the gain made in one of the Continue Reading
Oil gave up its gains after the world’s biggest crude exporter said it’s keeping up investments in energy projects. Futures dropped as much as 4.1 percent after earlier rising as Continue Reading
Rising from the yellowish, treeless plains so typical for central Iran stands a square labyrinth of pipes and conveyor belts, topped by a silver chimney that glitters in the summer Continue Reading
Egypt will get about $20 billion in oil products from Saudi Arabia over five years, a government official said, marking the kingdom’s latest display of support for its struggling North Continue Reading
Syrian regime forces backed by Russian airstrikes seized control of a rebel stronghold on Sunday, the latest in a series of gains in northwestern Latakia province aided by Moscow’s intervention Continue Reading
Libya has forgone more than $68bn in potential oil revenues since 2013 amid a power struggle between rival factions that has brought the energy industry to a near standstill and Continue Reading
U.S. Secretary of State John Kerry said he hoped for “clarity” within 24 to 48 hours on Syrian peace talks that were supposed to have started in Geneva on Monday, Continue Reading
The world’s biggest oil producer is spending as much now as it did before the crash in crude prices, signaling no surrender in Saudi Arabia’s battle with rivals. Saudi Arabian Continue Reading
Japan’s crude oil imports last year fell to the lowest level since 1988 as demand weakens amid a declining population and more efficient vehicles. The world’s third-biggest economy imported 195.5 Continue Reading
Canada’s efforts to curb greenhouse-gas emissions are calling into question oil majors’ ability to tap the world’s third-largest oil reserves. The new left-leaning government of the Canadian province of Alberta, Continue Reading
The value of debt issued by junk-rated US energy companies has plummeted to the lowest level for more than two decades, sending a warning signal about the outlook for the Continue Reading
The average price of a gallon of gasoline in the United States fell 14 cents in the past two weeks to its lowest level in seven years, according to a Continue Reading
Norway’s prime minister, finance minister and central bank governor are holding an extraordinary meeting to assess just how bad the deepening plunge in the price of oil will be for Continue Reading
Russia’s economy contracted the most since 2009 last year as the price of oil, a key export, sank and sanctions over the conflict in Ukraine curbed access to international financing. Continue Reading
In the frosty swamplands of West Siberia, the drilling rigs of oil giant OAO Lukoil are helping raise Russia’s oil output to its highest levels since the breakup of the Continue Reading
The economic effects of plunging oil prices is a bad news/good news story. The bad news is that world stocks are taking a beating, especially those of energy companies, with Continue Reading
The oil market’s roller-coaster ride this year is not over yet, technical analysts warned on Friday, with new lows likely to come after traders catch their breath. U.S. oil futures Continue Reading
Oil prices rallied above $32 a barrel on Friday as the prospect of new central-bank stimulus and an upcoming snowstorm in the U.S. boosted expectations for fuel demand. Diesel futures, Continue Reading
Oil prices rose 5 percent on Friday to scale the $30 mark breached last week, as cold U.S. and European weather as well as firmer financial markets gave traders reason Continue Reading
Oil prices won’t return to more normal levels for two or three years, and those expecting a speedy rebound from this month’s 12-year lows are being unrealistic, Bank of Montreal Continue Reading
The blizzard barreling toward the East Coast may be terrible news for travelers, but it is a rare bit of respite for beleaguered natural-gas producers. Expectations of freezing temperatures and Continue Reading
Rating agency Moody’s on Friday placed large parts of the global oil and gas sector on review for a downgrade, as a crash of more than 70 percent in oil Continue Reading
The prospect of further support from the world’s central banks helped lift some of the gloom in global markets this week, with oil prices pushing back above $32 a barrel Continue Reading
“No other industry begins to offer the data problems that are presented by petroleum,” wrote John Blair, a former U.S. government official exactly 40 years ago (“The Control of Oil”, Continue Reading
Iran’s oil minister said on Friday any emergency meeting of the Organization of Petroleum Exporting Countries would hurt the crude oil market if it made no decision to shore up Continue Reading
Venezuela’s opposition refused on Friday to approve President Nicolas Maduro’s “economic emergency” decree in Congress, saying it offered no solutions for the OPEC nation’s increasingly disastrous recession. Underlining the grave Continue Reading
Farmers brought parts of Uruguay to a standstill this week demanding the government help them recover unpaid bills from Venezuela in the latest sign that the crisis-ravaged South American country Continue Reading
The drop in Mexican crude oil prices this week to around $20 a barrel is likely to put pressure on an already tight budget of state oil company Petróleos Mexicanos, Continue Reading
Canada’s biggest oil sands producers, which have stubbornly resisted halting output even as the price of their crude hits record lows, are planning a higher-than-normal maintenance schedule this year The Continue Reading
The Obama administration moved for the first time Friday to stop energy companies from releasing unwanted natural gas from oil wells drilled on federal lands, a practice that environmentalists say Continue Reading
Crude oil production of 70.9 million barrels in November for Texas was nearly 4 million less than the previous month, a state energy regulator said. The Railroad Commission of Texas, Continue Reading
North American companies focused on exploration and production can expect the market to deteriorate further as low oil price pressures endure, Moody’s said. “Even under a scenario with a modest Continue Reading
The Interior Department proposed rules Friday to cut methane emissions from oil and natural gas operations on federal lands, the latest move in President Barack Obama ’s climate change agenda. Continue Reading
Oil market volatility can’t last very long, as $30 per barrel may emerge as the low-point for the year, the head of a Russian financial services company said. Crude oil Continue Reading
Last year was bad enough financially for Sergei and Victoria Titov, both music teachers getting along in years. Her government salary was slashed by one third, and rampant inflation put Continue Reading
Crude oil prices staged a rally in afternoon Asia trade Friday after the European Central Bank hinted at more stimulus measures, but the commodity’s expanding global surplus is expected to Continue Reading
Oil prices rose 5 percent on Friday to scale the $30 mark breached last week, as cold U.S. and European weather as well as firmer financial markets gave traders reason Continue Reading
Natural gas rebounded to small gains in topsy-turvy trading after noon weather updates show signs that a coming cold spell could hang on in the east into next week. Futures Continue Reading
Oil prices extended their fall on Thursday, ahead of key U.S. data expected to show a further increase in oil supplies. U.S. crude stockpiles are already near levels unseen in Continue Reading
Oil fell on Thursday, dipping back toward 12-year lows on persistent concerns about a supply overhang and the outlook for demand. Oil futures dropped to their lowest levels since 2003 Continue Reading
Rating agency Moody’s on Friday placed large parts of the global oil and gas sector on review for a downgrade, as a crash of more than 70 percent in oil Continue Reading
World oil markets quietly breached an important barrier as they crashed nearly 30 percent to below $30 a barrel in the opening weeks of 2016, crossing the fuzzy line separating Continue Reading
The decline in oil prices has led to a steep drop in spending, which could pull markets away from the supply side and lead to recovery, Fitch Ratings said. Crude Continue Reading
The next task awaiting the global authorities is how to manage debt write-offs without setting off a political storm The global financial system has become dangerously unstable and faces an Continue Reading
No OPEC Meet Unless Majority Calls for It Less than two months after OPEC nations sparred over oil policy in Vienna, they resumed the debate at Davos. Nigeria’s oil minister, Continue Reading
BP’s diversion of a tanker of liquefied natural gas (LNG) away from Egypt due to payment issues is the first sign that the country’s currency crisis could be jeopardizing its Continue Reading
European companies and trading houses are not rushing to buy Iranian oil because of legal uncertainties over the lifting of sanctions that are likely to take weeks to clarify. A Continue Reading
