As oil and gas prices have tumbled, Exxon and Shell have been forced to retreat. With oil barely above $30 a barrel, they’re cutting spending, including some costly, high-risk mega-projects. Continue Reading
The chief executive of leading Canadian oil producer Suncor Energy Inc. said on Tuesday that his company will increase output even if crude prices weaken further while vowing it will Continue Reading
The ruble weakened the most in emerging markets as Rabobank said the currency could fall further after Iran called a Russian-Saudi plan to freeze output “ridiculous.” The currency declined 2.2 Continue Reading
Pump jacks are seen at the Lukoil company owned Imilorskoye oil field, as the sun sets, outside the West Siberian city of Kogalym, Russia, January 25, 2016. Oil futures fell Continue Reading
Oil prices jumped on Monday following steep losses in the previous session, supported by a fall the U.S. rig count, but analysts said general oversupply was keeping the market weak. Continue Reading
The world’s biggest oil producers may consider “other steps” to eliminate a persistent global oversupply if a recent deal to freeze current output holds firm for several months, the top Continue Reading
Production freeze will be re-evaluated after 3-4 months OPEC and U.S. shale may need a relationship counselor. After first ignoring it, later worrying about it and ultimately launching a price Continue Reading
The global oil glut will persist into 2017, limiting any chance of a price rebound in the short term as the surplus takes even longer to clear than previously estimated, Continue Reading
Sovereign wealth funds may withdraw $404.3 billion from global stock markets this year if crude prices stay between $30 to $40 per barrel as oil-rich nations seek to shore up Continue Reading
Oil prices are unlikely to significantly rebound for at least a few years, the International Energy Agency projected on Monday, as a top official with the Organization of the Petroleum Continue Reading
