Saudi Arabia’s government, its finances strained by low oil prices, is opening a fresh austerity drive by ordering ministries to cut their spending on contracts by at least 5 percent, Continue Reading
Saudi Arabia kept its crude oil production steady in February, pumping 10.22 million barrels per day (bpd), an industry source told Reuters on Monday, after the top oil exporter struck Continue Reading
Iran may join other oil suppliers in freezing production after restoring its own output to levels before sanctions were imposed, Russian Energy Minister Alexander Novak said after meeting with the Continue Reading
Caveats to a proposed freeze in oil production from Iran pushed crude oil prices sharply lower, moving Brent to below $40 per barrel after last week’s rally. An expected downturn Continue Reading
Energy companies with U.S. headquarters are welcome to do business in Iran, though sanctions may be prohibitive, the country’s oil minister said. Iranian Oil Minister Bijan Zangeneh confirmed the state-run Continue Reading
Kuwait’s plan to impose corporate taxes and cut fuel subsidies to reduce the OPEC member’s reliance on oil faces a familiar obstacle: a parliament that has resisted previous attempts to Continue Reading
Total SA has funds to build a pipeline linking oil fields in landlocked Uganda with a port on Tanzania’s Indian Ocean coast, the Tanzanian government said, after its president met Continue Reading
Royal Dutch Shell said Monday it started production from the third and final phase of operations in the deep waters off the coast of oil-rich Brazil. “The safe, early delivery Continue Reading
For nearly seven years, Li Wei rose before dawn for his 10-hour shift at the steel plant, returning home each night soaked in sweat, the clank of heavy machinery still Continue Reading
Another year, another U.S. Energy Information Agency (EIA) assessment report that makes the agencies own forecasters look foolish. In the latest Electric Power Monthly report, which covers all twelve months Continue Reading
