Petroleos Mexicanos posted a loss for the 14th consecutive quarter as massive spending cuts diminish the state oil producer’s ability to arrest years of declining production. The first-quarter loss narrowed Continue Reading
U.S. economic growth braked sharply in the first quarter to its slowest pace in two years as consumer spending softened and a strong dollar continued to undercut exports, but a Continue Reading
ConocoPhillips is reducing spending further as it posted the fourth straight quarterly loss amid an oil rout that continues to strain independent producers. The 2016 capital budget was lowered by Continue Reading
After cutting dividend payouts, ConocoPhillips said Thursday it was in a good position to weather the market downturn, but still posted a quarterly net loss. Conoco this year cut its Continue Reading
Following a string of recent deals, oil field services company Schlumberger announced it agreed to acquire a Calgary-based drilling and services company. For an undisclosed sum, Schlumberger said it entered Continue Reading
Ford Motor Co. F 3.15 % reaped the benefits of its costly F-150 truck revamp, doubling income in its first quarter and posting a North American operating margin rivaling those Continue Reading
Exxon Mobil lost its triple-A credit rating Tuesday. If crude oil’s steep selloff has taught anything, it is that no energy company is immune from it—not even industry stalwart Exxon Continue Reading
The dollar headed for its lowest close in almost a year as signs of slowing growth in the U.S. dimmed prospects for a Federal Reserve interest-rate increase. Stocks fell and Continue Reading
Another unexpected refinery outage Thursday on the US Gulf Coast helped push gasoline prices to their highest levels in nearly eight months. Conventional 9 RVP gasoline was assessed Thursday at Continue Reading
Men facing the brunt of the pressure from low oil prices int the Norwegian labor pool, government data show. File photo by A.J. Sisco/UPI OSLO, Norway, April 28 (UPI) — Continue Reading
A gauge tracking Russia’s manufacturing industry declined to the lowest level in eight months, missing economist forecasts as demand deteriorated further amid the longest recession in two decades. The Purchasing Continue Reading
Italian oil company Eni SpA plunged to a net loss in the first quarter, hurt by accounting changes related to disposals and low crude oil prices. It posted a net Continue Reading
Oil prices were mainly flat Thursday after weeks of gains, but analysts now question whether crude will continue that positive momentum given a lack of significant change in the supply Continue Reading
Crude futures pulled back from 2016 highs early on Thursday as traders locked in profits after April’s sharp rally, but analysts said falling U.S. production and strong investor appetite could Continue Reading
One hundred and sixteen years after the birth of Woody Woodpecker creator and animator Walter Lantz, and WTI crude oil is knocking on the door of $45 – and knocking Continue Reading
LONDON—Oil prices reached a high for the year on Wednesday, with U.S. prices breaking above $45 for the first time since November following data that showed a surprise fall in Continue Reading
Oil prices are running toward $50 per barrel, up nearly 60 percent from 2016 lows, as more data surfaces to support a push away from supply side pressures. The price Continue Reading
Crude oil futures rose half a dollar in early Asian trading on Wednesday and remained near 2016 highs on the back of strong investor sentiment and a weak dollar, although Continue Reading
Even as oil rallies, analysts have barely nudged up their price forecasts as they worry that crude’s current gains might not be sustainable. The price of oil has jumped by Continue Reading
It hasn’t been a great week for Big Oil. BP reported an 80 percent decline in earnings, and ExxonMobil lost its coveted AAA credit rating , which it has held Continue Reading
Crude oil prices continued to surprise on Tuesday, with the U.S. benchmark adding another 4 percent to $44.60 a barrel. West Texas Intermediate is now up 65 percent since hitting Continue Reading
Global supply-side pressures could reverse within 20 years as low crude oil prices crimp spending on exploration and production, Wood Mackenzie finds. For the fifth week in a row, oil Continue Reading
Major oil companies’ first-quarter results have so far confounded expectations, but volatile trading operations and a likely fall in production mean the good times are unlikely to last. Europe’s big Continue Reading
Iraq’s Kurdistan Regional Government (KRG) is conducting detailed technical planning with Iran that could lead to the construction of the autonomous region’s second oil export pipeline.”It’s serious. Very serious. We’ve Continue Reading
U.N. Support Mission in Libya reminds all parties to respect the sanctity of oil, the country’s main source of revenue. Pictured, Libyan rebels at the western gate of Ajdabiya on Continue Reading
Authorities in eastern Libya pledged to export more crude oil soon, two days after shipping their first cargo in defiance of a national unity government based in Tripoli. A representative Continue Reading
A surge of volatility in China’s once placid commodities futures markets has rattled industrial players who use them for hedging, with some taking losses or cutting exposure, driven out by Continue Reading
Total oil, gas output rose 1.8% to 259.5 million metric tons China National Petroleum Corp., the country’s biggest oil and gas producer and the parent of PetroChina Co., said profit Continue Reading
Baker Hughes Inc. gained even after reporting a larger-than-expected first-quarter loss as a financial crisis in the oil industry forces explorers to slash spending. The world’s third-biggest oil services provider Continue Reading
Statoil ASA reported its worst-ever adjusted earnings as crude prices fell the lowest in almost 12 years. Still, the company beat estimates for a loss as cost savings are having Continue Reading
Even as it reported a loss for the first quarter of the year, U.S. energy company Hess Corp. said it was producing more from its U.S. assets than in late Continue Reading
Otto Energy Ltd., a company with headquarters in Australia, said it made an oil discovery in the Gulf of Mexico that was productive enough to keep drilling. The company said Continue Reading
Few countries need oil’s rally to last more than Venezuela, where the economy’s expected to shrink 8 percent this year and a lack of petrodollars has seen shops run short Continue Reading
Russian President Vladimir Putin is on the verge of realizing a decade-old dream: Russian oil priced in Russia. The nation’s largest commodity exchange , whose chairman is Putin ally Igor Continue Reading
Crude oil futures rose half a dollar in early Asian trading on Wednesday and remained near 2016 highs on the back of strong investor sentiment and a weak dollar, although Continue Reading
Oil prices rose Tuesday as the dollar fell and traders looked ahead to a Federal Reserve policy meeting this week. However, concerns about persistent market oversupply are expected to put Continue Reading
Crude oil futures rose on Tuesday, pushed up by a weaker dollar and a flood of new cash into the market, but analysts warned that fundamentals remain weak as a Continue Reading
The collapse of the rig count and depressed drilling activity has already knocked about 700,000 barrels per day of oil production offline. • But the rig count could bottom out Continue Reading
Oil speculators are growing more confident that prices are gaining ground on the back of rising demand and shrinking supply. U.S. gasoline demand is at a record high for this Continue Reading
Qatar will scrap gasoline and diesel subsidies next month as the world’s richest nation per capita is set to plunge into deficit this year after more than a decade of Continue Reading
Iranian media reports local companies outnumber the number of foreign entities registered to attend an oil and natural gas exhibition in May in Tehran. Tehran is slated to hold a Continue Reading
The Iraqi Parliament on Tuesday approved five new ministers in a contentious and incomplete effort by Prime Minister Haider al-Abadi to reshuffle his Cabinet and deliver on promises to reform Continue Reading
Oil companies that piled into Iraqi Kurdistan after Saddam Hussein’s ouster are running into trouble, unraveling the region’s promise as source of easy-to-drill oil and threatening Iraq’s production surge. The Continue Reading
A government based in eastern Libya has shipped its first cargo of crude in defiance of authorities in the capital Tripoli, a bold move that could deepen the divisions that Continue Reading
A cargo of 650,000 barrels of crude left the Libyan port of Hariga yesterday, in the eastern part of the conflict-torn country, sparking what promises to be another phase in Continue Reading
Venezuelan bureaucrats will work two days a week to save electricity in the country facing a deepening energy crisis. Public employees, who account for more than a third of Venezuela’s Continue Reading
Venezuela has proposed that non-OPEC oil producers attend the group’s June meeting in Vienna to continue “dialogue and coordination,” according to a letter from the South American country’s oil minister Continue Reading
Times have changed for Yu Xingzhi since China’s economic boom years. Despite the slowing economy, sales at Shanghai Caison Color Material Chemical are holding up. The trouble is, her customers Continue Reading
There are some early signs of delinquency-rate… The slump in crude prices is starting to show up as missed payments by consumers in the oil patch. In states from Oklahoma Continue Reading
In a win for climate activists and the anti-fracking movement , and a blow to fossil fuel polluters and the federal regulatory agencies that enable them, the New York State Continue Reading
