Saudi Arabia’s austerity drive to counter the impact of low oil prices came at a cost. Domestic demand has been hurt by lower spending on infrastructure projects and cuts in Continue Reading
India is making a concerted effort to lower its reliance on imported crudes with the government focused on boosting domestic production, promoting renewables and improving the refining process, at a Continue Reading
Brazil’s state-run oil company said it closed on the sale of a refinery on the Japanese island of Okinawa as its divestment streak continues. State-run Petroleo Brasileiro, known informally as Continue Reading
President Nicolas Maduro has again extended the deadline for Venezuelans to stop using their old 100-bolivar bills. Maduro said in a television and radio broadcast address on Thursday that people Continue Reading
Venezuelan President Nicolás Maduro announced the extension for the 100-bolivar notes during a television program… CARACAS, Venezuela—President Nicolás Maduro has again extended the deadline for Venezuelans to stop using their Continue Reading
The OPEC deal might have revived oil prices for now, but a combination of elevated inventories and the threat of lower demand growth in China in 2017 could come back Continue Reading
PetroChina has reported plans to cut capital spending at China’s largest oilfield by 20 percent in 2017. In its statement the oil major claimed that, despite the decrease in drilling Continue Reading
Toshiba Corp.’s ambitions to make nuclear power a centerpiece of its future have instead led to an accounting scandal and billions of dollars in potential losses. For clues to what Continue Reading
China has cut oil product export quotas to the nation’s four oil majors by 40 percent in the first round of licences for 2017, according to two sources who have Continue Reading
U.S. refiners exported record amounts of oil products last week, taking market share from struggling competitors in Mexico and the Caribbean. Almost 4 million barrels a day of gasoline, distillates Continue Reading
