(Reuters) – Oil refiners are permanently closing processing plants in Asia and North America and facilities in Europe could be next as uncertain prospects for a recovery in fuel demand after the coronavirus pandemic triggered losses. The pandemic initially cut... More »
LONDON (Reuters) – BP (BP.L) will need to invest tens of billions of dollars over the next decade and may have to accept lower returns than it can get from oil if it is to meet its target of becoming one of the world’s largest renewable power generators. The B... More »
LONDON (Reuters) – The United States has overtaken China as the most attractive country in the world for renewables investment and the global clean energy sector is expected to bounce back quickly despite the coronavirus pandemic, research showed on Tuesday. I... More »
SINGAPORE (Reuters) – Minimal oil price gains on Monday show record output cuts by giant producers will still leave them with a mountain to climb to restore market balance, industry watchers said, with the coronavirus pandemic decimating demand just as stocks ... More »
MILL VALLEY, California (Reuters) – Electric vehicle startup Rivian on Saturday displayed its pickup truck and SUV at an event in San Francisco’s Bay Area and said that when their prices are unveiled soon they will be lower than has been previously announced. ... More »
NEW YORK (Reuters) – Firefly Value Partners on Thursday asked Gulfport Energy for a seat on its board and criticized the “half-measures” which the U.S. gas exploration and production company is taking to improve its financial performance. On Monday, Oklahoma C... More »
NEW YORK (Reuters) – The largest banking lenders to the oil and gas sector are becoming more cautious, marking down their expectations for oil and gas prices that underpin loans in a move expected to put further financial stress on struggling producers, indust... More »
SINGAPORE (Reuters) – Oil prices rose on Monday after Saudi Arabia said producer club OPEC and Russia should restrict supplies to current levels, while Washington’s withdrawal of a tariff threat against Mexico removed a cloud over the global economy. However, ... More »
HONG KONG (Reuters) – Riot police surrounded Hong Kong’s parliament on Monday after authorities said they would go ahead with a proposed extradition law, which would allow suspects to be sent to mainland China, despite protests from an estimated crowd of more ... More »
HONG KONG (Reuters) – Hong Kong was plunged into a fresh political crisis on Sunday night after more than half a million people took to the streets to thwart a proposed extradition law that would allow suspects to be sent to mainland China to face trial. Organ... More »
SINGAPORE (Reuters) – Oil prices fell more than 1% on Monday, extending losses of over 3% from Friday, when crude markets slipped to their biggest monthly losses in six months amid stalling demand and as trade wars fanned fears of a global economic slowdown. F... More »
SINGAPORE (Reuters) – Oil prices fell on Monday, extending losses from last week when crude dropped the most this year on concerns the Sino-U.S. trade war could trigger a broad economic slowdown, although OPEC’s supply cuts provided some support. U.S. West Tex... More »
SINGAPORE (Reuters) – Oil prices tumbled on Monday after U.S. President Donald Trump said he would sharply hike tariffs on Chinese goods this week, risking the derailment of trade talks between the world’s two biggest economies. U.S. West Texas Intermediate (W... More »
SINGAPORE (Reuters) – Oil prices jumped on Monday as the United States looked set to announce that all buyers of Iranian oil must end their imports or be subject to sanctions. Brent crude futures rose as much as 3.3 percent to $74.31 a barrel, the highest sinc... More »
SINGAPORE (Reuters) – Oil prices slipped on Monday, with concerns of a sharp economic slowdown outweighing supply disruptions from OPEC’s production cutbacks and from U.S. sanctions on Iran and Venezuela. Brent crude oil futures were at $66.73 per barrel at 07... More »
SINGAPORE (Reuters) – Oil prices dipped on Monday amid concerns that an economic downturn may dent fuel consumption, but crude markets remain broadly supported by supply cuts led by producer group OPEC and U.S. sanctions against Iran and Venezuela. Brent crude... More »
SINGAPORE (Reuters) – Oil prices rose on Monday, lifted by comments from Saudi oil minister Khalid al-Falih that an end to OPEC-led supply cuts was unlikely before June and a report showing a fall U.S. drilling activity. U.S. West Texas Intermediate (WTI) crud... More »
SINGAPORE (Reuters) – Oil prices fell 1 percent on Monday after U.S. companies added rigs for the first time this year, a signal that crude output may rise further, and as China, the world’s second-largest oil user, reported additional signs of an economic slo... More »
LONDON (Reuters) – Oil slipped to around $60 a barrel on Monday after data showed weakening imports and exports in China, the world’s second-largest oil consumer, raising the prospect of a slowdown in fuel demand. China’s exports fell by the most in two years ... More »
SINGAPORE (Reuters) – Oil prices rose by around 1 percent on Wednesday, extending gains from the previous session on hopes that Washington and Beijing may soon resolve trade disputes that have cast a dark shadow over the global economy. U.S. West Texas Interme... More »
LONDON (Reuters) – Oil fell on Monday, in line with further declines in global stock markets, erasing the gains made last week when producer group OPEC and other key exporters agreed to cut their crude output from January. Brent crude oil futures fell $1.02 on... More »
NEW YORK (Reuters) – Oil prices jumped by more than 3 percent on Monday after the United States and China agreed to a 90-day truce in a trade dispute and Canada’s Alberta province ordered a production cut, while exporter group OPEC looked set to reduce supply.... More »
CALGARY, Alberta (Reuters) – The president of OPEC defended the oil producer group on Monday against U.S. President Donald Trump’s recent demands for higher oil output, saying OPEC does not shoulder the blame. “OPEC alone cannot be blamed for all the problems ... More »
HOUSTON/CARACAS (Reuters) – U.S. oil firm ConocoPhillips has moved to take Caribbean assets of Venezuela’s state-run PDVSA to enforce a $2 billion arbitration award over a decade-oil nationalization of its projects in the South American country, according to t... More »
CARACAS (Reuters) – Venezuela’s new “petro” cryptocurrency will attract investments from Turkey, Qatar, the United States and Europe, the country’s cryptocurrency regulator said on Friday. The government of President Nicolas Maduro, which says the petro will h... More »
FILE PHOTO: Workers hired by U.S. oil and gas company Apache Corp drill a horizontal well in the Wolfcamp Shale in west Texas Permian Basin near the town of Mertzon, Texas, U.S., October 29, 2013. REUTERS/Terry Wade/File Photo NEW YORK (Reuters) – Surging shal... More »
FILE PHOTO: The Philadelphia Energy Solutions oil refinery owned by The Carlyle Group is seen at sunset in front of the Philadelphia skyline March 24, 2014. REUTERS/David M. Parrott/File Photo (Reuters) – Philadelphia Energy Solutions LLC, the owner of the lar... More »
FILE PHOTO: The reception of Noble Group is seen at its headquarters in Hong Kong March 23, 2015. REUTERS/Bobby Yip/File Photo LONDON (Reuters) – Struggling commodities trader Noble Group has completed the sale of its U.S.-focused oil business to the world’s l... More »
Venezuela’s President Nicolas Maduro speaks during an event with supporters in Caracas, Venezuela December 1, 2017. Miraflores Palace/Handout via REUTERS CARACAS (Reuters) – Venezuela’s President Nicolas Maduro on Sunday gained more powers over the OPEC member... More »
Venezuelan President Nicolas Maduro looked to the world of digital currency to circumvent U.S.-led financial sanctions, announcing on Sunday the launch of the "petro" backed by oil reserves to shore up a collapsed economy. More »
U.S. refineries from Ohio to Minnesota are capitalizing on access to cheap crude from Western Canada and North Dakota oilfields, helping their region break a historic dependence on fuel from the Gulf Coast while redrawing oil trade maps. More »
The world's largest oilfield services company, Schlumberger NV (SLB.N), is spending billions of dollars buying stakes in its customers' oil and gas projects - investing in the same ventures it supplies with equipment and expertise. More »
The U.S. Coast Guard on Monday allowed some barge traffic to enter Port Arthur, Texas, home of the country's largest oil refinery, and is considering allowing ships to enter on Tuesday, a spokesman said. More »
Salvage efforts continued on Monday to remove a sunken drydock in an industrial portion of the Houston Ship Channel, home to major oil refineries and petrochemical plants, officials said. More »
The U.S. Congress started to come to grips on Tuesday with crafting a multibillion-dollar Hurricane Harvey emergency aid package that President Donald Trump suggested could be historically large, without providing specifics. More »
FILE PHOTO – A pump jack used to help lift crude oil from a well in South Texas’ Eagle Ford Shale formation stands idle in Dewitt County, Texas, U.S. on January 13, 2016. REUTERS/Anna Driver/File Photo In today’s U.S. shale fields, tiny sensors attached to pro... More »
Ecuadorean presidential candidate Lenin Moreno (C) gives a speech alongside Ecuadorean President Rafael Correa (2nd R) and his wife Rocio Gonzalez (L) during a national election day in a hotel, in Quito, April 2, 2017. REUTERS/Mariana Bazo Leftist government c... More »
Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford/File Photo Chinese independent, or teapot, refiners are bringing in rare cargoes of North American heavy crude in a new long-distance ... More »
Venezuela’s President Nicolas Maduro (C) attends the 17th Non-Aligned Summit in Porlamar, Venezuela September 18, 2016. Miraflores Palace/Handout via REUTERS Venezuelan President Nicolas Maduro said on Sunday that OPEC and non-OPEC countries were “close” to re... More »
Republican presidential nominee Donald Trump speaks at the Cleveland Arts and Social Sciences Academy in Cleveland, Ohio, U.S., September 8, 2016. REUTERS/Mike Segar Presidential candidates Donald Trump and Hillary Clinton clashed over national security again ... More »
U.S. bank Goldman Sachs, one of the most bearish forecasters on oil over the past year, on Monday raised its short-term price outlook as it said the market had flipped into a deficit due to production outages in Nigeria and Canada. Goldman, one of the most act... More »
CARACAS, Venezuela Camimpeg, a new company formed by Venezuela’s military, will begin providing state oil producer PDVSA with services including drilling, logistics and security in less than a month, a senior defense official said in an interview. Deputy Defen... More »
TORONTO Bank of Nova Scotia, which reported a quarterly profit that beat market expectations on Friday, said bad loans in the energy sector climbed as the oil price selloff took a toll. Shares of Scotiabank, Canada’s third-largest bank, were down nearly 1 perc... More »
