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 »
ISTANBUL Long-running efforts to fully restore Israeli-Turkish ties strained after an Israeli raid of a Turkish boat in 2010 must now await the formation of a new government in Ankara, Israel’s top diplomat in Turkey said. Turkey downgraded diplomatic relation... More »
LONDON Oil rose on Tuesday, driven by supply disruptions in Canada and elsewhere that have knocked out 2.5 million barrels of daily production and temporarily eclipsed concern over high global inventories and a looming surplus of refined products. In spite of ... More »
SINGAPORE Iran has set its June official selling prices (OSPs) for heavier crude grades it sells to Asia at the biggest discounts to Saudi and Iraqi oil since 2007-2008, raising the stakes in its fight to regain market share. This is third time Iran has change... More »
NEW YORK BlackRock Inc is accelerating its push in Latin America, making plans for its first launch of a private equity infrastructure fund targeting that market, a company document showed. The launch is anticipated this year, according to the document, an inf... More »
LOS ANGELES A solar-powered airplane midway through a historic bid to circle the globe completed the 10th leg of its journey on Monday, landing in Arizona after a 16-hour flight from California, the project team said. The Swiss team flying the aircraft in a ca... More »
TOKYO Japanese Foreign Minister Fumio Kishida, speaking ahead of a visit to Beijing, said on Monday China was making the world “worried” with its military buildup and maritime expansion in the East and South China Seas. Ties between China and Japan, the world’... More »
SINGAPORE Oil prices dipped on Monday as traders took profits after three weeks of gains and as a jump in the dollar late last week was priced into fuel markets. Front-month Brent crude was trading at $44.80 per barrel at 0710 GMT, down 31 cents from its last ... More »
At an early 2015 investor conference, SunEdison’s then-chief financial officer, Brian Wuebbels, trumpeted the profit potential in the solar developer’s relationship with a venture it had recently spun off. SunEdison had established TerraForm Power Inc as a “yi... More »
LONDON BHP Billiton (BHP.AX)(BLT.L) Chief Executive Andrew Mackenzie said on Monday that businesses could face a decade of damaging uncertainty if Britain voted to leave the European Union in a June 23 referendum. Mackenzie, boss of the world’s biggest mining ... More »
SINGAPORE Oil prices tumbled on Monday after a meeting by major exporters in Qatar collapsed without an agreement to freeze output, leaving the credibility of the OPEC producer cartel in tatters and the world awash with unwanted fuel. Tensions between Saudi Ar... More »
DOHA A deal to freeze oil output by OPEC and non-OPEC producers fell apart on Sunday after Saudi Arabia demanded that Iran join in despite calls on Riyadh to save the agreement and help prop up crude prices. The development will revive oil industry fears that ... More »
Piper Jaffray cut its rating on Wells Fargo & Co to “underweight” from “neutral” citing concerns about the bank’s credit costs. The downgrade comes a day after Wells Fargo reported a 7 percent decline in quarterly profit. The bank has set aside more than $1 bi... More »
SINGAPORE Crude prices dipped on Monday as analysts, including Goldman Sachs, poured cold water on the prospects of a planned oil producer meeting successfully reining in global oversupply, although a firm demand outlook checked losses. U.S. crude eased to $39... More »
TransCanada Corp (TRP.TO) on Sunday said it had restarted the 590,000- barrel-per-day Keystone crude pipeline at reduced pressure after it received American authorization to do so. The Canadian energy company said the U.S. Pipeline and Hazardous Materials Safe... More »
SINGAPORE Oil prices fell on Monday as the chances of Middle East producers agreeing to curb overproduction appeared to fade, while stubbornly high U.S. output and worries about Asia’s economic outlook also dragged on prices. Iran, returning to global oil mark... More »
TORONTO Canada’s oil-producing province of Alberta, stymied by the U.S. decision to block the Keystone XL pipeline and by other market access problems, said on Friday it will use zeppelins to bring its products to markets around the world. Alberta’s left-leani... More »
YONAGUNI Japan on Monday switched on a radar station in the East China Sea, giving it a permanent intelligence gathering post close to Taiwan and a group of islands disputed by Japan and China, a move bound to rile Beijing. The new Self Defence Force base on t... More »
WASHINGTON The Obama administration is expected to blame Iranian hackers as soon as Thursday for a coordinated campaign of cyber attacks in 2012 and 2013 on several U.S. banks and a New York dam, sources familiar with the matter have told Reuters. The Justice ... More »
SAO PAULO/BRASILIA Hundreds of thousands of Brazilians flooded the streets on Sunday in the biggest ever protests calling for President Dilma Rousseff’s removal, reflecting rising popular anger that could encourage Congress to impeach the leftist leader. The d... More »
ACAPULCO, Mexico BlackRock Inc Chief Executive Officer Larry Fink said on Friday that China may be the biggest hurdle to global financial markets and that central bankers are adding to risks with negative-interest rate policies. “China does represent maybe mor... More »
MOSCOW President Vladimir Putin has called for a meeting with top managers of Russia’s leading oil producers on Tuesday, which is is expected to be dominated by low oil prices and taxation, industry sources said on Monday. The Vedomosti business daily cited a ... More »
SINGAPORE Brent crude futures edged up on Monday after already making up ground last week as indications mounted of the market bottoming out, but analysts warned that downward risk remained and that it would take some time to work down a huge global glut. Bren... More »
SINGAPORE Oil prices slid on Wednesday, extending sharp falls from the previous session after top exporter Saudi Arabia ruled out production cuts and industry data showed a further build in U.S. crude stockpiles. Meanwhile, Iran made clear it has no interest i... More »
SYDNEY/LONDON The world’s largest miner BHP Billiton (BLT.L) (BHP.AX) is sitting on an $11 billion cash pile and what CEO Andrew Mackenzie does with the money will be a critical test of his ability to invest during the industry’s worst downturn in decades. Ann... More »
SINGAPORE/NEW DELHI Asia’s oil markets are being upended as India’s and China’s refiners overtake once-dominant buyers like Japan and challenge the United States as the world’s biggest consumer. The shifts are not only establishing new trade routes but are als... More »
TOKYO The Japanese government fund may reduce its stake in Tokyo Electric Power Co to below 50 percent in 2017 if the company achieves its goals including its first bond issuance in six years, the company’s president said. Tepco was saved from bankruptcy by th... More »
Less than two months into the year, the top U.S. shale oil companies have already cut their budget for 2016 a second time as the relentless drop in oil prices continues to erode their cash flow. With oil prices firmly wedged in the low $30-per-barrel range, oi... More »
TAIPEI Taiwan President Ma Ying-jeou’s planned trip to the Taiwanese-held island of Itu Aba in the disputed South China Sea is “extremely unhelpful” and won’t do anything to resolve disputes over the waterway, a U.S. official said on Wednesday. Ma’s office ear... More »
OSLO Oslo’s main waste incinerator began the world’s first experiment to capture carbon dioxide from the fumes of burning rubbish on Monday, hoping to develop technology to enlist the world’s trash in slowing global warming. The test at the Klemetsrud incinera... More »
SINGAPORE Oil prices rebounded on Tuesday, supported by strong Chinese fuel consumption and at least interrupting a slide to 2003 levels earlier in the week after the return of Iran to markets added to an already huge supply overhang. Traders said prices were ... More »
BEIJING China’s output of electric power and steel fell for the first time in decades in 2015, while coal production dropped for a second year in row, illustrating how a slowing economy and shift to consumer-led growth is hurting industrial consumers. China’s ... More »
SINGAPORE Brent crude fell to levels last seen in 2004 on Monday, dropping under the lows hit during the 2008 financial crisis on renewed worries over an oil glut, with analysts saying prices could head lower still. Global production remains at or near record ... More »
WASHINGTON Locked in budget talks in the twilight of his Senate career, Harry Reid saw an unexpected opening to bargain for his legislative wish list. It had become apparent to Senate Democratic Majority Leader Reid that lifting the longstanding ban on U.S. oi... More »
Two men including an oil equipment supply firm executive have been arrested on charges related to an alleged scheme to corruptly secure energy contracts from Venezuela’s state-owned energy company, the U.S. Justice Department said Sunday. Roberto Rincon, the p... More »
SINGAPORE Six crew members are still missing after a general cargo freighter sank in the Singapore Strait following a collision with a chemical tanker at 8:14 p.m. (7.14 a.m. ET) on Dec. 16. The 10,385 deadweight tonne (dwt) cargo freighter Thorco Cloud, opera... More »
LONDON Britain’s top court will decide on Wednesday whether to back U.S. Republican presidential front runner Donald Trump’s bid to stop wind farms being built near his luxury Scottish golf resort amid a growing spat with politicians in his mother’s homeland. ... More »
SINGAPORE Crude oil prices dipped further on Monday after OPEC failed to agree on output targets to reduce a bulging glut that has cut prices by more than 60 percent since June 2014. The Organization of the Petroleum Exporting Countries failed to agree on an o... More »
WASHINGTON U.S. Democratic presidential hopeful Bernie Sanders unveiled a climate change plan on Monday that seeks to end the country’s dependence on oil, coal and nuclear energy and could pressure party front-runner Hillary Clinton. The Vermont senator’s plan... More »
PARIS Poring over a Bangladeshi flood map as a London financial analyst 12 years ago, Mark Campanale had no idea the moment would spawn a financial concept powerful enough to rivet central bankers, anger oil moguls and fuel a grassroots movement to get investo... More »
PARIS World leaders will launch an ambitious attempt on Monday to hold back the earth’s rising temperatures, urging each other to find common cause in two weeks of bargaining meant to steer the global economy away from dependence on fossil fuels. They arrive a... More »
BRUSSELS European regulators on Friday said they had approved U.S data center operator Equinix’s $3.7 billion purchase of Telecity Group on condition it sold off data centers in Amsterdam, Frankfurt and London. “With the ever growing economic importance of ‘cl... More »
Banks’ exposure to junk-rated companies and the oil and gas sector remains high, according to an annual report on loan quality by U.S. bank regulators released Thursday. The regulators gave a negative classification to $372.6 billion out of $3.9 trillion in lo... More »
SEOUL Japanese Prime Minister Shinzo Abe told South Korea’s president on Monday he wanted cooperation between the two countries and the United States in maintaining an open and peaceful South China Sea, a Japanese government spokesman said. Abe has in the past... More »
SINGAPORE Crude oil prices remained weak on Monday as a slowing demand outlook implied oversupply will remain in place for months, prompting speculators to cut their bets on rising prices. Front-month U.S. crude futures were trading at $44.62 per barrel at 2.5... More »
SINGAPORE Countries should not bank on oil prices remaining low when formulating their energy policies, as supplies could tighten from mid-2016 due to a drop in investment and falling U.S. output, a senior industry official said on Monday. Global oil prices LC... More »
NEW YORK Welcome to the oil market’s new vicious cycle. This past week, as oil prices barreled over 9 percent higher to break out of a weeks-long trading range, U.S. shale producers jumped at the chance to lock in $50-plus crude for the first time in months, m... More »
LONDON Glencore (GLEN.L) shares sank more than 10 percent to a new record low on Monday, with the mining and trading company’s drive to sell assets to cut heavy debts failing to soothe fears over slumping metals prices. Traders cited a bearish Investec note th... More »
LONDON Oil company Royal Dutch Shell (RDSa.L) is pulling out of exploration in Arctic waters off Alaska for the foreseeable future and could take a hit of up to $4.1 billion after failing to find enough oil. The unsuccessful drilling campaign is Shell’s second... More »
SINGAPORE Oil prices dropped on Monday despite a fall in U.S. drilling activity for the fourth straight week, with analysts pointing to a poor economic growth outlook as the main reason for low crude prices. China’s August industrial profits dropped 8.8 percen... More »
SINGAPORE Oil prices rose by around one percent on Monday as U.S. drilling slowed and analysts estimated that $1.5 trillion worth of planned American production investment was uneconomical at prices of $50 per barrel or lower. Crude prices have plunged over 50... More »
SINGAPORE Oil prices dipped on Monday in Asia as weakening demand weighed on markets, although U.S. futures received some support from reduced American drilling. Front-month Brent crude futures were down 29 cents at $47.85 per barrel at 0649 GMT, although U.S.... More »
CANBERRA Embattled Australian Prime Minister Tony Abbott has been asked to step down by two senior ministers, Sky TV reported on Monday, following mounting speculation about his position and concerns about the performance of his conservative coalition governme... More »
WASHINGTON Immigrants to the United States should “speak American,” former Republican vice presidential nominee Sarah Palin said on Sunday, adding her voice to a controversy triggered by Donald Trump’s criticism of fellow Republican White House hopeful Jeb Bus... 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 »
TORONTO/OTTAWA Canadian banks are expected to begin feeling the impact of an extended downturn in the energy sector as they exercise caution with new and existing loans to companies and individuals. Investors will this week be poring over the balance sheets an... More »
WASHINGTON President Barack Obama, fresh from vacation and nine rounds of golf in Martha’s Vineyard, launched into a busy two weeks promoting renewable energy and his nuclear deal with Iran. With the U.S. presidential election campaign and China’s slumping sto... More »
(Corrects fifth paragraph to delete reference to President Barack Obama acting by executive order) By Jeff Mason and Valerie Volcovici WASHINGTON (Reuters) – President Barack Obama challenged America and the world to step up efforts to fight global warming on ... More »
WASHINGTON President Barack Obama will unveil on Monday the final version of his plan to tackle greenhouse gases from coal-fired power plants, kicking off what is expected to be a tumultuous legal battle between federal environmental regulators and coal indust... More »
WASHINGTON The White House said it will launch the first ever rule on Monday to cut carbon emissions from power plants, a plan that opponents in the coal industry and their political allies will fight in the courts. In a fact sheet issued on Sunday, the White ... More »
BANGKOK/HONG KONG U.S. fund giant BlackRock Inc (BLK.N) has won a special new licence that will allow it to raise funds in China directly for the first time, a senior executive told Reuters, paving the way for the world’s largest money manager to expand in the... More »
LONDON Oil prices tumbled on Monday as Iran and six world powers closed in on a final nuclear deal that would end sanctions on the Islamic Republic and let more Iranian oil on to world markets. News of a unanimous agreement by European leaders on a bailout loa... More »
SINGAPORE Crude oil prices steadied on Tuesday, after posting one of their biggest selloffs this year in the previous session over Greece’s rejection of debt bailout terms and China’s ongoing stock market woes. Front-month U.S. crude futures CLc1 were trading ... More »
HONOLULU A Swiss man attempting to circumnavigate the globe with an aircraft powered only by the sun’s energy has broken a world record for the longest non-stop solo flight, the project team said on Thursday. The Solar Impulse, which took off from Japan on Mon... More »
TOKYO Oil futures hovered below three-week lows on Tuesday as investors waited for developments in Greece following a bank shutdown, keeping them away from riskier assets and putting Brent crude on course for a second month of declines. Brent crude futures wer... More »
WASHINGTON The U.S. Supreme Court on Monday ruled the Obama administration should have considered compliance cost when it decided to limit emissions of mercury and other hazardous air pollutants mainly from coal-fired power plants, a setback for the government... More »
