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Harvey throws a wrench into U.S. energy engine

A hurricane in the heart of the U.S. energy industry is set to curtail near-record U.S. oil production for several weeks, with the impact expected to reverberate throughout the country and across international energy markets. More »

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U.S. national monument review to test key land protection law

U.S. Interior Secretary Ryan Zinke will recommend on Aug. 24 whether to eliminate or shrink nearly two dozen national monuments, creating the first major test for a 111-year-old law that gives presidents the power to protect swaths of public land. More »

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Drilling ship leaves Vietnam oil block after China row

The drilling ship at the center of a row between Vietnam and China over oil prospecting in disputed waters in the South China Sea has arrived in waters off the Malaysian port of Labuan, shipping data in Thomson Reuters Eikon showed on Monday. More »

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ConocoPhillips trims capex after posting quarterly loss

ConocoPhillips Chairman and Chief Executive Officer Ryan M. Lance (C) rings the closing bell at the New York Stock Exchange (NYSE), February 27, 2013. ConocoPhillips (COP.N) cut its 2017 capital spending by 4 percent on Thursday, the latest U.S. oil and natura... More »

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Shell to sell stake in Corrib gas field in Ireland for $1.23 billion

FILE PHOTO – Filled oil drums are seen at Royal Dutch Shell Plc’s lubricants blending plant in the town of Torzhok, north-west of Tver, November 7, 2014. Royal Dutch Shell is to sell its 45 percent stake in the Corrib gas venture to a subsidiary of Canada Pens... More »

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JPMorgan tops Canadian M&A activity in energy-driven first half

FILE PHOTO: A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike Segar/Files Canadian mergers and acquisitions rose about 13 percent to C$120.5 billion ($93.2 billion) in the first half of 2017,... More »

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U.S. proposes cutting total biofuels requirements in 2018

Environmental Protection Agency Administrator Scott Pruitt testifies before a Senate Appropriations Subcommittee on Capitol Hill in Washington, U.S., June 27, 2017. REUTERS/Aaron P. Bernstein The U.S. government on Wednesday proposed to reduce the volume of bi... More »

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Trump to promote U.S. natgas exports in Russia`s backyard

U.S. President Donald Trump delivers remarks during an ‘Unleashing American Energy’ event at the Department of Energy in Washington, U.S., June 29, 2017. REUTERS/Carlos Barria President Donald Trump will use fast-growing supplies of U.S. natural gas as a polit... More »

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Big Oil turns to big data to save big money on drilling

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 »

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Elliott calls for BHP board overhaul as new chairman looms

FILE PHOTO: A promotional sign adorns a stage at a BHP Billiton function in central Sydney August 20, 2013. REUTERS/David Gray/File Photo Activist shareholder Elliott Management called on BHP (BHP.AX)(BLT.L) on Wednesday to “upgrade” its board of directors as ... More »

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Trump officials to unveil plan to cut factory rules this week

U.S. President Donald Trump waves as he boards Air Force One at Joint Base Andrews outside Washington, U.S., before traveling to Bedminister, New Jersey for the weekend, June 9, 2017. REUTERS/Yuri Gripas The Trump administration intends to unveil this week a p... More »

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Activist Icahn reduces stake in miner Freeport-McMoRan

Billionaire activist-investor Carl Icahn gives an interview on FOX Business Network’s Neil Cavuto show in New York, U.S. on February 11, 2014. REUTERS/Brendan McDermid/File Photo Activist investor Carl Icahn reduced his stake in Freeport-McMoRan Inc (FCX.N), t... More »

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BP, Eni deepen blockchain trading in European gas

Signboards display fuel prices at an ENI petrol station in Rome, Italy, April 9 2016. REUTERS/Alessandro Bianchi Oil majors BP and Eni are deepening their foray into blockchain technology, starting to run blockchain trades in parallel with their live trading s... More »

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Venezuela says considering options to repay debts

Venezuela’s Oil Minister Nelson Martinez talks to journalists after a meeting in Vienna, Austria May 24, 2017. REUTERS/Leonhard Foeger Venezuela is considering several options to repay its debts, the oil minister said on Thursday, after a deep recession and lo... More »

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Saudi Arabia, Russia agree oil output cuts until March 2018

Saudi Arabia’s Energy Minister Khalid al-Falih (L) and Russia’s Energy Minister Alexander Novak attend a joint briefing in Beijing, China May 15, 2017. REUTERS/Aly Song Saudi Arabia and Russia, the world’s two top oil producers, agreed on Monday to extend oil ... More »

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Bid to revoke Obama methane rule fails in surprise U.S. Senate vote

A pumpjack brings oil to the surface in the Monterey Shale, California, in a file photo. REUTERS/Lucy Nicholson The U.S. Senate on Wednesday rejected a resolution to revoke an Obama-era rule to limit methane emissions from oil and gas production on federal lan... More »

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Pence says seeks fairer trade with Indonesia

U.S. Vice President Mike Pence (L) chats with Indonesia President Joko Widodo at the presidential palace in Jakarta, Indonesia April 20, 2017. REUTERS/Darren Whiteside U.S. Vice President Mike Pence said on Thursday his administration wants fairer trade with I... More »

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ConocoPhillips takes slow, steady route in race for oil profits

FILE PHOTO: ConocoPhillips CEO Ryan Lance attends Gastech, the world’s biggest expo for the gas industry, in Chiba, Japan on April 4, 2017. REUTERS/Toru Hanai/File Photo ConocoPhillips (COP.N) has beaten its 2017 asset sales target less than four months into t... More »

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`Trump Trade` winners switch into battered retail, biotech shares

A trader looks at screens while working on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 27, 2017. REUTERS/Lucas Jackson Some of the actively managed funds that have performed the best since the Nov. 8 presidential election are switc... More »

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Australia evacuates cyclone-hit island resorts as water runs low

Cars sit submerged after heavy rain associated with Cyclone Debbie hit the Gold Coast suburb of Robina in Queensland, Australia, March 30, 2017. AAP/Dave Hunt/via REUTERS Australia began evacuating thousands of people stranded on resort islands in the tropical... More »

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Trump`s proposal to scrap Chemical Safety Board draws criticism

U.S. President Donald Trump speaks at the annual Friends of Ireland St. Patrick’s Day lunch honoring Irish Taoiseach Enda Kenny in the U.S. Capitol in Washington, U.S., March 16, 2017. REUTERS/Kevin Lamarque President Donald Trump’s proposal to do away with th... More »

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Oil executives cautiously optimistic about Trump policies

U.S. President Donald Trump faces a news conference at the White House in Washington, U.S., February 16, 2017. REUTERS/Kevin Lamarque Oil executives cautioned it is too soon to gauge the impact of President Donald Trump’s policy proposals on their businesses, ... More »

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U.S. shale plots production growth despite OPEC`s warning

FILE PHOTO – Pump jacks drill for oil in the Monterey Shale, California, U.S. on April 29, 2013. REUTERS/Lucy Nicholson/File Photo U.S. shale oil producers are plotting ambitious production growth outside the red-hot Permian Basin in Texas, widening a resurgen... More »

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Stop-start cars push battery metal lead into investors` focus

FILE PHOTO: Traffic backs-up going south into Mexico in the border town of San Ysidro, California. September 3, 2015. REUTERS/Mike Blake Investors are starting to focus on lead due to the large amounts of the metal in batteries used in increasingly popular sto... More »

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Aggressive cuts to Obama-era green rules to start soon: EPA head

Scott Pruitt, administrator of the Environmental Protection Agency (EPA), speaks to employees of the Agency in Washington, U.S., February 21, 2017. REUTERS/Joshua Roberts U.S. President Donald Trump’s administration will begin rolling back Obama-era environmen... More »

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Controversial Dakota pipeline to go ahead after Army approval

A North Dakota National Guard vehicle idles on the outskirts of the Dakota Access oil pipeline protest camp near Cannon Ball, North Dakota, U.S., January 29, 2017. REUTERS/Terray Sylvester The U.S. Army will grant the final permit for the controversial Dakota ... More »

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Kremlin says it wants apology from Fox News over Putin comments

Russian President Vladimir Putin speaks during a news conference after a meeting with his Moldovan counterpart Igor Dodon at the Kremlin in Moscow, Russia, January 17, 2017. REUTERS/Sergei Ilnitsky/Pool The Kremlin said on Monday it wanted an apology from Fox ... More »

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Trading giant Glencore extends major Libyan oil deal: sources

FILE PHOTO: Pipelines are seen at the industrial zone at the oil port of Ras Lanuf, Libya January 11, 2017. REUTERS/Esam Omran Al-Fetori/File Photo Swiss-based commodities giant Glencore has extended a deal with Libya’s state oil firm to be the sole marketer o... More »

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Swiss vote on multinational tax perks in February referendum

A Swiss flag is pictured in front of the Federal Palace (Bundeshaus) is pictured in Bern, Switzerland, January 16, 2017. Picture taken on January 16, 2017. REUTERS/Denis Balibouse U.S. medical implant maker Zimmer Biomet’s (ZBH.N) decision on a potential $40 m... More »

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Saudi Aramco`s oil reserves confirmed by external audit: sources

Oil tanks seen at the Saudi Aramco headquarters during a media tour at Damam city November 11, 2007. REUTERS/ Ali Jarekji/File Photo The first independent audit of Saudi Aramco’s [IPO-ARMO.SE] oil reserves has confirmed the state oil company’s own figures, sou... More »

Oil prices edge down ahead of OPEC, non-OPEC production cuts

Plants are pictured near an oil pump, owned by oil company Rosneft, in the settlement of Akhtyrskaya in Krasnodar region, southern Russia, December 21, 2014. REUTERS/Eduard Korniyenko Oil prices edged down on Wednesday as the market waits to see how OPEC and n... More »

Oil prices rise in anticipation of tighter 2017 market

An employee at a Total fuel station waits for customers in south Jakarta February 12, 2015. REUTERS/Darren Whiteside Oil prices rose on Monday in anticipation of tighter crude supply going into 2017 following the decision by OPEC and other producers to cut out... More »

Oil prices soar on global producer deal to cut crude output

An employee holds a gas pump at a petrol station in Sao Paulo, Brazil, November 8, 2016. REUTERS/Paulo Whitaker Oil prices shot to their highest levels since mid-2015 on Monday after OPEC and other producers reached their first deal since 2001 to jointly reduc... More »

Mozambique upbeat on debt crisis, investors not so sure

A fisherman repairs nets in Maputo, Mozambique, September 26, 2016. REUTERS/Grant Lee Neuenburg/File Photo Mozambique’s finance minister has a plan to deal with a debt crisis that threatens to derail one of Africa’s most promising frontier economies but invest... More »

Oil climbs as Venezuela sees output deal, Libya suffers clashes

A natural gas flare on an oil well pad burns as the sun sets outside Watford City, North Dakota January 21, 2016. REUTERS/Andrew Cullen Oil prices rose almost 2 percent on Monday, after Venezuela said OPEC and non-OPEC producers were close to reaching an outpu... More »

Jobless recovery looms for white-collar U.S. oil workers

An oil refinery is seen in Carson, California March 4, 2015. REUTERS/Lucy Nicholson Elizabeth Huber lost her job inspecting oilfield pipes nearly 20 months ago and her prospects remain bleak even as oil executives cautiously plot production and budget increase... More »

Microsoft gets support in gag order lawsuit from U.S. companies

A Microsoft logo is seen on an office building in New York City in this July 28, 2015 file photo. REUTERS/Mike Segar/Files Technology, media, pharmaceutical and other companies, along with major corporate lobbying groups, filed legal briefs on Friday in suppor... More »

Iraq’s oil exports from south rose to 3.2 million bpd in July

BASRA, Iraq Iraq’s oil exports from its southern ports rose to 3.2 million barrels per day (bpd) on average in July, up from 3.175 million bpd in June, as the OPEC nation increased crude production, Iraqi oil officials said. Output at the Luhais field, operate... More »

BP sticks with major arts sponsorship despite profits slump

LONDON BP has agreed to renew five-year sponsorship deals with several British cultural institutions, including the British Museum, just days after reporting a 45 percent drop in profits. In May the British Museum was forced to temporarily close after Greenpea... More »

North American oil deals trickle back after Brexit shock

NEW YORK Acquisition-hungry energy companies are back on the prowl. Dealmakers have recovered from the shock of Britain’s “Brexit” vote last month to leave the European Union and have resumed buying oil and gas fields in choice locations in Canada and the Unit... More »

ExxonMobil launches bidding war for InterOil in PNG gas push

MELBOURNE ExxonMobil Corp has made a bid worth at least $2.2 billion for InterOil Corp and its stake in a rich Papua New Guinea gasfield, winning the support of its target and topping an offer from Australia’s Oil Search Ltd. The bid pits ExxonMobil, the world... More »

Philippines’ Duterte tells mining companies to ‘shape up’

DAVAO, Philippines Philippine President-elect Rodrigo Duterte warned mining companies to “shape up”, as he signaled he would prefer ownership of mining assets to be left to local investors. He also said the incoming government may rewrite rules to limit enviro... More »

Oil price ultra-bear Goldman Sachs turns mildly bullish

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 »

Saudi Aramco prepares for global expansion as IPO looms

DHAHRAN, Saudi Arabia Saudi Arabia’s state-owned oil giant Aramco is seeking to expand globally via joint ventures overseas as it prepares for a partial privatization pushed by a government intent on diversifying the economy. The company is looking at opportun... More »

Saudi Aramco says its oil output trending slightly upwards

DHAHRAN, Saudi Arabia Saudi Aramco’s oil production is trending slightly upwards in 2016 because of growth in demand, chief executive Amin Nasser said on Tuesday. The company will expand its capacity in future if that is needed, but for the time being its maxi... More »

Saudi Aramco says in final stages of preparing IPO options

DHAHRAN Saudi Aramco is in the final stages of preparing options for its initial public offer of shares before presenting the options soon to its Supreme Council for consideration, chief executive Amin Nasser said on Tuesday. Aramco has a huge team working on ... More »

Saudi Aramco says looking at new ventures around globe

DHAHRAN, Saudi Arabia State oil company Saudi Aramco wants to expand globally and is looking at potential joint ventures in several countries, including Indonesia, India, the United States, Vietnam and China, chief executive Amin Nasser said on Tuesday. “We ar... More »

In need of cash, India chases $117 billion in elusive back taxes

NEW DELHI India’s finance ministry is asking for regular progress reports from tax collectors and has set a date for an amnesty to pay off arrears on undeclared domestic assets, as the government intensifies efforts to meet its ambitious deficit target. A seri... More »

U.S. shale oil firms feel credit squeeze as banks grow cautious

Nearly two years into an epic oil rout, U.S. shale drillers that have upended global energy markets are finally feeling a credit squeeze as banks make their biggest cuts yet to their loans. Every six months, oil and gas producers and their banks negotiate how ... More »

Exxon Mobil must allow climate change vote: SEC

The U.S. Securities and Exchange Commission has ruled Exxon Mobil Corp must include a climate change resolution on its annual shareholder proxy, a defeat for the world’s largest publicly traded oil producer, which had argued it already provides adequate carbon... More »

Struggling U.S. oil and gas companies eye rare financing deals

NEW YORK Some cash-strapped U.S. oil and gas companies are considering creating an unusual layer of debt as a way of surviving the rout in oil and gas prices, according to restructuring advisors. Chesapeake Energy Corp (CHK.N) for example is considering the st... More »

Iran plays hardball with European oil buyers, slowing exports

LONDON Iran has managed to sell only modest volumes of oil to Europe since the lifting of sanctions seven weeks ago and several former buyers are staying away, citing legal complications and Tehran’s reluctance to sweeten terms to win back customers. Tehran ha... More »

In slump, oil firms turn to labs, data centers for help

GRAND FORKS, N.D. In a basement lab of a North Dakota research center, Beth Kurz and an assistant are peering through a scanning electron microscope, studying samples from the state’s vast Bakken shale oil formation. Kurz, a hydrogeologist, is part of a team, ... More »

U.S. shale’s message for OPEC: above $40, we are coming back

NEW YORK For leading U.S. shale oil producers, $40 is the new $70. Less than a year ago major shale firms were saying they needed oil above $60 a barrel to produce more- now some say they will settle for far less in deciding whether to crank up output after th... More »

BHP’s boss faces $11 billion dilemma as prices languish

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 »

World’s oil bosses eyeing more pain try to look past 2016

HOUSTON The world’s top oil executives gathered in Houston this week seem to agree on one thing: this year is set to be so horrible that many skip right to 2017 and beyond to talk about hopes for market rebalancing that so far has eluded the battered industry.... More »

Prolonged oil slump sparks second wave of cuts to 2016 budgets

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 »

Oil price slide unlikely to scuttle Shell’s takeover of BG

LONDON Royal Dutch Shell’s takeover of BG Group may look less attractive after the slide in oil prices but the fact the same investors own nearly half of both firms means the deal is still likely to go through. Investors holding about 43 percent of Shell’s sha... More »

Some U.S. bond funds bet on high-yield survivors of oil carnage

NEW YORK High-yield energy bonds are on track for their worst year since the global financial crisis yet some funds are holding on, convinced that markets underestimate the ability of many oil companies to ride out the crude price slump. Some money managers su... More »