A Texaco service station displays the price of petrol and diesel close to the financial centre of London January 30, 2016. REUTERS/Paul Hackett Oil prices fell away from $50 per barrel on Monday despite an agreement last week by exporters to cut output, with t... More »
Residents stand on a pier ahead of Hurricane Matthew in Les Cayes, Haiti, October 2, 2016. REUTERS/Andres Martinez Casares Haiti and Jamaica urged residents in vulnerable coastal areas to evacuate and Cuba suspended flights on Sunday as bands of rain from Hurr... More »
Inesia Laguerre cradles her grandchild at the shelter set up in the Lycee Philippe Guerrier ahead of Hurricane Matthew in Les Cayes, Haiti, October 2, 2016. REUTERS/Andres Martinez Casares AU-PRINCE (Reuters) – Fears mounted in Haiti as Hurricane Matthew edged... More »
The exterior of a Schlumberger Corporation building is pictured in West Houston January 16, 2015. REUTERS/Richard Carson Investment in exploration and production will have to start increasing soon to help balance the global oil market, Schlumberger CEO Paal Ki... More »
Out of fuel signs are pictured on gas pumps at a Mapco gas station at Spence Lane and Lebanon Pike in Nashville, Tennessee, U.S. September 17, 2016. REUTERS/David Mudd Retail gasoline prices surged due to continuing problems with Colonial Pipeline Co’s gasolin... 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 »
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 »
Rigging equipment is pictured in a field outside of Sweetwater, Texas June 4, 2015. REUTERS/Cooper Neill Oil fell for a second trading day in a row on Monday, after speculators cut their bullish bets by the most in three months last week and U.S. crude driller... More »
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 »
Crude oil storage tanks are seen from above at the Cushing oil hub, appearing to run out of space to contain a historic supply glut that has hammered prices, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford/File Photo If investing in commodities invol... More »
A worker looks on at the Bashneft-Ufaneftekhim oil refinery outside Ufa, Bashkortostan, Russia January 29, 2015. REUTERS/Sergei Karpukhin/File Photo Crude prices inched down on Monday in Asia, paring 3 percent gains in the previous session amid worries over a ... More »
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 »
Boys sit on the Iraqi-Turkish pipeline in Zakho district of the Dohuk Governorate of the Iraqi Kurdistan province, Iraq, August 28, 2016. REUTERS/Ari Jalal Iraq’s government would consider selling crude through Iran should talks with the autonomous Kurdish reg... More »
Members of Libyan forces allied with the UN-backed government fire a weapon towards Islamic State militants in neighbourhood Number One in central Sirte, Libya August 28, 2016. REUTERS/Ismail Zitouny At least 34 Libyan fighters were killed and more than 180 wo... More »
A pumpjack drills for oil in the Monterey Shale, California, April 29, 2013. REUTERS/Lucy Nicholson Oil prices fell over 1 percent on Monday after the U.S. dollar jumped, with markets pressured as Iraq’s production rose and as Iran said it would only cooperate... More »
A Nigerian man is being charged for provoking people and “breach of peace” by naming his dog after President Muhammadu Buhari and painting the name twice on the pet, police said on Wednesday. More »
By Libby George | LONDON LONDON Oil prices rose on Monday to their highest in nearly a month, with benchmark Brent crude trading more than 10 percent above the start of August, as speculation intensified about potential producer action to support prices in an ... More »
SINGAPORE Oil prices fell on Thursday as a build in U.S. crude inventories and record Saudi Arabian production reinforced fears of a persistent supply overhang that will last well into next year and keep weighing on markets. U.S. West Texas Intermediate (WTI) ... More »
ANKARA Iran’s Oil Minister says the oil market is oversupplied but predicts balance between demand and supply will be restored, Iranian state television reported on Monday. “The oil market is oversupplied now but there are expectations that there will be balan... More »
LONDON Oil fell on Monday morning, reversing earlier gains, as increases in OPEC production and U.S. oil rig additions continued to weigh on the market. Brent crude was down $0.44 at $43.09 a barrel at 0854 GMT (4:54 a.m. ET) from the previous settlement, afte... More »
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 »
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 »
ABU DHABI A solar-powered aircraft successfully completed the first fuel-free flight around the world on Tuesday, returning to Abu Dhabi after an epic 16-month voyage that demonstrated the potential of renewable energy. The plane, Solar Impulse 2, touched down... More »
LONDON A trial date for a lawsuit brought by Libya’s $67 billion (51 billion pounds) sovereign wealth fund against French investment bank Societe Generale was pushed back to April 25, 2017, by a judge’s ruling in London’s High Court. The case, in which the Lib... More »
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 »
NEW YORK Oil prices were either side of unchanged on Sunday in early trade as the impact from Turkey’s failed military coup was broadly expected to be limited on global markets. The most-active Brent futures for September delivery rose $0.02, or 0.04 percent, ... More »
BEIJING/MANILA China vowed to take all necessary measures to protect its sovereignty over the South China Sea and said it had the right to set up an air defence zone, after rejecting an international tribunal’s ruling denying its claims to the energy-rich wate... More »
NEW DELHI Sanjay Kumar is beaming with joy. The 23-year-old has just bought a used motor scooter, his first, for 30,000 rupees ($445), after years of saving together with his mother. He says the Maestro Scooter by Indian motorbike maker Hero will let him ferry... More »
SINGAPORE/LONDON Oil industry hopes that markets are about return to balance, ending a global glut that pulled down prices by over 70 percent between 2014 and early 2016, might be abruptly dashed. Despite recent disruptions and output cuts, there is mounting e... More »
NEW YORK/LONDON Oil prices fell for a fourth straight day on Tuesday, swept lower by investor nervousness over Britain’s vote next week on whether to leave the European Union, which overshadowed signs of a return to health for crude markets. Safe-haven German ... More »
SANTO DOMINGO U.S. Secretary of State John Kerry on Tuesday called on Venezuela’s crisis-hit socialist government to release political prisoners, respect freedom of expression and freedom of assembly and alleviate shortages. Speaking at a meeting of the Organi... More »
MOSCOW Exxon Mobil (XOM.N) Chief Executive Rex Tillerson is to attend a major investment forum in Russia this week, two industry sources said, ending a two year absence from the event that began when sanctions were imposed on Russia over the crisis in Ukraine.... More »
HOUSTON The rows of traders who line the massive trading floor at Mercuria Energy Group’s Houston headquarters rely on a string of modern conveniences to execute deals across the globe. But when they’re under the gun to deliver oil fast, they call one person: ... More »
ASUNCION, Paraguay Paraguay’s state-run oil firm Petropar said Saturday that Venezuelan state oil producer PDVSA [PDVSA.UL] had set a 10-day deadline for the Paraguayan company to pay off $287 million of long-standing debt. The demand comes shortly after Parag... More »
LONDON Oil prices jumped over 2 percent on Monday to their highest since November 2015 on growing Nigerian oil output disruptions and after long-time bear Goldman Sachs said the market had ended almost two years of oversupply and flipped to a deficit. Brent cr... 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 »
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 »
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 »
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 »
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 »
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 »
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 »
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 »
HONG KONG/SINGAPORE U.S. oil and gas major Chevron Corp has put all of its Myanmar gas block stakes up for sale, which at a combined likely valuation of $1.3 billion, would be the biggest deal involving Myanmar assets to date, financial sources familiar with t... 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 »
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 »
The average price of a gallon of gasoline in the United States gained 8 cents in the past three weeks, according to a survey released on Sunday. Regular-grade gasoline climbed to around $2.10 a gallon in the Friday survey, from $2.02 a gallon on March 18, surv... 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 »
TOKYO Oil prices rose on Monday after a three-day break, adding to gains in recent weeks as optimism holds that a production freeze among major producers may be implemented, but volumes were thin as a number of markets remain on holiday for Easter. U.S. crude’... More »
SHANGHAI/SINGAPORE China’s mutual fund industry is pushing to develop investment products linked to local commodity futures, betting that plans to fight chronic oversupply in the country’s mammoth resource sector will drive up prices for raw materials. The fun... More »
DOHA Qatar’s Al Jazeera broadcasting network is laying off about 500 employees or more than 10 percent of its staff, it announced on Sunday reflecting financial pressures on the tiny Gulf state due to low global prices for oil and natural gas. Most of those af... More »
ISLAMABAD Pakistan and Iran aim to increase annual trade volumes between the two countries to $5 billion by 2021, Pakistani Prime Minister Nawaz Sharif said on Saturday. Sharif spoke at a business conference with Iranian President Hassan Rouhani, who arrived i... More »
LONDON Oil fell below $40 a barrel on Thursday, heading for the biggest weekly slide in two months, dented by record-high stockpiles in the United States and a stronger dollar. The U.S. government’s Energy Information Administration (EIA) said crude stockpiles... More »
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 »
OKLAHOMA CITY Nearly 15 years since Enron’s collapse decimated the retirement accounts of its employees, hundreds of thousands of U.S. energy workers remain precariously exposed to big, concentrated bets on company stock in their 401(k) retirement plans. The s... More »
SINGAPORE Oil prices fell on Monday, weighed down by global oversupply and slowing economic growth prospects, although the prospects of falling production lent crude some support. U.S. crude was trading at $38.15 per barrel at 0759 GMT, down 35 cents from thei... 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 »
NEW YORK Fifty-stage frack jobs. Fifteen-foot cluster spacing. More than 2,000 pounds of proppant concentrate per foot. Top U.S. shale producers are pushing fracking technology to new extremes to get more oil out of their wells, as they weather lower-for-longe... 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 »
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 »
SINGAPORE Brent crude prices rose to nearly $40 per barrel on Wednesday as traders expected defaults to trigger a drop in production, but analysts warned it would take time for the global glut to shrink as energy demand slows. Brent crude oil futures LCOc1 ros... More »
RIYADH Saudi Arabia’s plans for economic reform foresee winding down ‘jobs for life’ in an inefficient state bureaucracy and replacing them with new careers in a dynamic private sector. That’s the theory, at least. But in the short term, there is a problem: 20... More »
DUBAI Saudi Arabia’s government has asked banks to submit proposals to extend it a five-year, U.S. dollar loan of between $6 billion and $8 billion, with an option to increase the size, sources familiar with the matter told Reuters on Wednesday. Earlier this m... More »
BEIJING/SINGAPORE Global oil traders have entered into rare barter deals with the National Iranian Oil Company (NIOC), supplying Iran with much-needed gasoline in exchange for high-quality fuel oil, after most economic sanctions against Tehran were lifted in J... 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 »
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 »
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 »
DUBAI President Hassan Rouhani and his allies won 15 out of the 16 Tehran seats in the Assembly of Experts, final election results published on Monday showed, ousting two prominent hardliners including the speaker of the powerful clerical body. The results, ca... More »
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 »
NEW YORK Jeffrey Gundlach, the co-founder and chief executive officer of DoubleLine Capital, said on Friday that his firm purchased some U.S. stocks two weeks ago after their rocky start in January and early February. “I thought it was a good buy point two wee... 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 »
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 »
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 »
LONDON Crude oil prices eased in thin trade on Monday as a meeting between OPEC producers Saudi Arabia and Venezuela showed little indication that steps would be taken to boost prices. Global benchmark Brent futures LCOc1 were down 8 cents at $34.98 at 4.32 a.... 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 »
PARIS Syrian Kurdish officials will not be invited to peace talks in Geneva, where negotiations for the opposition will be led by a Saudi-backed opposition group, France’s foreign minister said on Wednesday. Laurent Fabius said United Nations special envoy Sta... More »
HOUSTON Three major U.S. shale oil companies have slashed their 2016 capital spending plans more than expected in a bid to survive $30 a barrel oil prices, with one of them saying prices would need to rise more than 20 percent just to turn a profit. The cuts o... 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 »
KUALA LUMPUR Petroliam Nasional Bhd (Petronas) [PETR.UL] is planning to slash spending by as much as 50 billion ringgit ($11.41 billion) over the next four years, as a slump in oil prices to multi-year lows pinches profits of the Malaysian state firm. Petronas... More »
WASHINGTON Republican presidential candidates Ted Cruz and Marco Rubio praised Iran’s release of five detained Americans on Sunday, but sharply criticized the deal the White House made to win their freedom saying it would lead to more Americans being taken “ho... More »
LONDON Oil prices fell for a sixth session to trade at almost 12-year lows on Monday as concerns about China’s economic slowdown, reflected in a renewed slide in its stock markets, weighed on the outlook for demand this year. Traders increased bets against any... More »
ROME Italy evacuated 15 Libyans on Monday for medical treatment after they were wounded in last week’s truck bomb attack against a police training center, the Italian government said. At dawn, Italy sent a C-130 transport plane to the port city of Misrata to t... More »
LOS ANGELES In the latest disruption from the biggest methane gas leak in California history, nearly 2,000 Los Angeles children returning to class this week after winter break have been reassigned to schools outside the affected area over health concerns. The ... 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 »
BAGHDAD Iraq’s Oil Minister Adel Abdul Mahdi has expressed hope that oil prices will rebound in 2016 on improved global economic growth, according to an interview with Assabah newspaper published on Monday.”There is big hope that, in the first half or by the e... 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 »
BENGHAZI, Libya Libya’s Gen. Khalifa Haftar, who leads forces allied to the country’s recognized government, called for an end to an arms embargo to help fight Islamist militants after holding talks with the U.N. envoy on a peace agreement. Haftar, a former al... More »
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 »
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 »
VIENNA It used to be said of OPEC that it was like a teabag – it only worked in hot water. If that is so, conditions on world oil markets could hardly be more difficult as prices languish at almost seven-year lows near $40 a barrel. Yet, rather than closing ra... More »
WASHINGTON Democratic presidential candidate Hillary Clinton said Sunday she would take the relationship between the U.S. and Israel “to the next level,” but warned that solving the Israeli-Palestinian conflict would not be enough to stabilize the entire regio... More »
SINGAPORE Oil dipped on Monday as traders remained cautious ahead of an OPEC meeting later this week and as a widely expected U.S. interest rate hike strengthened the dollar. Oil prices are heading for declines of as much as 10 percent this month, with a suppl... More »
SEOUL Crude futures plunged on Monday, with U.S. oil dropping more than 3 percent on a firmer U.S. dollar and festering worries over a global supply surplus. The fall was part of a wider decline in commodities that has also been stoked by worries over falterin... More »
NEW YORK The average price of gasoline in the United States resumed its slide over the past two weeks, dropping 11 cents to $2.14 a gallon, the lowest since late January, according to a Lundberg survey released on Sunday. The 5 percent decline in gasoline pric... More »
SINGAPORE Oil prices edged up on Monday as France launched large-scale air strikes against Islamic State in Syria, but analysts said commodities were expected to remain under pressure as oversupply weighs on prices. Crude benchmarks, which lost 8 percent last ... More »
LONDONThe dollar took a breather on Monday having surged to a seven-month high, while emerging, commodity and bond markets had a nervy feel after strong U.S. jobs data boosted bets on a December Federal Reserve rate hike. European .FTEU3 and Asian .MIAPJ0000PU... More »
