Brent extends drop below $80 as OPEC seen resisting cuts
Oil sank into a bear market as leading OPEC members resisted calls to cut production and instead reduced export prices to the U.S. More »
Saudis reject talk of OPEC market share war as oil slides
Brent crude futures plunged below $80 yesterday for the first time since September 2010 on concern OPEC is in no hurry to halt a four-month slide in prices. More »
Saudi Arabia leads OPEC cuts before meeting
Brent crude futures, used to price more than half the world’s oil, traded near a four-year low Wednesday on speculation that OPEC’s biggest members will refrain from paring output to drain a global surplus. More »
China seen overtaking U.S. as world’s biggest oil user
Growth in oil demand to 2040 will also be driven by India, Southeast Asia, the Middle East and sub-Saharan Africa, the IEA said. More »
Fossil fuels with $550 billion subsidies hurt renewables
The findings highlight the policy shift needed to limit global warming, which the IEA said is on track to increase the world’s temperature by 3.6 degrees Celsius by the end of this century. More »
Threats to global oil supply still exist, IEA says
The U.S. shale boom masks threats to global oil supply including Middle East turmoil, conflict in Ukraine and the difficulty of unconventional oil production beyond North America, the International Energy Agency said.
More »
Former Russian finance minister tells Rosneft to keep hands off $44B from rainy day fund
For Rosneft, the timing of the economic sanctions against Russia couldn’t have been worse: the company has to repay almost $30 billion in loans by the end of the next year, debt racked up in the 2013 purchase of competitor TNK-BP. More »
Canadian heavy oil boosted as Imperial shuts Kearl operation
Operations were suspended after vibrations were detected in an ore crusher unit at the site, the company said in an e-mailed statement. More »
U.A.E. concerned that oil glut may curb exploration, production
“What worries us is that some investors will not continue to invest,” United Arab Emirates’ Energy Minister Suhail Al Mazrouei said. More »
OPEC’s choice in Vienna meeting will determine role in new oil order
The Organization of Petroleum Exporting Countries could reassert control by cutting output, ceding more market share to U.S. shale oil producers. More »
No OPEC output cut this month, Kuwait oil minister says
OPEC members Saudi Arabia and Kuwait have resisted calls to cut output while Libya, Venezuela and Ecuador have asked for action to prevent even lower prices. More »
Russia, China add to $400 billion gas deal with accord
Russian oil firm OAO Gazprom is negotiating the supply of as much as 30 billion cubic meters of gas annually from developments in West Siberia to China over 30 years. More »
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