Oil Prices Climb on OPEC-led Cuts
Oil prices ended more than 2 percent higher on Friday after OPEC members and allies like Russia agreed to reduce output to drain global fuel inventories and support the market, but the gains were capped by concerns…
UK Petroleum Reserves Could Sustain Production for 20 Years
The U.K.’s oil and gas reserves remain at a level which could sustain production for at least the next 20 years and beyond if additional undeveloped resources can be matured, according to the U.K. Oil and Gas…
Gulf Marine Services Bags New Contract
UAE-based Gulf Marine Services (GMS), a provider of self-propelled self-elevating support vessels (SESVs) serving the offshore oil, gas and renewable energy sectors, said it secured a new contract for one of its…
Oil Up as U.S. Drilling Stalls, Iranian Sanctions Bite
Oil prices rose on Monday as U.S. drilling stalled and investors anticipated lower supply once new U.S. sanctions against Iran's crude exports kick in from November.Brent crude oil jumped $1.09 a barrel, or 1.4 percent…
Hess Corp Posts Q4 Loss on Rising Costs
Hess Corp posted its 13th straight quarterly loss on Monday as the oil and gas producer struggled to rein in expenses. The company's shares were down 2.7 percent at $46.51 in light premarket trading. Hess has…
Oil Rises on Saudi Purge, Tighter Markets
Saudi crown prince cements power with high-level arrests; U.S. rig count falls to lowest level since May 2016. Oil prices hit their highest since July 2015 on Monday as Saudi Arabia's crown prince cemented his…
Saudis Favor New York for Aramco Listing
New York float would demand more disclosure than London; NYSE would give Aramco access to larger pool of capital. Saudi Arabia favours New York for the main foreign listing of state oil giant Aramco, even though…
OPEC, U.S. Begin "cat and mouse" Oil Game
As far as one of the world's biggest commodities traders, Glencore's chief Ivan Glasenberg, is concerned, the oil market will be at the mercy of "a cat and mouse game" between OPEC and its U.S. shale rivals in the coming year.
Big Oil Shrinks and Plots the Way Forward
Companies seek to safeguard growth for when market recovers. As oil and gas companies cut ever-deeper into the bone to weather their worst downturn in decades, boards have adopted contrasting strategies to lead them out of the crisis.
Oil, Bonds Go Their Separate Ways
The rebound in oil prices has not been enough to stop the bleeding at many US energy companies, whose bonds keep weakening - and whose ability to muster fresh capital is dwindling away. Oil and bond prices are moving in opposite directions…
OPEC: Oil Price Drop Temporary
Kuwait sees stronger demand supporting oil prices; Saudis seen likely to oppose any renewed cut talk. A drop in oil prices this month is likely to be short-term and will not deflect OPEC from its policy of keeping output high to defend market share…
Dearth of Oil Finds Threaten Supplies, Price
Oil discoveries hit new lows in 2013, 2014; oil firms cutting spending, including exploration. Spending cut could hit oil price with a lag. Costs soar, making many project unviable. The rate of oil discoveries…
Kemp: Higher Oil Price Forecasts Misjudge Shale Boom
"The world of energy may have changed forever," according to Professor James Hamilton of the University of California. Hamilton, who is one of the most respected economists writing about oil, made his bold prediction…
