Oil Prices ///

Statoil profit returns to pre-crash level after drastic cuts

Statoil ASA lifted profit back to the highest level since oil prices started collapsing three years ago as the Norwegian company reaped the benefits of drastic cost cuts.

Kuwait joins Saudis, UAE in promising more OPEC oil cuts

Kuwait joined the United Arab Emirates in promising to pump less oil after Saudi Arabia called on fellow OPEC producers to cut more supply to help curb the global glut.

Oil's surge masks risk of Brent slumping to $40 after summer

Brent crude could potentially drop to $40/bbl or below in the first quarter of 2018 without deeper output curbs by OPEC, according to an oil analyst at industry consultant JBC Energy GmbH.

Oil climbs from seven-week high on signs U.S. stockpiles plunged

Oil extended gains from the highest close in seven weeks as industry data showed U.S. crude stockpiles plunged, easing a glut.

Major oil companies beating slump as CEOs learn to live with $50 crude

Major oil companies are starting to beat the crude-market slump as the industry rediscovers how to make money at lower prices.

Petronas halts $29-billion western Canada LNG project

Malaysian state-owned energy company Petronas will not proceed with a proposed C$36-billion ($28.8 billion) liquefied natural gas (LNG) project in western Canada because of weak global prices, the company said on Tuesday.

Oil rallies 2% as Saudi Arabia promises to cut exports

Oil rose by more than 2% on Tuesday after Saudi Arabia vowed to reduce exports from next month and OPEC called on members to boost compliance with agreed output cuts to help curb oversupply and support flagging crude prices.

UAE sees OPEC considering oil-cuts extension in November

OPEC may need to consider extending its oil-cuts agreement when the group meets in November, as crude markets are taking too long to recover, United Arab Emirates Energy Minister Suhail Al Mazrouei said.

Saudis to tackle lagging compliance with oil cuts "head on"

Saudi Arabia, OPEC’s biggest oil producer, plans to step up pressure on nations that aren’t complying with their commitment to cut output, including a proposal to start monitoring exports.

Oil bulls snap out of funk but OPEC doubts still loom large

Oil optimists are back. They’re just not betting the ranch on a rally yet.

GE takes tumble as earnings favor bottom of forecast

General Electric Co. said it’s trending toward the bottom end of its profit forecast this year as the manufacturer faces ongoing challenges in the oil and gas market.

UAE energy minister hopes global oil markets begin to tighten in second half of 2017

The United Arab Emirates Energy Minister Suhail bin Mohammed al-Mazroui said on Friday he hopes that global supplies will start tightening in the second half of the year when demand picks up.

OPEC, Russia to stand pat on oil deal even as glut persists

OPEC and Russia’s plan to clear the global oil glut hasn’t worked as they hoped, but there’s little expectation the world’s largest producers will act more aggressively when they meet this weekend.

Three years into cheap oil, Gulf Arab nations are still depending on rebound

Energy-rich Gulf Arab nations have scrambled to adjust to the slump in oil prices since 2014. Three years on, their economies are mired in weak growth and largely just as dependent on crude as they ever were.

Brent crude advances above $50 for first time in six weeks

Oil climbed above $50/bbl in London for the first time in six weeks after further declines in U.S. crude and gasoline inventories eased concerns over a global glut.

Oil steadies amid mixed signals on U.S. crude inventories

Oil was steady amid mixed signals on U.S. crude inventories, with industry data showing supplies increased last week while government statistics were expected to indicate a decline.

Top oil buyer's demand in peril as OPEC wrestles over output

Oil bulls grappling with OPEC’s weakened resolve to curb output are also having to worry about waning demand in the world’s biggest buyer of overseas crude.

Exxon, Chevron downgraded on weak outlook for crude

Exxon Mobil Corp. and Chevron Corp. had their recommendations cut at Wolfe Research as the outlook for oil prices deteriorates.

Crude climbs on report Saudi Arabia considering more export cuts

Oil climbed to the highest level in almost two weeks following a report that Saudi Arabia is considering deeper export curbs.

Oil gets some respite as bears give summer optimism a chance

Oil skeptics are letting a little sunshine in.