The United Arab Emirates’s economy minister joined forecasters looking for $60 crude this year with demand and production moving more in line.
Oil traded near $50 after a drop in active rigs in the U.S. and further supply disruption in Nigeria.
Saudi Arabia has been fighting with fellow OPEC members since the oil rout started two years ago. For the first time next week, it can argue convincingly that its strategy of squeezing rival producers is succeeding.
Saudi Arabian Oil Co., the world’s largest crude exporter, increased production to an all-time high last year while keeping its reserves unchanged as the kingdom battles for market share.
Republican presidential candidate Donald Trump said he would approve TransCanada Corp.’s proposed Keystone XL oil pipeline, but he wants a “better deal.”
Oil output in South Sudan declined to as little as 120,000 bpd, because of damage caused by a 2 1/2-year civil war to production facilities, Petroleum Minister Dak Duop Bischok said.
Sasol's field development plan (FDP) for the production sharing agreement (PSA) license in Inhambane province, Mozambique, reached an important milestone with the commencement of the first well.
Amec Foster Wheeler has been awarded a front end engineering design (FEED) contract by Kuwait Oil Company (KOC) to upgrade Oil Gathering Center GC-24.
The final preparatory gathering of officials from the Organization of Petroleum Exporting Countries before the ministerial meeting on June 2 didn’t discuss any limits on crude output, the latest signal that the group will stick to its current strategy of letting low prices eradicate a supply glut.
Santos said Thursday that GLNG train 2 has started producing liquefied natural gas (LNG) on Curtis Island, Queensland.
Oil rose to the highest level in more than seven months in New York, after a government report showed that U.S. crude inventories and production declined, easing a glut.
The surge in the global supply of shale oil has curbed OPEC’s ability to balance crude markets, a former Qatari energy minister said.
BP has started up a major water injection project at its Thunder Horse platform, extending the production life of one of the biggest deepwater fields in the U.S. Gulf of Mexico.
Saudi Arabia, one of the founders of OPEC, is sounding the group’s death knell.
In late February, the tanker Jag Lok loaded oil from Equatorial Guinea in western Africa and set sail for the Chinese port of Qingdao, the gateway to the world’s newest buyers of crude, a journey of more than 12,000 nautical miles.
After failing to reach an accord on oil supply in Doha last month, OPEC is poised to go another meeting with no agreement on how much crude to produce.
Third Energy UK Gas Ltd. has been awarded permission to hydraulically fracture an existing UK natural gas well, surmounting last-minute protests and reviving a practice not used in Britain for five years.
Oil dropped for a fourth day as producers in Canada worked to resume operations after wildfires and Iran continued to increase exports.
AccessESP, a leading provider of rigless electric submersible pump (ESP) conveyance solutions for the worldwide oil industry, has successfully retrieved and replaced an existing ESP for a major operator on the Alaskan North Slope using a standard slickline unit.
The United States remained the world's top producer of petroleum and natural gas hydrocarbons in 2015, according to U.S. Energy Information Administration estimates.