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OPEC and its allies sent mixed signals about whether they were considering deeper production cuts, fanning oil-market speculation before crucial talks in Vienna this week. Iraq, which has the worst record among major producers of implementing the group’s current supply deal, pushed for steeper cutbacks. Oil Minister Thamir Ghadhban said the group should remove another
A energy company has won a court order which prevents environmentalists from boarding unmanned North Sea installations. Lawyers acting for Shell obtained an interim interdict against Greenpeace at the Court of Session in Edinburgh on Wednesday. The firm launched a legal action after protesters boarded platforms in the Brent field off Shetland last month. Hot
Oil rose for a second day as investors focused on the upcoming OPEC+ meeting that could lead to deeper supply cuts by some of the world’s biggest crude producers. Futures edged higher in New York on Tuesday to the highest settlement in almost a week. Members of the Organization of Petroleum Exporting Countries are sending
The throttling back of fracking in the world’s biggest shale patch is hitting the unemployment line in Texas. Fracing contractor Superior Energy Services Inc. slashed 112 jobs from its Pumpco unit in the Permian Basin last month, according to an email Monday from the Texas Workforce Commission. The state received notice of the Ector County
Since 1980, the year Saudi Aramco was fully nationalized, the world’s largest oil producer has pumped about 116 Bbbl of crude oil from giant fields below the kingdom’s desert and the waters of the Persian Gulf. At today’s rate of consumption that crude would keep the world going for more than three years without using
Repsol SA embarked on the most ambitious attempt yet by an oil major to align itself with the Paris climate goals, saying it will eliminate all greenhouse gas emissions from its own operations and its customers by 2050. The Spanish giant’s exploration and production unit will focus on value instead of output growth, according to
Apache Corp. tumbled after the company’s update on a closely watched exploratory oil well off the coast of Suriname offered little indication as to whether it will be commercially viable. Tests were carried out on the Maka-1 well after it reached a depth of about 6,200 meters (20,300 feet), the Houston-based company said Monday. After
Responding to a legal challenge, the UK government has released a heavily redacted report on the prospects for developing a shale gas industry in the nation. The report, which is dated April 2016 and published on Unearthed’s website, has 34 of its 48 pages entirely blacked out with almost every other at least partially redacted.
OPEC+ is poised for a debate about lax implementation of oil-production cuts in Vienna this week, with Russia asking to discuss a rule change that would exclude some of its oil production from the group’s quota. Ministers from some of the world’s largest oil producers are gathering this week, and typically their discussions wouldn’t focus
Colombia is seeking an additional payout of almost $1 billion from its oil company Ecopetrol S.A. as it faces increased spending pressure amid massive anti-government demonstrations. The finance ministry called a meeting of shareholders to discuss its proposal for the company to distribute 3.7 trillion pesos ($1.1 billion) in a special dividend. Since the Colombian