Business / Energy

Russian oil chief Sechin: OPEC’s unity effectively extinct 10 May 2016 - 12:21 pm

Rosneft CEO Igor Sechin attends a briefing dedicated to the signing of a contract between Rosneft and Essar Oil Ltd. companies in Ufa,...

Crude prices up on Canada fires, Saudi oil minister replacement 09 May 2016 - 09:41 am

Alberta wildfire near Canada's massive oil sands deposit has forced producers to shut production. REUTERS/Chris Wattie Singapore: Crude prices extended gains in Asia...

U.S. deeply concerned Nord Stream gas link is security threat 07 May 2016 - 12:00 am

BRUSSELS: The United States is deeply concerned about the Nord Stream-2 gas pipeline project as a threat to national security, a senior U.S....

Shift in Saudi oil thinking deepens OPEC split 06 May 2016 - 12:00 am

A view of the OPEC Headquarters in Vienna. AFP Saudis no longer targetting oil prices - sources. Iran insists “production management” should be...

Tanker leaves east Libyan port without loading 04 May 2016 - 02:08 pm

BENGHAZI, Libya: A tanker that an oil company set up by Libya's eastern government prevented from loading has left the eastern port of...

Saudi oil minister visits Sudan to cement improving ties 04 May 2016 - 02:04 pm

Khartoum: Saudi Oil Minister Ali al-Naimi visited Sudan on Wednesday promising increased investment in a major fillip for the impoverished African nation after...

Oil turns higher but supply concerns, stronger dollar weigh 04 May 2016 - 09:49 am

Singapore: Oil turned higher in Asia Wednesday, but the US benchmark remained below $44 a barrel as a pick-up in the dollar and...

Oil market falls sharply 04 May 2016 - 12:00 am

London: World oil prices sank by about one dollar on Tuesday, as supply glut woes grew on the back of rising output from...

Oil prices drop further 03 May 2016 - 02:37 pm

London: Oil prices lost more ground Tuesday as nagging worries about excess supplies kept them below 2016 highs after data showed Iran and...

Oil output set to contract for first time since 2013: BofAML 03 May 2016 - 03:04 am

By Satish Kanady DOHA: Global oil output is estimated to contract year-on-year in May for the first time since the first quarter of...

Ecuador names Icaza as new oil minister 03 May 2016 - 12:00 am

Jose Icaza. Photo courtesy: El Comercio QUITO: Ecuadorean President Rafael Correa has named chemical engineer Jose Icaza as the Andean nation’s new oil...

Oil prices fall on rising OPEC crude production 02 May 2016 - 09:13 am

BY HENNING GLOYSTEIN AND OSAMU TSUKIMORI SINGAPORE: Oil prices fell on Monday as rising production in the Middle East outweighed a decline in...

Oman plans to build oil storage terminal near Duqm: minister 30 Apr 2016 - 06:20 pm

Omani Oil Minister Mohammed bin Hamad Al Rumhy in Riyadh Oct 9, 2012. Reuters MUSCAT: Oman plans to build a major oil storage...

Analysts say oil rally is not just about hedge funds 30 Apr 2016 - 02:49 am

A flag with the logo of Rosneft Russias largest oil company flutters over the Novokuibyshevsk refinery near the city of Samara, Russia, October...

Oil set for biggest monthly rise in 7 years 30 Apr 2016 - 02:32 am

LONDON: Brent crude was heading for its biggest monthly rise in seven years yesterday, touching 2016 highs as a weak dollar and falling...

ExxonMobil earnings plunge 63% on falling oil 30 Apr 2016 - 02:29 am

The logo of ExxonMobil Corporation is shown on a monitor above the floor of the New York Stock Exchange in New York. New...

Gazprom posts profits up 5-fold in 2015 29 Apr 2016 - 12:00 am

Moscow: Russian gas giant Gazprom said Thursday its net profit grew almost five-fold in 2015 despite the falling oil price, partly due to...

Repsol to resume Libya activity once security allows: Spanish FM 29 Apr 2016 - 12:00 am

Jose Manuel Garcia-Margallo Tripoli: Spanish oil giant Repsol is ready to resume activity in Libya once the security situation allows it, Spain's foreign...