Regional News

Bloomberg Three years into the biggest oil downturn in a generation, industry bosses see the recovery slipping further from view. It could easily take until the end of the decade for better times to return to an industry that’s already endured a longer slump than most people expected, according to Total SA Chief Executive Officer Patrick Pouyanne and Weatherford International ...

Bloomberg Big Oil is starting to beat the crude-market slump as the industry rediscovers how to make money at lower prices. Exxon Mobil Corp. and Royal Dutch Shell Plc are forecast to more than double second-quarter profit from a year earlier, far outstripping the 8 percent gain in benchmark Brent crude, according to analyst estimates compiled by Bloomberg. Chevron Corp. ...

Bloomberg TransCanada Corp. said it still expects commercial support for its controversial Keystone XL oil pipeline, tamping down speculation that it was having trouble finding customers for the long-delayed line. Keystone XL, which was rejected by the Obama administration before being revived by President Donald Trump this year, would boost TransCanada’s dividend growth, the company said in a statement. Media ...

Bloomberg The Trump administration may have to reconsider its proposal from earlier this month to curb biofuel use after a US appeals court in Washington ruled that the Environmental Protection Agency doesn’t have the authority to cut quotas while citing inadequate domestic supply. The unanimous ruling by a three-judge panel comes amid conflicting legal challenges to actions taken by the ...

Bloomberg Caution lights are flashing for the oil industry. Facing lower-than-expected commodity prices, drillers from ConocoPhillips to Hess Corp. to Statoil ASA have slashed their capital spending plans in recent days, as companies lay out their plans to cope with oil prices stuck below $50 a barrel. The budget cuts won’t necessarily mean less oil or natural gas on the ...

Bloomberg Representatives of some OPEC and non-OPEC nations will meet in Abu Dhabi on August 7-8 to discuss why some of them are falling behind in their pledges to cut production, according to an OPEC statement. The meeting, co-chaired by Kuwait and Russia, will examine reasons why some countries aren’t fully implementing their cuts, it said. Some nations will argue ...

Bloomberg 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. Kuwait Petroleum Corp. has agreed with customers in the US to reduce contractual sales volumes of oil for 2017, state-run KPC said. The announcement came after UAE Minister of ...

Bloomberg A wave of next-generation upstarts is hitting America’s oil patch, offering high-tech solutions aimed at an industry in flux following the worst crude-market crash in a generation. At a time when the five biggest oilfield servicers — still smarting from the price rout — have cut almost $1 billion from their research budgets, companies such as Ambyint Inc. are ...

HOUSTON / Reuters Indonesia is open to rejoining the Organization of the Petroleum Exporting Countries as long as it is not forced to curb its own crude oil production, the nation’s energy and mineral resources minister said. “We would have to have a concession for not following cuts from time to time,” the minister, Ignasius Jonan, said in an interview ...

Bloomberg Oil extended gains from the highest close in seven weeks as industry data showed US crude stockpiles plunged, easing a glut. Futures climbed as much as 1.4 percent in New York after rising 4.6 percent in the previous two sessions. Inventories tumbled by 10.2 million barrels last week, the American Petroleum Institute was said to report. If the decline ...