Bloomberg The chorus in the oil market calling for deeper production cuts gets louder almost every day. By resisting the clamor, OPEC is breaking with its own history. As crude sank below $50 a barrel — less than half the price of two years ago — market-watchers from Goldman Sachs Group Inc. to former OPEC officials said supply curbs imposed ...

Bloomberg Shale explorers reduced the number of rigs drilling for oil in the US this week, snapping a record expansion in a sign the boom may be waning as prices linger near $45 a barrel. Working rigs targeting crude fell by 2, bringing the total to 756, according to Baker Hughes Inc. data reported. The reduction ended 23 straight weeks ...

DUBAI­­­­ / Reuters Iran plans to sign a new contract to develop its giant South Pars gas field with France’s Total and China’s CNPC on Monday, the first major Western energy investment since sanctions against Tehran were lifted, an Iranian oil ministry official told Reuters. Total holds a 50.1 interest in the South Pars project with state-owned China National Petroleum ...