Bloomberg When OPEC and Russia first embarked on their strategy to clear a global oil glut, it was expected to succeed within six months. It now looks like the battle could last for years. The Organization of Petroleum Exporting Countries and its partners plan to wrap up their production cuts next spring, already nine months later than originally expected. Yet ...

Bloomberg A month after dealing a blow to OPEC, Ecuador says it will cap output at a more comfortable level than it had initially pledged. The South American country will limit its production at its current 541,000 barrels a day to avoid undermining the group’s output-curbs deal, Ecuadorian Oil Minister Carlos Perez said. While that breaches the 26,000-barrel-a-day cut to ...

Bloomberg Five years after dodging a shutdown, the largest oil refinery on the East Coast is once again teetering on the brink. Sunoco Inc. and the private equity firm Carlyle Group LP formed Philadelphia Energy Solutions, a joint venture, in 2012 to rescue the refinery in an effort that also included $25 million in state aid. Now, after spending more ...