Oil trading was static early on Friday as uncertainty ahead of a planned OPEC-led crude production cut and thin liquidity after the U.S. Thanksgiving holiday kept traders from taking big new positions.
A legal case on behalf of more than 40,000 Nigerians against the global oil giant Royal Dutch Shell has started in the High Court in London.
General Electric Co (GE.N) said on Monday it would merge its oil and gas business with Baker Hughes Inc (BHI.N), creating the world's second-largest oilfield services provider as competition heats up to supply more-efficient products and services to the energy industry after several years of low crude prices.
OPEC discussed with non-OPEC producers on Saturday in Vienna over a potential crude output cut.
Officials from Saudi Arabia and Kuwait, key protagonists in shaping OPEC policy, said oil at US$50 to $60 a barrel would ensure adequate global supply, setting out a potential price band for the producer club before its meeting in Vienna next month.
Brent crude oil prices steadied above $50 a barrel on Monday, supported by a planned production cut by exporter club OPEC, but still under pressure from an overhang in supply that currently exceeds consumption.
Yi Shiming's job is as rigorous as it is rewarding. As a wildcatter, a person who sinks exploratory oil wells, Yi is among hundreds of workers tasked with looking for black gold in China's far west.
It was a moment U.S. shale oil producers have been waiting on for more than two years: OPEC nations finally agreed to cut production on Wednesday in a move that lifted low prices ravaging their budgets.
Asian stocks edged up early on Wednesday following an overnight rise for U.S. stocks, while reduced hopes that a meeting of major producers would reduce a oversupply weighed heavily on crude oil prices.
Algeria and several OPEC members express hopes that an informal meeting of the cartel here could pave the way for OPEC and non-OPEC members to freeze oil outputs, but oil prices won't recover immediately according to an expert.
China's crude oil output fell 9.9 percent year on year in August, the biggest monthly drop since 2003 as refineries slashed production amid sluggish global oil prices.
The world’s top two crude-oil producers pledged to cooperate to stabilise global markets, while failing to announce any specific measures to bolster prices.
Dozens of Indonesian men, suspected of being hired by an oil palm plantation company, threatened to kill environmental investigators checking on fires on Sumatra island, the environment ministry said.
Nigeria is working hard to grow its non-oil economy as a 2.06-percent decline year on year in second quarter GDP indicates reliance on oil as the bulwark of its economy spells trouble.
The construction of the second domestic oil pipeline linking China and Russia has started,China's National Petroleum Corp., the country’s biggest oil and gas producer, announcedon Monday.
World Bank on Tuesday raised its forecast for crude oil prices in view of the supply disruptions and strong demand in the second quarter.
Nigeria's main militant group in oil rich Niger Delta region, the Movement for the Emancipation of the Niger Delta (MEND) on Sunday said it has set up a peace broker committee to mediate between them and the government.
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