OPEC Decides Not to Set Cap on Oil Output
OPEC will stick to its policy of unfettered oil production after members failed to agree on a new output ceiling.
June 2, 2016OPEC Said to Work on Oil Deal to Restore Unity
OPEC is making a last-ditch effort to rescue an organization many dubbed dead only weeks ago by working on a deal to restore unity among some of the world’s largest oil exporters as ministers gathered in Vienna.
May 31, 2016Oil Eases Gains After Exceeding $50 for First Time This Year
Crude prices in New York and London briefly breached the long-anticipated $50-a-barrel barrier May 26, with West Texas Intermediate touching as high as $50.21 before paring gains and closing at $49.48 on the New York Mercantile Exchange.
May 26, 2016Oil Trades Near $45 as Canada Wildfires Temper Global Surplus
Crude traded near $45 a barrel May 8 as Canadian wildfires knocked out about 1 million barrels a day of production, outweighing the new Saudi Arabian oil minister’s pledge to maintain the country’s policy of near-record output.
Oil Market Stabilizing, International Energy Agency Says
Oil prices have stabilized on the back of steady demand, the International Energy Agency said in its monthly outlook released April 14.
Oil Trades Near Four-Month High as US Declines, Iraq Ramps Up
Oil traded near a four-month high in London, swinging between gains and losses as Iraq said it raised output to a record in March while U.S. production fell.
GE's Oil Business Seen Finding `Missing Piece' With Baker Hughes
General Electric Co. could become one of the top players in the oil services and equipment industry if it decides to bid for Baker Hughes Inc.
Crude Oil Rises Above $40 in New York for First Time in 3 Months
Oil surged above $40 a barrel in New York for the first time since December as central banks from the United States to Norway signaled they will continue to provide economic stimulus to support demand.
Oil Prices Expected to Average $40 a Barrel in 2016
Oil prices will average just over $40 a barrel this year due to subdued demand and the likelihood a tentative agreement by leading producers to freeze output will do little to drain a supply glut, a Reuters poll showed Feb. 29.
Obama's $98.1 Billion Budget Proposes New Per-Barrel Fee on Oil
New infrastructure projects capable of withstanding severe weather events would be funded through a new tax on oil companies, according to the Obama White House’s fiscal 2017 budget request unveiled Feb. 9.