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(Carla Gottgens/Bloomberg)

Muslim clerics call for a phaseout of fossil fuels

The clerics and scholars appealed to “well-off nations and oil-producing states” to recognize their “moral obligation to reduce consumption so that the poor may benefit from what is left of the Earth’s non-renewable resources,” according to the declaration e-mailed Tuesday from Istanbul.
A handout picture released by the Saudi Press Agency (SPA) shows Saudi Arabia's new King Salman bin Abdul Aziz (C) praying along with Kuwaiti Emir Sheikh Sabah al-Ahmad Al-Sabah (2nd L), King Hamad bin Issa al-Khalifa of Bahrain (L) and other dignitaries and officials during the funeral of his half-brother late King Abdullah in Riyadh on January 23, 2015. The desert kingdom's elderly King Abdullah died early in the morning and was replaced by his half-brother Salman as the absolute ruler of the world's top oil exporter and the spiritual home of Islam. AFP PHOTO / HO / SPA == RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "AFP PHOTO/HO/SPA" - NO MARKETING NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS ==-/AFP/Getty Images

Saudi growth to slow as kingdom adjusts to cheaper oil

Saudi Arabia’s gross domestic product will grow by 2.8 percent this year and 2.4 percent in 2016, the IMF said in e-mailed statement at the conclusion of its regular country consultation.
(Alexander Klein/AFP/GettyImages)

Algeria calls for non-OPEC output cut to stop oil price slump

Algeria’s initiative to coordinate an OPEC response to tumbling crude prices had the backing of cash-strapped fellow members Libya and Venezuela.
(Jerry Lara/San Antonio Express-News)

Oil falls near 6-year low as U.S., OPEC keep pumping

Oil has slumped more than 30 percent from this year’s peak in June on speculation the global surplus will be prolonged.
An Iranian man walks past a mural displaying the Iranian map adorned in the colours of the country's national flag, on June 29, 2015 in Tehran. Despite agreeing the outlines of a nuclear agreement on April 2, the final talks between Iran and six powers led by the United States on turning it into a binding accord have hit difficulties on reaching a deal which would lift sanctions, paving the way for foreign investment to flow back, in exchange for curbs on Iran's nuclear activities. AFP PHOTO/BEHROUZ MEHRIBEHROUZ MEHRI/AFP/Getty Images

With Iran back, OPEC may boost output to another record

The global oil market is already in surplus by about 3 million barrels a day, with Saudi Arabia and Iraq responsible for OPEC’s oversupply in the past six months,
(AP Photo/Mikhail Metzel)

Russia’s largest oil producer bucks global slump in drilling

OAO Rosneft, the world’s largest traded oil producer, increased drilling by 27 percent in the first seven months of the year, according to a statement. That helped the company stabilize output in the first half, Chief Executive Officer Igor Sechin said in Moscow on Friday.
A  2010 file photo shows a sign at a BP  station in London. (AP Photo/Alastair Grant, File)

FERC judge rules against BP in gas manipulation case

The judge’s decision will be taken up for consideration by FERC’s five-member commission, which will issue a final ruling on the case.
FILE - In this Dec. 22, 2014 file photo, an Iranian oil worker rides his bicycle at the Tehran's oil refinery south of the capital Tehran, Iran. Oil prices that slumped steeply earlier this year may take another hit once a historic deal between the West and Iran allows that country to start pouring more crude into a market already brimming with supply. (AP Photo/Vahid Salemi, File)

Iran targets 45 oil and gas projects in plan to boost production

Oil producers such as BP Plc and Royal Dutch Shell Plc have expressed interest in developing Iran’s reserves, the world’s fourth-biggest, when sanctions are removed following last month’s nuclear agreement with world powers.
Venezuelan President Nicolas Maduro (MIGUEL ANGULO/AFP/Getty Images)

Exxon’s $40 billion oil discovery sparks Venezuelan feud with Guyana

In May, Exxon Mobil Corp. revealed that under contract from Guyana it had found massive offshore oil and gas deposits. Chavez’s successor, Nicolas Maduro, demanded that the drilling stop because the area was Venezuela’s.
(Jim Gehrz/Minneapolis Star Tribune/MCT)

Oil at $30 is no problem for some cost-cutting Bakken drillers

In McKenzie County, North Dakota, one of the core areas of the Bakken, the median breakeven price is a little more than $29 a barrel, Foiles said. That’s about a third less than in nearby Williams County, and it’s less than half the average breakeven price for the Bakken that banks and research firms estimated last fall.