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Oil workers operate drill sections while working on the drilling floor beneath the travelling block on a derrick operated by Salym Petroleum in Russia,. (Andrey Rudakov/Bloomberg)

Oil companies cheaper to buy than assets after rout, Exxon partner says

Oil and gas producers on Monday declined to their lowest level in almost four years as collapsing markets in China raised concern demand will falter and exacerbate a glut.
Roughnecks take a break from working the Peterson Drilling Company rig in Carlsbad, New Mexico, February 26, 2000.  (Photo by Joe Raedle)

Oil prices headed toward longest weekly losing streak since 1986

Oil has slumped more than 30 percent since this year’s closing peak in June amid speculation the global surplus will persist.
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

How much longer can Saudi Arabia’s economy hold out against cheap oil?

Economists are predicting a budget deficit of as much as 20 percent of gross domestic product and the International Monetary Fund forecasts a first Saudi current-account deficit in more than a decade.
Aubrey McClendon, CEO of Chesapeake Energy Corp., is pictured during the second half of Game 6 in the NBA basketball Western Conference finals, in Oklahoma City on June 6, 2012.  (AP Photo/Sue Ogrocki, File)

Aubrey McClendon pursuing $100 million deal for drilling rights in Australia

McClendon co-founded Chesapeake in 1989 and built it into a U.S. gas titan before his ouster in a 2013 investor revolt.
(Fayez Nureldine/AFP/Getty Images)

Saudi stocks bear market as oil slides on supply glut

An unexpected increase in U.S. crude stockpiles and record oil production from Saudi Arabia in June has deepened concern that growing oversupply will continue to impact oil prices as nations tussle over market share.
(AP Photo/Charles Rex Arbogast, File)

U.S. oil could return to 2008 low of $32 in Citigroup view

Crude has tumbled more than 30 percent since June amid signs that producers are maintaining output even after oil fell back into a bear market.
Venezuelan President Nicolas Maduro (MIGUEL ANGULO/AFP/Getty Images)

Cash-strapped Venezuela may sell off gold, Citigroup says

Venezuela gets more than 95 percent of its export revenue from oil, and the slump in crude prices has stoked concern that the nation may face difficulties paying debt.
(Jerry Lara/San Antonio Express-News)

Obama’s methane limits seen wiping out the marginal driller

The inefficient producers that were slow to prepare for stricter regulation, even as environmental concerns over hydraulic fracturing mounted, will probably fold, researchers said.
(Photo by Eddie Seal for Bloomberg News)

Samson Resources, Energy Future busts threaten private equity giant’s $5 billion in investments

Two debacles could vaporize most of the roughly $5 billion that investors in a KKR private-equity fund and the firm sank into the deals.
(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.