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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)

Eni CEO: Iran could double oil output by 2020

The flood of Iranian oil into a global market that’s already oversupplied will keep crude prices low for the rest of the decade, Eni SpA Chief Executive Officer Paolo Scaroni said on Wednesday.
(AP Photo/Richard Drew, File)

Dragon Oil’s largest shareholder calls on company to end dividend

Dragon, while focused mostly on Turkmenistan, has ambitions to expand outside Central Asia in a bid to maintain production at 100,000 barrels a day.
A worker from Oceanografia SA walks down a set of stairs on a section of the Petroleos Mexicanos (Pemex) Pol-A Platform complex, located on the continental shelf in the Gulf of Mexico, 70 kilometers offshore from Ciudad del Carmen, Mexico, on Friday, March 28, 2014. "Production is stable and we foresee production reaching our target levels above 2.5 million barrels per day,? Pemex chief executive officer Emilio Lozoya said in an interview last week. Photographer: Susana Gonzalez/Bloomberg

Oil majors shun Mexico offshore auction as blocks go unsold

Exxon Mobil Corp., Chevron Corp. and Total SA all passed on the first 14 shallow-water oil blocks auctioned by Mexico today in the country’s first-ever sale of territory in the Gulf of Mexico. Only one of Mexico’s first five oil blocks auctioned received a qualifying bid.
(AP Photo/Hasan Jamali, File)

Iran oil boost on hold to 2016 as nuclear inspectors go to work

OPEC’s fourth-largest member won’t achieve a crude-export boost of more than 500,000 barrels a day, or about 50 percent, until next year as Iran’s compliance with curbs on its nuclear program is verified, a pair of banks said.
(Left to right) European Union High Representative Federica Mogherini, Iranian Foreign Minister Mohammad Javad Zarif, Head of the Iranian Atomic Energy Organization Ali Akbar Salehi, Russian Foreign Minister Sergey Lavrov, British Foreign Secretary Philip Hammond and US Secretary of State John Kerry pose for a group picture at the United Nations building in Vienna, Austria, Tuesday, July 14, 2015.  (Joe Klamar/Pool Photo via AP)

What Iran’s nuclear deal means for the global crude oil market

After almost two years of talks, the holder of the world’s fourth-biggest crude reserves will benefit from an easing of international sanctions on exports in return for curbs on its nuclear program.
Original byline: Jim Blecha/

WPX Energy agrees to buy Permian producer for $2.35 billion

WPX will also assume $400 million in debt, according to a statement today.
In this Nov. 7, 2012 photo, U.S. and Chinese national flags are hung outside a hotel during the U.S. Presidential election event, organized by the U.S. embassy in Beijing. (AP Photo/Andy Wong)

China retakes top oil-buyer spot from U.S.

China overtook the U.S. as the largest crude importer in April for the first time this year. The country bought a record 7.4 million barrels a day from overseas that month, surpassing U.S. imports of about 7.3 million.
(Photographer: Patrick Semansky/Bloomberg)

MPLX to buy MarkWest Energy Partners for about $15.8 billion

The proposed deal combines the largest processor of gas in the Marcellus and Utica shale regions of Pennsylvania and Ohio with a growing oil and refined products partnership, according to the statement.
(Photographer: Andrey Rudakov/Bloomberg)

Shell U.S. unit may drop ‘oil’ from name in sign of times

With Shell Oil Co.’s parent focusing more on natural gas and looking at other energy alternatives, the oil in the name “is a little old-fashioned, I’d say, and at one point we’ll probably do something about that,” Marvin Odum, director of the company’s upstream Americas business, said Thursday at the Toronto Global Forum.
(AP photo/Brennan Linsley)

California farms are using drilling wastewater to grow crops

Amid a four-year dry spell, more companies in California are looking to recycle their water or sell it to parched farms as the industry tries to get ahead of environmental lawsuits and new regulations.