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Saudis say they have exceeded promised output cuts

Saudi Arabia told OPEC that it cut oil production by the most in more than eight years, going beyond its obligations under a deal to balance world markets. The kingdom reported that it reduced output by 717,600 barrels a day last month to 9.748 million a day, according to a monthly report from the O ...

OPEC sticking to production cuts, says IEA

OPEC achieved the best compliance rate in its history at the outset of an accord to clear the oil glut, a plan that’s being supported by surprising strength in demand, the International Energy Agency said. The Organization of Petroleum Exporting Countries implemented 90 percent of promised output cu ...

Wall Street bets on oil comeback

Wall Street is throwing the most money at U.S. energy companies since at least 2000 amid growing confidence that the industry is emerging from the worst downturn in a generation. Energy firms raised $6.64 billion in 13 equity offerings in January, drawn in by a rich combination of oil prices consist ...

OPEC ministers raise possibility of extended output cuts

OPEC and other major crude-producing nations may need to extend output cuts into the second half of the year to re-balance the market, oil ministers for Iran and fellow group member Qatar said. Global oil supplies have decreased as the Organization of Petroleum Exporting Countries and producers outs ...

Worst behind Shell as cash flow improves

Royal Dutch Shell Plc appeared to put the worst of the oil slump behind it as rising cash flow allowed Europe’s largest energy company to trim debt for the first time since the downturn began. Investors looked beyond a worse-than-expected fourth-quarter profit, sending shares higher. Following billi ...

Shell sells $4.7 billion in fields

Royal Dutch Shell Plc, looking to pare debt swollen by last year’s acquisition of BG Group Plc, accelerated its drive to shed assets on Tuesday by agreeing to the sale of fields in the North Sea and Thailand for as much as $4.7 billion. The disposals include the sale of about half the company’s Nort ...

Oil heads for another week of gains

Oil headed for a second weekly increase as OPEC and other producing nations maintained they would achieve their target of cutting production to reduce bloated global inventories and stabilize the market. Front-month futures in New York are up 2.2 percent for the week, set for the biggest advance sin ...

FERC commissioner resigns after Trump replaces him as chairman

A U.S. energy regulator filed his letter of resignation on Thursday. And with that letter, he may have just brought federal decisions on multi-billion-dollar natural gas pipelines to a halt. Norman Bay said he’ll leave the Federal Energy Regulatory Commission effective Feb. 3. His announcement follo ...

Exxon praises Paris Agreement in signal to Trump

Exxon Mobil Corp., the U.S. oil giant that’s facing investigations over what it knew and when about climate change, sees the Paris agreement to mitigate global warming as a “monumental” achievement, according to a top executive. The company supports the December 2015 Paris accord as a “very meaningf ...

OPEC close to meeting output cuts

U.S. oil traded near $53 a barrel as Iraq said it’s close to implementing its share of pledged output curbs agreed with OPEC to trim bloated global inventories. Futures were little changed in New York after dropping 0.9 percent on Monday. Iraq, the second-biggest OPEC producer, has reduced supply by ...

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