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Saudi-Dow Chemical moving forward on $20 billion plant

Saudi Arabia, the world’s largest crude exporter, started the petrochemical project in 2011 when oil averaged $111 a barrel.  More »

Brent trades near two-month high

Brent crude futures were little changed in London, paring an earlier increase of as much as 1.7 percent.  More »

Canada Pacific rail and Teamsters agree to arbitration, ending strike

Canadian Pacific Railway and the Teamsters Canada Rail Conference agreed to go into mediated arbitration, ending a strike that began over the weekend, Labor Minister Kellie Leitch said. As a result, Canada’s federal government will no longer be pursuing back-to-work legislation, Leitch said at a press conference in Ottawa on Monday. “The strike is over,” Leitch said. “My expectation is that people return to work quickly.”  More »

Canadian National’s main line shuts after crude cars derail

The train of 100 cars, all carrying crude from Canada’s oil-producing region of Alberta to eastern Canada, derailed just before midnight Saturday in a remote and wooded area about 30 miles north of Gogama, Ontario, Canadian National Railway nspokesman Patrick Waldron said in an e-mail  More »

Brent crude settles over $60 a barrel in London

West Texas Intermediate oil for March delivery advanced $1.57 to settle at $52.78 a barrel on the New York Mercantile Exchange.  More »

BP loses bid for Transocean insurance in spill case

The Texas Supreme Court says BP isn’t covered under Transocean’s insurance policy on the project that led to the 2010 Deepwater Horizon disaster.  More »

Siemens bid for Dresser-Rand faces in-depth EU investigation

The proposed deal may reduce competition for equipment used by companies active throughout the oil and gas distribution chain, including exploration, storage and refining, the European Commission said in an e-mailed statement today.  More »

TransCanada profit beats estimates as Keystone leg comes online

TransCanada’s oil shipments climbed as the company started deliveries last year from Oklahoma to Texas on its Gulf Coast line, the southern leg of the original Keystone XL proposal.  More »

U.S. rigs are being idled, but the oil boom is not ending

The industry has become better at blasting crude out of deep underground layers of rock, according to productivity data tracked by the EIA in the major shale prospects.  More »

Shell calls on Big Oil peers to speak up on climate change

While Shell, along with BP Plc, have led the oil industry in acknowledging climate change as a risk, the producers have avoided forums such as the annual United Nations climate talks.  More »

Global oil layoffs exceed 100,000

While much of the focus on layoffs has centered on the U.S., where the shale fields that created the glut have seen the steepest cutbacks, workers in oil-related businesses across the globe are suffering, too  More »

Iran nuclear deal must end all sanctions, Rouhani tells rally

Rouhani said on Wednesday that since taking office in 2013 his government had been able to escape a “dead end” in its relations with the outside world  More »

OPEC producers cut oil prices to Asia in battle for market share

The cuts come after Saudi Arabia, the largest crude exporter, reduced pricing to Asia last week to the lowest in at least 14 years.  More »

Wind company paying first dividend since 2003 in industry rebound

After slashing 3,000 jobs since 2011 and closing a third of its factories to survive a plunge in turbine prices, Vestas today reported its first full-year profit since 2010.  More »

Angola plans 25 percent budget cut as oil revenue plunges

Oil prices have slumped by more than half since June, threatening producers such as Angola, which relies on crude for almost all of its exports and more than two thirds of government income.  More »
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