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Speculators retreat from oil as OPEC oversupply crowds out shale

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Saudi Arabia, OPEC’s biggest member, is ready to produce more oil if demand rises, Oil Minister Ali-Al Naimi said June 18. It has 1.5 million to 2 million barrels a day of spare capacity, he said.
Brazilian Marcelo Odebrecht, president of Odebrecht construction company, which is related to the construction of infrastructure for the Olympic Games Rio 2016, delivers a speech during a conference in the framework of the "Mexico Business Summit" in Queretaro, Mexico, on November 12, 2012. Odebrecht was arrested on charges related to Brazilian state-owned oil company Petrobras corruption scandal on June 19, 2015. (RONALDO SCHEMIDT/AFP/Getty Images)

Top Brazil conglomerate CEOs detained in Petrobras scandal

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The Odebrecht and Andrade Gutierrez conglomerates include two of Latin America’s largest building companies. Petrobras has said it was hoodwinked by a few of its employees who allegedly took bribes from a cartel of construction companies and shared the proceeds with politicians.
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 Arabia’s test for U.S. shale drillers isn’t over yet, Goldman says

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Saudi Arabia steered the Organization of Petroleum Exporting Countries in November to protect its market share in the face of swelling U.S. crude output, rather than cut supplies to shore up prices as it did in the past.
(AP Photo/Mikhail Metzel)

BP to pay Rosneft $750 million for part of Siberian oilfield

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Europe’s two biggest oil companies are looking for increased access to Russia’s vast energy reserves and their proximity to the markets of China and Japan
Categories: Crude oil, Deals
The shadows of  workers in the Permian Basin on February 5, 2015 in Mentone, Texas. (Photo by Spencer Platt/Getty Images)

The shale industry could be swallowed by its own debt

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The problem for shale drillers is that they’ve consistently spent money faster than they’ve made it, even when oil was $100 a barrel.
Ali al-Naimi, Saudi Arabia's petroleum minister, gestures as he speaks during a panel discussion at the Business Climate Summit in Paris, France, on Thursday, May 21, 2015.  (Jasper Juinen/Bloomberg)

World’s two largest oil producers meeting to form cooperation pact

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Saudi Arabia’s oil minister will meet his Russian counterpart in St. Petersburg to discuss energy, after which the world’s two biggest crude exporters plan on signing a cooperation pact.
FILE - In this Thursday, April 2, 2105 file photo, Pope Francis Pope holds the book of Gospels as he presides over Chrism Mass in St. Peter's Basilica, at the Vatican. When Pope Francis visits the United States this fall, he can expect the same rock-star adulation that greets him wherever he goes. But his positions on hot-button issues such as the death penalty and climate change could quickly set the stage for conflict. That may explain why Francis has been clearing the decks on a host of less high-profile matters of contention that could also have marred the visit. (AP Photo/Gregorio Borgia, File)

Energy producers push back against pressure from pope on climate change

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The spiritual leader of 1.2 billion Catholics around the world made his plea for the planet, and for the world’s poorest people, in a 181-page letter to bishops Thursday. Companies and industry groups said the fuels they produce are needed to supply rising global demand for energy.
This aerial photo shows an oil sands mine facility near Fort McMurray, in Alberta, Canada. The proposed Keystone XL pipeline would carry oil sands crude from projects in Alberta to refineries along the Gulf Coast. (AP Photo/The Canadian Press, Jeff McIntosh, File)

Suncor scales back, signaling end of oil sands megaprojects

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Crude’s price slump, pressure to get off fossil fuels and tax increases in Alberta are adding to high costs and a lack of pipelines, prompting producers from Suncor Energy Inc. to Imperial Oil Ltd. to accelerate a shift to smaller projects.
Pope Francis gives an audience to the participants at the Convention of Rome Diocese at St Peter's square on June 14, 2015 at the Vatican.  AFP PHOTO / FILIPPO MONTEFORTEFILIPPO MONTEFORTE/AFP/Getty Images

Pope urges drastic cut in fossil fuels to protect climate

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Francis gave Catholics little room for maneuver, writing that Christians “realize that their responsibility within creation, and their duty towards nature and the creator, are an essential part of their faith.”
Mikhail Khodorkovsky (right), Russia's richest man and former CEO of OAO Yukos Oil, is guarded in the defendant's cage at the Meschansky Court in Moscowon July 12, 2004. (Dmitry Beliakov/Bloomberg)

Russia braces for global asset fight over Yukos after seizures

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Yukos, once Russia’s top oil producer, was dismantled amid billions of dollars of back-tax claims that former owner Mikhail Khodorkovsky called a response to his political activities.