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The Ocean Monarch (Image: Diamond Offshore)

Diamond Offshore sees drilling rig downturn ‘lower for longer’

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Exploration and production customers have canceled more than $4 billion of future work for offshore rig owners globally, Chief Executive Officer Marc Edwards said Monday on a first- quarter earnings conference call.
Saudi King Salman on  Tuesday, March 10, 2015. (AP Photo/SPA)

Saudi Aramco creates supreme board as oil exporter reorganizes

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Saudi Arabia is pumping near-record amounts of crude, leading the Organization of Petroleum Exporting Countries in a policy of maintaining output to pressure suppliers outside the 12-nation group to help tackle an excess.
(Photo by Robert Nickelsberg/Getty Images)

Church of England dumps coal as fossil-fuel divestment gains

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The Church of England will dump its holdings in coal and oil-sand producers and has ruled out backing companies with exposure to the most polluting fossil fuels, joining the movement that wants investors to help fight climate change.
Categories: Coal
In this Jan. 24, 2015 file photo, Saudi Arabia's King Salman attends a ceremony at the Diwan royal palace in Riyadh. Salman on Wednesday, April 29, 2015, redrew the line of succession, appointing a counterterrorism czar as crown prince and placing his own defense minister son in line for the crown, in a dramatic reshuffle that reflects the kingdom?s mounting security concerns and newly assertive foreign policy. (AP Photo/Yoan Valat, Pool)

Salman abandons Saudi royal balancing act to impose rapid change

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In less than four months, the king has overhauled his cabinet, removed princes from government roles, merged ministries and realigned the succession.
(AP file photo/Mike Derer)

AAA: Millenials are finally buying gasoline

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Americans under 35 are almost twice as likely as those above that age to report driving more because of the $1-a-gallon drop in prices at the pump over the past year.
(AP Photo/ Louis Lanzano)

Wall Street models fail as Big Oil crushes estimates

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Exxon Mobil Corp., BP Plc and other major oil producers beat analysts’ profit estimates by an average of 46 percent for the first quarter, according to data compiled by Bloomberg
A boat of tourists moves on Dubai creek, with the city skyline in the background in Dubai, United Arab Emirates. (AP file photo/Kamran Jebreili)

The oil slump is emptying the stores of Dubai

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With the plunge in crude throttling economies across the Middle East, gold buyers are harder to find.
(DEwira/AFP/Getty Images)

OPEC oil output near 2 1/2-year high as Saudis show no letup

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Prices tumbled the first quarter of this year as U.S. output surged to the highest level in more than four decades and OPEC members pumped more barrels.
(Photographer: Andrey Rudakov/Bloomberg)

Shell profit falls by more than half, but beats analyst estimates

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Shell is cutting investment after oil’s slump over the past year forced producers to defer projects to strengthen their balance sheets.
Saudi King Salman on  Tuesday, March 10, 2015. (AP Photo/SPA)

Saudi King cements power around next generation in reshuffle

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The monarch elevated Muhammad Bin Nayef to crown prince after Prince Muqrin, the king’s brother, asked to step down, the royal court said on Wednesday.