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Oil heads for biggest weekly advance in 15 months

Oil is headed for its biggest weekly gain in 15 months after OPEC approved its first supply cut in eight years, with attention now shifting to the deal’s implementation and how producers outside the group will react to any price rally. Futures were little changed in New York and poised for an 11 per ...

As Mexico welcomes oil giants, its colossus slowly erodes

In Mexico, the era of big oil is just getting started. But for the state oil dinosaur, its best days appear to be behind it. The reign of Petroleos Mexicanos, the government-owned oil producer known as Pemex, is slowly being dismantled after a 2013 overhaul ended its monopoly and opened up the indus ...

Crude above $50 a barrel after OPEC production deal

Oil traded above $50 and crude producers rose after OPEC approved its first supply cuts in eight years, with the focus now shifting to how strictly the group will implement the deal. Futures advanced 0.5 percent in New York after rising 1.6 percent earlier. Prices surged 9.3 percent Wednesday, the l ...

Is $60 a barrel oil on its way?

Oil prices may break above $60 a barrel if OPEC and Russia fully adhere to their promises to pump less, says Goldman Sachs Group Inc. West Texas Intermediate could rise by $6 above the bank’s current forecast of $55 a barrel and $56.50 for Brent in the first half of 2017, Goldman Sachs said in ... ...

Can Russia deliver on pledge to cut oil production?

Russia has committed to cooperate with OPEC by cutting as much as 300,000 barrels a day from its oil output but offered no clear method for enforcement, creating uncertainty about how easily the reduction can be delivered. Output cuts should be spread proportionally between Russian producers, who ha ...

OPEC said to agree to output cut of 1.2 million barrels a day

Oil rose the most in nine months after OPEC ministers were said to have forged a deal to cut production, sending stocks of energy producers and currencies of commodity-exporting nations higher. Crude rebounded from a two-week low after some delegates at the meeting of oil producers in Vienna on Wedn ...

OPEC deadlocked as Iran, Saudi Arabia harden postions

An OPEC deal to curtail oil production appeared in jeopardy as Iran said it won’t make cuts while Saudi Arabia insisted Tehran must be willing to play a meaningful role in any agreement. Ministers gathering in Vienna before Wednesday’s crucial OPEC meeting are attempting to resolve differences obstr ...

Oil retreated below $47 in New York after OPEC officials failed Monday to work out a compromise on a deal to cut production and boost crude prices. Futures lost as much as 2.3 percent. A 10-hour technical meeting focusing on how to divide cuts failed to resolve differences, with Iran still aiming to ...

Chevron joins with Pemex and Japanese firm in bid for offshore rights

Chevron Corp. has joined forces with Petroleos Mexicanos and Japan’s Inpex Corp. to bid next week for the right to explore for oil and natural gas, the first time the state-owned operator will partner with private companies to develop crude in the Gulf of Mexico. Seven groups and eight individual bi ...

Fracking rebound boosts service firms

The oilfield service companies that supply everything from sand to sophisticated robot rigs are seeking a new lease on life as America’s fracking fortunes begin to turn. Shale drillers have added 158 rigs since May, according to Baker Hughes Inc. At the same time, companies such as Chesapeake Energy ...

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