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Crude supplies to dwindle as drillers cut investment

Global crude supplies will start to dwindle in as little as two years, boosting prices, as the industry cuts investment to weather the worst market collapse in a generation, according to Statoil ASA. Oil companies reduced capital expenditure last year and are likely to cut it further this year and n ...

Oil rally continues

Oil extended its advance to near $50 a barrel as weekly U.S. industry data showed crude stockpiles declined, easing a glut. Futures rose as much as 1.7 percent in New York Wednesday, marking a second day of gains. U.S. oil inventories, which are near the highest in 80 years, dropped by 5.14 million ...

Majors vie for Qatar offshore oil field operation

Chevron Corp., Royal Dutch Shell Plc, Total SA, ConocoPhillips and Maersk Oil Qatar submitted bids to operate Qatar’s biggest offshore oil field, according to two people with knowledge of the matter. Qatar Petroleum received proposals from the five oil companies to enter a production sharing agreeme ...

Shell to cut another 2,200 jobs worldwide

Royal Dutch Shell Plc will cut 2,200 more jobs, taking the tally of losses to 12,500 from 2015 to 2016 as Europe’s biggest oil producer continues to adjust to the slump in prices. At least 5,000 jobs will be cut this year, the company said in an e-mailed statement. These reductions are in response t ...

Insurers risk financial stability through energy holdings, report says

U.S. insurers are risking financial stability by holding $459 billion of energy-related investments without considering the “broad and deep” threat that climate change poses to the assets, according to an environmental advocacy group. Ameriprise Financial Inc., Lincoln National Corp. and Voya Financ ...

Crude gains on expectations of falling inventories

Oil climbed before the release of U.S. government data that is forecast to show crude inventories declined, easing a glut. Futures rose 1.1 percent in New York. U.S. crude stockpiles, which are near an eight-decade high, probably slid by 2 million barrels last week, according to a Bloomberg survey b ...

Oil sands operations prepare for restart after wildfire

All of the Canadian oil-sands facilities that workers fled last week as a wildfire spread are being allowed to prepare for restart as cool, humid weather has helped contain the inferno. Alberta lifted mandatory evacuation orders for the last of the accommodation and production sites on Monday, which ...

OPEC president: ‘Fair price’ for oil badly needed

The oil market is slowly recovering from its steep drop over the past two years but crude is still not trading at a “fair price” to encourage necessary investment, Qatar’s energy and industry minister said Tuesday, ahead of next week’s meeting of OPEC producers. Speaking to T ...

Don’t expect $100 a barrel oil, says energy minister

The oil market is rebalancing, but don’t count on ever seeing prices at $100 a barrel again: that’s the clear message from Norway’s petroleum and energy minister. Brent crude has surged more than 70 percent from a 12-year low earlier this year as a global glut shows signs of easing, bringing relief ...

Sad reasons to be optimistic about oil rally

Investors have some sad reasons to be optimistic about oil prices. Outbreaks of violence in Nigeria, export troubles in a divided Libya and wildfires ripping across the Canadian oil sands are reviving wagers that crude markets will tighten. Speculators’ net-long position in benchmark U.S. crude, a m ...

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