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Norway rejects call to cut oil taxes as cure for crude crash

Oil companies in the country are preparing to cut investment by 15 percent this year.  More »

Saudi Arabia’s oil exports fell in 2014 in ‘tough year’

Saudi Arabia will maintain output, Oil Minister Ali Al-Naimi said in December, according to the state-run Saudi Press Agency.  More »

Oil rises to highest this year amid Libyan, Iraqi disruptions

West Texas Intermediate oil for March delivery rose 75 cents from Friday’s settlement to $53.53 a barrel on the New York Mercantile Exchange.  More »

T. Boone Pickens’ energy holdings lost nearly half of their value in fourth quarter

Oil’s more than 51 percent decline since June 20 has eroded profits and forced major producers and drillers to cut more than $40 billion in spending and fire 50,000 workers.  More »

China considering merging state-owned oil companies

The country’s leaders have asked government economic advisers to study the possible mergers, the Wall Street Journal said, citing unidentified officials familiar with the research.  More »

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 »