Lawrence Ullmann, a general operator for Baker Hughes, works on the catwalk at an oil rig site on May 22, 2015 in Hallettsville, Texas. (San Antonio Express News)

German firm sues Baker Hughes over steel used underground gas storage field

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The defective equipment represents “a grave risk of harm with potentially catastrophic consequences,” because a rupture might result in the release of natural gas into the atmosphere and a potentially large fire, the Germany company said in the complaint.
Prime Minister Vladimir Putin of Russia visits an oil rig in the Caspian Sea operated by Lukoil, April 28, 2010. (Alexei Druzhinin/Pool via The New York Times)

Despite market buzz, Russia unlikely to team up with OPEC to raise oil prices

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Kremlin officials were quick to dismiss the prospect of joint action.

Crude is swayed by overnight data from China, Europe

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As the US returns to work after a long weekend, it is under the influence of various overnight releases from Europe and Asia. Brent crude is rallying strongly after seeing downside yesterday, while WTI is still playing catch-up and selling off towards mid-forty dollardom. At first blush a revision to Japanese GDP for Q2 was better […]
A worker at Valero Energy's refinery in Three Rivers, Texas, Oct. 12, 2012. (Michael Stravato/The New York Times)

This summer’s high gas demand could lead to a heavier maintenance season for refineries

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The summer saw high gasoline demand and ever-cheapening prices at the pump, but the fall is expected to see up to 1.3 million fewer barrels of crude oil a day processed into gasoline by refineries while some plants are temporarily shut down, said analyst Brad Heffern of RBC Capital Markets.
Foundation jackets and a deck are seen on a barge near a construction crane before their installation on Deepwater Wind, the nation's first offshore wind farm, Monday, July 27, 2015, on the waters of the Atlantic Ocean Off Block Island, R.I. Deepwater Wind will consist of five turbines producing a total of 30 megawatts of electricity. (AP Photo/Stephan Savoia)

U.S. lags Europe on offshore wind efforts

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Rhode Island-based Deepwater Wind reached its first “steel in the water” milestone in the early construction phase of its Block Island Wind Farm at the end of July, and the company has some other projects planned offshore of the Atlantic coast.
Operator Tim Mouton inspects polymer pellets for quality at the LyondellBasell Bayport Polymers Plant, Monday, October 11, 2010 in Pasadena, TX. (Eric Smith/Houston Chronicle)

Extended low oil prices could slow U.S. petrochemical renaissance

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The bountiful ethane that comes from natural gas liquids and U.S. shale production would become more scarce, according to the IHS report. Ethane is used to make ethylene, which which is the main building block for plastics.
Dave Lesar, third from right, chairman and CEO of Halliburton, rings the Opening Bell at the New York Stock Exchange (NYSE) on November 18, 2014 in New York City. (Photo by Spencer Platt/Getty Images)

Halliburton faces more scrutiny over Baker Hughes deal from Justice Department

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Just as Baker Hughes did last month, Halliburton said it has responded to a second round of antitrust questions from the Justice Department, without giving details about what was asked.
BP Plc Results News Conference

BP posts $6.3 billion loss, warns of more layoffs ahead

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BP lost $6.3 billion in the second quarter amid the ongoing oil slump and as it took charges on its recent Deepwater Horizon oil spill settlement with the U.S. government and Gulf states.
Prime Minister Vladimir Putin of Russia visits an oil rig in the Caspian Sea operated by Lukoil, April 28, 2010. (Alexei Druzhinin/Pool via The New York Times)

Russia seen as biggest oil-market loser when Iran comes back

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Iran has been barred from selling oil in Europe since 2012 when the European Union imposed a ban on crude imports. Coupled with tougher U.S. sanctions making it more difficult to buy Iranian oil with dollars, that caused output to drop from 3.6 million barrels a day in 2011 to 2.6 million barrels last year.
(FILE) A picture taken 30 May 2005 shows Imprisoned former head of the Yukos oil company, Mikhail Khodorkovsky  stands in the defendant's box in the courtroom in Moscow. The former boss of Russian oil giant Yukos, Mikhail Khodorkovsky, was attacked in his prison cell this week by a fellow inmate who slashed his face with a knife, Khordokovsky's press service said in a statement 15 April 2006. AFP PHOTO  / TATYANA MAKEYEVA

(Photo credit should read TATYANA MAKEYEVA/AFP/Getty Images)

Former oil tycoon, a Putin rival, suspected of ordering Russian mayor’s killing

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The announcement that investigators were considering whether to charge Mikhail Khodorkovsky with ordering the killing came as he is becoming an increasingly strong voice in Russian opposition politics.