(Andrey Rudakov/Bloomberg)

Russian exports could be the next biggest threat to global crude oil prices

Russia may increase oil exports by as much as 250,000 barrels a day this year, according to the Oxford Institute for Energy Studies.
Joe Kaeser, chief executive officer of Siemens AG. (Krisztian Bocsi/Bloomberg)

Siemens drops as oil price slump hurts profitability, sales

Siemens is in the midst of cutting 9,000 jobs to save 1 billion euros in costs by 2017.

Norway has an $18 billion plan to shift away from oil

Western Europe’s biggest crude producer is facing what central bank Governor Oeystein Olsen calls a “period of restructuring” amid plunging oil prices.
Petrobras, which operates this deep-water platform, is at the center of a corruption probe. Photographer: Rich Press.

How Europe’s oil companies are profiting from the slump

Although better known for their oil fields, refineries, and petrol stations, BP Plc, Royal Dutch Shell Plc and Total SA are also the world’s biggest oil traders.
(Jeff Pachoud/AFP/Getty Images)

Europe refiners’ gasoline profit at 10-month high on exports

Gasoline’s crack, or premium to Brent crude, rose to $13.46 a barrel on Tuesday, the highest since April 29, according to PVM Oil Associates Ltd, one of the largest brokers for the fuel, before falling to $13.13 at 1:21pm London time.
German Chancellor Angela Merkel, left back to a camera, Ukrainian President Petro Poroshenko, second left, Belarusian President Alexander Lukashenko, second right, and Russian President Vladimir Putin, walk together to continue their peace talks in Minsk, Belarus, Wednesday, Feb. 11, 2015. Leaders of Russia, Ukraine, France and Germany are gathering for crucial talks in the hope of negotiating an end fighting between Russia-backed separatist and government forces in eastern Ukraine.  (AP Photo/Alexander Zemlianichenko)

U.S. lifts sanctions on Belarus energy company

The U.S. announced online that it was lifting sanctions against Belorusneft that were implemented in 2011 in response to the company’s announcement that it would begin work in Iran.
(Andrey Rudakov/Bloomberg)

Balkan states seek gas partnership that may cut Russian reliance

Balkan nations on the Adriatic sea plan to build a new gas pipeline and connect their networks in a move that may help reduce Europe’s dependence on energy imports from Russia.
ExxonMobil CEO Rex Tillerson (left) talks to Russian Prime Minister Vladimir Putin during a  signing ceremony in Russia in 2011. (AP photo/RIA Novosti, Alexei Druzhinin, pool)

Exxon now has more exploration holdings in Russia than in the U.S., despite sanctions

While U.S. and European Union sanctions against Russia forced Exxon to shut down an Arctic drilling project in October, the producer is staking claims to areas that could yield tens of billions of barrels in coming decades.
Photographer: Simon Dawson/Bloomberg

Lukoil profit drops 39 percent after impairments, oil-price slump

The results come after OAO Gazprom Neft posted a 31 percent decline in profit on Monday as oil prices plunged and a weaker ruble led to foreign-exchange losses, while OAO Novatek last week said earnings dropped 66 percent.
(Markus Schreiber/Associated Press)

Russia, Ukraine hold emergency gas talks as cutoff looms

The European Union, which is mediating the talks in Brussels hoping to keep gas flowing despite the dispute, imports around 40 percent of its gas from Russia, half through conflict-torn Ukraine.