(Eddie Seal/Bloomberg News)

Banks cut oil price forecasts on demand concerns

The Washington D.C.-based World Bank lowered its expectations for 80 percent of the commodities it tracks amid signs of slowing growth in emerging economies, which have bolstered commodity prices for more than a decade and a half.
Iran's President Hassan Rouhani gestures at the conclusion of his press conference, in Tehran, Iran, Sunday, Jan. 17, 2016. The implementation of a historic nuclear deal with world powers is expected to pave the way for a new economic reality in Iran, now freed from harsh international sanctions. On Sunday Rouhani presented parliament with a draft budget that plans for an economic windfall even as it reduces reliance on oil revenues. (AP Photo/Ebrahim Noroozi)

Iran signs flurry of business deals as leader visits Europe

Some business deals are ready to be inked but others are still in negotiation as a few sanctions not related to the nuclear program remain in place, particularly by the U.S., on the trade of goods that could be used for military or intelligence purposes.
NEW YORK, NY - JANUARY 04:  A trader works on the floor of the New York Stock Exchange during the morning of January 4, 2016 in New York City. Today marks the first day of trading for the New York Stock Exchange; the market dove over 400 points upon opening.  (Photo by Andrew Burton/Getty Images)

Stocks rise with oil prices, consumer and bank stocks climb

Higher oil prices and some positive earnings news from U.S. companies are helping to send the stock market higher.
John Hess, chairman and CEOr of Hess Corp., speaks at the CERAWeek Energy Conference on global energy in Houston. (F. Carter Smith/Bloomberg News)

Hess cuts 2016 budget by 40 percent

The budget cut lines up with projections forecasting deep spending reductions in the industry this year.

Crude to lead global fuel demand for decades to come

Sixty years to the day after Buddy Holly’s first official recording session took place, and “Blue Days, Black Nights” have become a common occurrence for the crude complex of late. Prices are bucking that trend for now, however, and we are seeing a morning in the green. Last night was certainly dark times for the […]
(Daniel Acker/Bloomberg News)

Pipeline builders facing new obstacle in Western Canada: saboteurs

Saboteurs represent the latest hassle Western Canada faces in getting its crude to coastal markets as plans to build new pipelines are stymied by environmental and legal challenges.
Categories: Canada, Crude oil, Pipelines
Electric light illuminates the derrick tower of an oil drilling platform at a site operated by Tatneft OAO near Almetyevsk, Russia, on Friday, July 31, 2015. Eleven months of surviving with oil below $100 have left Russia hardened enough to endure a monthlong drop to $40 a barrel, a survey of economists showed. Photographer: Andrey Rudakov/Bloomberg

Distress in the oil patch is spurring a new type of joint venture

Joint ventures between oil and gas explorers in the U.S. and their foreign counterparts helped fuel the shale boom. They’re coming back in a new iteration for the bust.
People wave Russian flags as they look at Russian President Vladimir Putin delivering a speech on a screen on March 18, 2014, in Sevastopol.  (VIKTOR DRACHEV/AFP/Getty Images)

How cheap oil is squeezing Russia’s economy

Russia, which relies on oil and natural gas for almost half its fiscal revenue, ran a budget deficit of 2.6 percent in 2015, the highest in five years.
Gulf Oil Spill

Industry report: Majority of energy sector thinks it is repeating mistakes

About 56 percent of 920 global energy executives surveyed believe too many companies are short-sighted about making quick cutbacks, said the “A New Reality” report from DNV GL, a leading technical adviser to the industry. Nearly three quarters of those surveyed said a new phase of budget management is needed to prepare to succeed in a sustained period of low oil prices.
FILE - In this May 9, 2015 file photo, workers unload pipes at a staging area in Worthing, S.D., for the proposed 1,130-mile Dakota Access Pipeline that would stretch from the Bakken oil fields in North Dakota through South Dakota and Iowa to a hub in Illinois. North Dakota regulators are slated to decide the permit for the pipeline on Wednesday, Jan. 20, 2016. Regulators in South Dakota and Illinois already have approved permits for the project. (AP Photo/Nati Harnik, File)

Williams cuts its capital budget by more than $1 billion

The 35 percent capital budget cut from last year comes amid the ongoing oil crash and just two weeks after Moody’s Investor Service downgraded Williams’ credit rating. Williams said it is slicing its capital budget from $3.3 billion down to $2.1 billion for the year.