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OPEC sees slower demand growth, faster output declines

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OPEC says the decline in oil production outside the cartel will accelerate after the recent slide in crude prices to around $30 a barrel, which has prompted U.S. oil companies to announce deeper capital spending cuts and sharper declines in drilling activity in U.S. shale plays and Canada.
The sun sets beyond an oil pumping unit, also known as a "nodding donkey" or pumping jack, at a drilling 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

Crude plunges as IEA warns of lower oil demand in 2016

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In its monthly oil market report, the IEA said the world’s “unrelenting oversupply” of oil is expected to grow, adding 300 million barrels to the storage tanks around the world, albeit a lower level than this year.
US Secretary of State John Kerry (R) walks with White House senior advisor Brian Deese (L) and US Special Envoy for Climate Change Todd Stern (C) to attend a meeting with French Foreign Minister during the COP 21 United Nations conference on climate change at Le Bourget, on the outskirts of Paris, on December 10, 2015. / AFP / POOL / MANDEL NGANMANDEL NGAN/AFP/Getty Images

Sleepless, tense climate negotiators haggle over Paris deal

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Climate negotiations continued until about 5 a.m. Thursday before resuming midmorning, and a new draft accord is expected to be released sometime during the day, a French diplomat said.
(AP file photo)

China unleashing commodity torrent

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The flood is compounding a worldwide surplus of commodities that’s driven returns from raw materials to the lowest since 1999, threatening producers from India to Pennsylvania and aggravating trade disputes.
Brazil's President Dilma Rousseff attends the opening session at the COP21, United Nations Climate Change Conference, in Le Bourget, outside Paris, Monday, Nov. 30, 2015. (Eric Feferberg/Pool Photo via AP)

India, Brazil resist bid for long-term carbon goals

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Negotiators from both countries said Wednesday they favor sticking to the already established goal of limiting global warming to 3.6 degrees F.
A OPEC logo sits on a sign outside the 167th Organization of Petroleum Exporting Countries (OPEC) conference in Vienna, Austria, on Friday, June 5, 2015. The Organization of Petroleum Exporting Countries has exceeded its own target of 30 million barrels a day for 12 straight months. Photographer: Lisi Niesner/Bloomberg

OPEC meeting and economic data set the tone for crude this week

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Thirty-three years after Michael Jackson’s sixth studio album was released, and this week is set to be an absolute thriller. What starts off rather calmly today with the closing out of November, culminates with a frenetic Friday and a cracking combination of nonfarm payrolls (aka, official US unemployment data) and the small matter of an OPEC […]
Children play on the rooftop of a house as emissions billow from smokestacks at the NTPC Ltd. Badarpur coal-fired power plant in Badarpur, Delhi, India, on Tuesday, April 28, 2015. (Kuni Takahashi/Bloomberg)

India renewable power demand to surge by 2040

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Over the next quarter century, the 240 million people without electricity in India will likely become the biggest force behind global energy demand, the International Energy Agency says in a new report.
Fatih Birol of the International Energy Agency.  (Dave Rossman photo)

IEA: Cheap oil era could boost reliance on Middle Eastern crude

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If crude prices don’t bounce back by the end of the decade, an era of cheap oil could consolidate more oil-market power into the hands of a few low-cost producers in the Middle East – raising concerns about energy security for oil-importing nations, the IEA says.
FILE PHOTO: Saudi Arabia's King Abdullah bin Abdulaziz Al Saud enters a car on his arrival in Beijing, China, on Sunday, Jan. 22, 2006. King Abdullah has died and will be succeeded by his half-brother, Crown Prince Salman, at the helm of the world's biggest oil exporter. Photographer: Lucas Schifres/Bloomberg *** Local Caption *** King Abdullah

Saudi Aramco says it foils fraud attempt involving India

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A statement by Saudi Aramco said the fraud involved a fake money transfer, without elaborating.
An oil worker walks by an oil pump during a sandstorm in the desert oil fields of Sakhir, Bahrain


FILE - In this Thursday, Jan. 8, 2015 file photo, an oil worker walks by an oil pump during a sandstorm that blew in, in the desert oil fields of Sakhir, Bahrain. Across a Mideast fueled by oil production, low global prices have some countries running on empty and scrambling to cover shortfalls, even as more regional crude is on tap to enter the market.(AP Photo/Hasan Jamali, File)

Former IEA chief: Oil will stay below $100 until 2020 because of U.S. shale boom

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“Price will not go up to a hundred as easily as before,” the former IEA head said.