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(AP file Photo/Bebeto Matthews)

Global agency sees oil price recovery but no return to highs

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The U.S. benchmark oil contract fell from nearly $110 a barrel last summer to under $45 this year before a recovery to around $53 in recent days.
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)

U.S., Russia fight over Europe’s energy future

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It’s all about heat and electricity for tens of millions of Europeans.
(AP Photo/Scanpix, Statoil)

Arctic explorers retreat from hostile waters amid oil plunge

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Cheap oil threatens to demote the importance of a region already challenged by high costs, environmental concerns, technological obstacles and, in the case of Russia, international sanctions.
Saudi Arabia's Minister of Petroleum and Mineral Resources Ali Ibrahim Naimi speaks to journalists at OPEC's meeting in Vienna. (AP Photo/Ronald Zak)

Oil price crash sparks war of words

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Oil powers from Iran to Ecuador have proposed different theories on who’s really to blame for plunging oil prices.
Sen. John Thune, R-S.D., left, and Senate Minority Whip John Cornyn of Texas, right, listen as Senate Minority Leader Mitch McConnell of Ky., center, speaks during a news conference on Capitol Hill in Washington, Tuesday, Nov. 18, 2014. (AP Photo/Carolyn Kaster)

Keystone pipeline to top Senate agenda next year

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Congressional Republicans have been pushing for approval of the pipeline for years. Obama has resisted because of environmental concerns.
A driver refuels her car at a gas station of PetroChina, a subsidiary of CNPC (China National Petroleum Corporation), in Luoyang city, central China's Henan province, 19 August 2014. (File, Bloomberg)

China seen overtaking U.S. as world’s biggest oil user

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Growth in oil demand to 2040 will also be driven by India, Southeast Asia, the Middle East and sub-Saharan Africa, the IEA said.
Jim Ratcliffe, left, the founder of Ineos (ED Jones/AFP/Getty Images)

U.S. petrochemical renaissance sows worry in Europe

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European chemical companies face greater pressure to rethink they way they do business in if they want to compete against U.S. petrochemical plants, which have been buoyed by the shale boom.
A systems operator inside a transmission control center in Massachusetts. (Getty Images)

Russian hackers threatening power companies, researchers say

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A Russian group of hackers known as “Energetic Bear” is attacking energy companies in the U.S. and Europe and may be capable of disrupting power supplies, cybersecurity researchers said.
(AP Photo/Williston Herald, Jerry Burnes, File)

US oil spending could hit $165B on global conflicts, report says

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Oil and gas producers could boost their annual spending to $165 billion in the United States as conflicts in Iraq and elsewhere send crude prices higher, according to a report released by Barclays on Wednesday.
A pumpjack operates at the Inglewood Oil field in Los Angeles. (Patrick T. Fallon/Bloomberg)

Deloitte: OPEC influence waning as US shale surges

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Over the next five or six years, surging shale-oil production in the United States could cut deep into the Organization of Petroleum Exporting Countries’ influence over global oil prices, a new report says.