Saudi oil minister Khalid al-Falih said on Sunday that China and the U.S. would lead healthy global demand for oil this year but that it would be too early to change OPEC+ output policy at the group’s next meeting in April. Read More...

Oil prices fell nearly 1 percent on Wednesday as bullish output forecasts by two big U.S. producers and a build in U.S. crude stockpiles outweighed ongoing OPEC-led efforts to rein in crude production. Read More...

Shell will be prosecuted for criminal charges relating to a $1.3 billion settlement for an oil exploration licence in Nigeria, and has also been summoned by prosecutors to face charges over chemical emissions and an explosion. Read More...

Oil prices rose on Monday as Washington and China appeared to edge closer to a trade deal, dampening fears over the outlook for global economic growth. Read More...

Oil prices fell on Friday after the United States reported its crude output hit a record 12 million barrels per day (bpd), undermining efforts by Middle East-dominated producer club OPEC to withhold supply and tighten global markets. Read More...

The world’s biggest crude oil producer and the world’s most profitable company, Saudi Aramco, plans to collaborate with Indian refining giant, Reliance Industries, as well as other companies to invest in refineries and petrochemical projects in India.$44 billion has reportedly been allocated by this collaborative venture between Aramco and India’s PSU oil companies to set up a refinery in Maharashtra. Saudi Arabia’s interest in India is part of its strategy to increase its share in Asia’s crude oil market and invest more in refining and petrochemicals to reduce its economy’s dependence on crude oil sales. Comparable projects of Aramco include a major investment in refining and petrochemicals projects in South Korea, as well as a $7 billion joint venture investment with Malaysia’s Petronas for a refinery that will buy at least half of its crude oil requirement from Saudi Arabia. Aramco has similar plans for India, given its status as one of world’s top energy consum

Oil prices were around 2019 highs on Wednesday, propped up by supply cuts led by producer club OPEC and by U.S. sanctions on Iran and Venezuela. Read More...

Saudi state energy giant, Aramco, plans to foray into international oil and gas exploration in future, which may put the company into competition with Exxon Mobil (XOM) and Royal Dutch Shell (RDS).Its top agenda is to build a global natural gas business. Other considerations include investments in LNG projects in the Russian Arctic and the U.S., as well as opportunities in Australia, which recently topped Qatar as the world's top exporter of LNG. Aramco has already made investments in overseas refineries and petrochemicals plants.

BP has invested more money in Egypt in the last two years than anywhere else, the oil giant's Chief Executive Bob Dudley told CNBC. Read More...

Chevron Corporation’s latest fourth quarter earnings report beat estimates as the company saw a 20% rise in EPS to $1.95, though quarterly revenue fell short of estimates -- $42.35 billion versus an estimated $46.13 billion. The company’s net oil-equivalent production also grew more than 7% in 2018 to a record 2.93 million barrels per day. Total earnings for 2018’s fourth quarter, including $2.02 billion in tax benefits related to U.S. tax reform, stood at $3.7 billion ($1.95 per share – diluted) compared to $3.1 billion ($1.64 per share – diluted) in the fourth quarter of 2017. Sales and other operating revenues for the fourth quarter 2018 stood at $40 billion, compared to $36 billion in the year-ago period. According to several analysts, the company has focused on a clear strategy to attract investors.For example, the company has resumed its share buyback program with sufficient cash and cash equivalents at its disposal - a planned rate of ~$3 billion annually for the f

The volatility that rocked oil prices last quarter may have moderated, but Citi's global head of commodities research says the market's "nightmare" is not over yet. Read More...

Shares of the world’s largest publicly traded oil and gas company, Exxon Mobil, rose more than 3% on Monday to touch the $76 mark. Exxon’s latest quarterly earnings report revealed that the company reported a forecast-beating performance in the fourth quarter. Quarterly profit excluding the impacts of U.S. tax changes rose to $6.41 billion, registering a 72% increase from the same period a year ago. However, quarterly profit including the tax impacts fell by 28% compared to the same quarter a year ago to $6 billion.Nevertheless, the equivalent earnings per share of $1.41 beat forecasts of $1.08 per share. But revenue couldn’t match forecasts and came-in at $71.89 billion, although the company showed a small increase in fossil fuel production.

It "infuriates" CNBC's Jim Cramer to watch hedge funds take control of the stock market by making decisions based on a single variable: the price of oil. Read More...

Shale oil's impact will have "huge implications" for global energy markets for many years, Fatih Birol, executive director at the International Energy Agency, told CNBC on Tuesday.Read More...

The 14 nation OPEC began its first round of oil supply cuts in December, as oil supplies plunged by 751,000 barrels per day to nearly 31.6 million bpd. In early December OPEC members signed an agreement with Russia and nine other nations to keep 1.2 million barrels per day off the market starting in January.On the other hand, Iraq, OPEC's second largest producer, witnessed the biggest jump in production in the final month of the year as its output rose 88,000 bpd to just over 4.7 million bpd. At the current level, Baghdad would need to cut about 200,000 bpd in January to meet its quota under the supply cut agreement.  

America’s journey to preeminence in the global oil trade is about to hit another milestone. Propelled by the shale-oil boom, the U.S. is already producing more crude than either Russia or Saudi Arabia, who until recently vied for the top spot.Read More...

Chevron, the U.S-based energy company, has temporarily halted the third liquefaction train at its Gorgon LNG plant on Barrow Island in Western Australia, apparently due to some mechanical issue.In fact, according to the Bureau of Meteorology, the past ten days have shown a record temperature in Australia. Reuters also believes that this temporary shutdown will benefit Asian LNG prices that have been experiencing the lowest phase in the past two years due to mild winter in East Asia. Currently, Gorgon is one of the world’s largest natural gas projects, with a capacity to produce 15.6 million metric tons/year of LNG from its three trains. 

At the Atlantic Council Global Energy Forum in Abu Dhabi on Sunday, OPEC Secretary General Mohammed Barkindo revealed his hope that 2019 will deliver a more balanced oil market. However, he also voiced his concern that the lingering trade dispute between the U.S and China -- two of the largest sources of energy demand -- may significantly affect international trade by disrupting growth prospects in major Asian markets. Outside of the U.S, India and China are the brightest spots in terms of demand for energy.

Oil prices fell about 2 percent on Friday amid worries about a global economic slowdown, but futures ended the week higher, keeping some gains from a week-long rally spurred by U.S.-China trade hopes. Read More...

But analysts expect the rise to be just temporary, amidst lingering concerns over a demand-supply imbalance. Driven by healthy demand and a suitable equilibrium, oil prices rose consistently from January to October 2018.After reaching a four-year high of $86.74 per barrel in early October, oil prices dropped continuously. After dropping nearly 25% in 2018, U.S. West Texas Intermediate crude futures ended the year at $45.55 a barrel.