Venezuela's 2015 budget will be based on a target oil price of $60 dollars per barrel, President Nicolas Maduro said on Friday night, but he repeated expectations that prices will recover.
Russia and Ukraine made progress on Friday towards resolving a dispute over gas supplies in time for winter, but European leaders said Moscow still had to do much more to prop up a fragile ceasefire and end fighting in eastern Ukraine.
General Electric Co (GE.N) posted higher quarterly net income on Friday, helped by sales of its jet engines and oil and gas equipment.
Statoil (STL.OL) exited Azerbaijan's Shah Deniz gas project on Monday, selling a 15.5-percent stake to Malaysia's Petronas [PETRA.UL] for $2.25 billion as part of asset sales to shore up returns to shareholders.
Saudi Arabia effectively started a global oil price war this month aimed at quickly denting U.S. oil output. Slowing a U.S. drilling boom, however, could take more than a year.
Still haunted by its failed attempt to prevent a steep drop in oil prices by slashing production by almost three quarters in the 1980s, the world's top oil exporter Saudi Arabia is determined not to make the same mistake again.
As Iraqi militants advanced on Baghdad with M-16s and stolen tanks in June, most investors and traders in the jittery oil markets believed oil prices would spike even higher.
Saudi Arabia is quietly telling oil market participants that Riyadh is comfortable with markedly lower oil prices for an extended period, a sharp shift in policy that may be aimed at slowing the expansion of rival producers including those in the U.S. shale patch.
“A rose by any other name would smell as sweet,” William Shakespeare wrote in “Romeo and Juliet”. But he was not working for the U.S. government and trying to define what constitutes condensate and natural gas liquids.
World oil prices are set to fall further, extending a months-long rout as Saudi Arabia is unlikely to make deep enough production cuts to erase a growing surplus of supply, according to Gary Ross, chief executive of PIRA Energy Group.
An unusual disconnect has emerged in the U.S. oil market, with headline futures slumping to levels below $90 a barrel even as traders in the physical crude market report surprisingly robust demand and strong pricing.
The Russia-led South Stream undersea gas pipeline is still going ahead, Energy Minister Alexander Novak was quoted as saying on Saturday, following concerns the European Union might be losing enthusiasm for the project.
The European Union is quietly increasing the urgency of a plan to import natural gas from Iran, as relations with Tehran thaw while those with top gas supplier Russia grow chillier.
Oil firms operating on Ghana's disputed maritime border with Ivory Coast can continue working while an arbitration suit filed under a U.N. convention is resolved, Ghana's Attorney General Marrieta Brew Appiah-Oppong told a news conference on Tuesday.
Veresen Inc (VSN.TO), a Canadian pipeline company developing the Jordan Cove liquefied natural gas facility in Oregon, said on Monday it has agreed to acquire Global Infrastructure Partners' half interest in the Ruby pipeline system for $1.43 billion.
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