Russia's 2014 oil output hit a post-Soviet record high average of 10.58 million barrels per day (bpd), rising by 0.7 percent helped by small non-state producers, Energy Ministry data showed on Friday.
Oil prices rose on Monday, after dropping for the past two sessions, as escalating clashes in Libya stoked worries about supply from the OPEC member.
Chinese industrial profits dropped 4.2 percent in November to 676.12 billion yuan ($108.85 billion), official data showed on Saturday, the biggest annual decline since August 2012 as the economy hit major unexpected headwinds in the second half.
Oil edged above $60 a barrel on Friday as unrest in Libya cut supplies, offsetting a growing supply glut in top consumer the United States and weak imports by Japan.
Some major U.S. airlines including Delta and Southwest are rushing to finance losing bets on oil and revamp fuel hedges as tumbling crude prices leave them with billions of dollars in losses, according to people familiar with the hedging schemes.
The allure of investing in Mexico's historic oil sector opening has been dimmed by the plummeting price of crude, putting pressure on the government to offer bigger incentives to private investors in the first major round of contracts up for grabs.
Investors have wrung their hands over the last several weeks over the effect of lower oil prices on the broader S&P 500, but the relationship between the two is actually starting to break down.
World markets are ending their last full week of 2014 on a high, as Wall Street made its biggest two-day advance since late 2011 and European shares headed for their strongest week of the year.
Oil major Shell (RDSa.L) said on Thursday it had sold parts of its Norwegian downstream business to Finnish fuel firm ST1 for an undisclosed sum, further divesting parts of its downstream activities.
New York state will ban hydraulic fracturing after a long-awaited report concluded that the oil and gas extraction method poses health risks, Governor Andrew Cuomo's administration said on Wednesday.
BP will cut hundreds of jobs across its global oil and gas business by the end of next year in a $1 billion restructuring program announced on Wednesday following steep falls in oil prices.
From his office on the 41st floor of the gleaming new European Central Bank headquarters, Mario Draghi's view stretches far beyond Frankfurt's high-rise financial center and he doesn't like what he sees.
With crude oil prices hitting five-year lows, investors are scrambling to gauge the impact of the sharp drop in petroleum costs on companies beyond the energy sector.
U.S. energy firms are swiftly shifting drilling rigs away from less productive areas and hunkering down in sweet spots of North Dakota and Texas shale oil fields as they try to lift output and cut costs in response to the toughest crude market in years.
U.S. stocks rose on Wednesday, with both the Dow and S&P 500 ending at records, as data pointed to improving conditions in the U.S. services sector, boosting cyclical stocks.
Subscribe to VCpost newsletter
Most Popular
- SSI Payment: Double Social Security Benefits in May? Here’s When You Will Receive Yours!
- Joe Biden Administration Sanctions Hundreds of Companies to Choke Russia's Supplies of Military Technology
- US Accuses Russia of Quietly Shipping Refined Petroleum to North Korea at Levels Violating UN Cap
- IRS Scrambles to Address Huge Gap in Audit Rates Between Black, Other Taxpayers
- Affordable Connectivity Program: Congress Fights to Refuel Low-Cost Broadband Program Amid Looming Expiration
- Former Seafood Giant Red Lobster Nears Bankruptcy Due To Declining Sales and Mismanagement
- MeTV Unveils Toons Network Dedicated to Showcasing Warner Bros. Classics; List of Cartoons Revealed
- Former Trump Aide Hope Hicks to Marry Goldman Sachs Exec Jim Donovan