Saudi Arabia has reduced contractual crude supplies to some customers in Japan and South Korea since March by trimming the volumes of oil loaded, six industry sources familiar with the matter said on Monday.
Energy
Texas House approves bill that limits city bans on fracking
A bill that would stop Texas cities from enacting their own bans on hydraulic fracturing in the nation's top crude oil and natural gas producing state was approved on Friday in the state House of Representatives.
Oil falls from 2015 peaks, Brent jumps 9.6 percent on the week
Crude futures fell from 2015 peaks in choppy trading on Friday, but Brent's 9.6 percent weekly gain was its biggest in more than five years as Middle East turmoil and signs of lower U.S. production lifted prices.
Brent crude oil prices fall as OPEC production soars
Brent crude oil prices fell on Friday, ending a run of rallies earlier in the week, after OPEC said that its output surged in March, adding to a global glut.
Brent crude oil hits 2015 high as U.S. output slows
Oil rose more than 3 percent on Thursday, pushing Brent crude to a 2015 high above $63 per barrel on increasing evidence that U.S. production is peaking, balancing a market that has been in heavy oversupply for more than a year.
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Crude oil rose on Tuesday after a forecast that U.S. shale oil output would record its first monthly decline in more than four years and on tension in Yemen, where top oil exporter Saudi Arabia is embroiled in a civil war.
Crude futures rose on Monday, but closed well below intraday peaks, as concerns about Iran and turmoil in Yemen supported prices, while the global supply glut continued to cap gains.
The drop in big oil companies' profits in the past eight months isn't just a function of lower crude prices – it also reflects strategic choices.
World oil markets will not see a significant rise in Iranian supplies for up to five years even if the OPEC member and world powers clinch a final nuclear deal by end-June, Fatih Birol chief economist and future head of International Energy Agency (IEA) said.
The United States is planning to impose a major new regulation on offshore oil and gas drilling to try to prevent the kind of explosions that caused the catastrophic BP Plc (BP.L) oil spill in the Gulf of Mexico, the New York Times reported on Friday, citing Obama administration officials.
When it opened in 1963, Ghana's oil refinery symbolized pride and hope for the first African country to escape colonial rule. Now the plant stands idle in a sign of the economic shadow that has crept over one of the continent's brightest stars.
Oil prices rose on Thursday on strong German economic data and uncertainty about negotiations on Iran's nuclear program, even as a strong dollar curbed oil's bounce a day after futures tumbled 6 percent.
Oil prices rallied more than 2 percent on Thursday, clawing back part of a 6 percent slump triggered by a jump in U.S. crude inventories and record Saudi output, although analysts said sentiment remained bearish.
Exxon Mobil Corp (XOM.N) has rejected a contract offer from the United Steelworkers (USW) local chapter representing hourly workers at the company's Beaumont, Texas, refinery and renewed its offer of a six-year contract, a union official said on Wednesday.
