A House of Representatives panel will hold a hearing on Dec. 11 to explore whether a decades-old law that prohibits the export of crude oil makes sense in an era of domestic energy abundance.
Energy
Obama plan to 'Power Africa' gets off to a dim start
Barack Obama last year told a cheering crowd in Cape Town that a $7 billion plan to "Power Africa" would double electricity output on the world's poorest continent and bring "light where currently there is darkness".
Inside OPEC room, Naimi declares price war on U.S. shale oil
Saudi Arabia's oil minister told fellow OPEC members they must combat the U.S. shale oil boom, arguing against cutting crude output in order to depress prices and undermine the profitability of North American producers.
Saudis block OPEC output cut, sending oil price plunging
Saudi Arabia blocked calls on Thursday from poorer members of the OPEC oil exporter group for production cuts to arrest a slide in global prices, sending benchmark crude plunging to a fresh four-year low.
Saudi, Russia pre-OPEC talks yield no oil output cut
Impromptu talks between Saudi Arabia, fellow OPEC member Venezuela and oil powers Russia and Mexico yielded no agreement on Tuesday on how to address a growing oil glut, ending without any plan to cut output despite a collapse in prices.
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A panel of national representatives reviewed OPEC's oil market outlook for 2015 this week, OPEC sources said, preparing the ground for a policy-setting meeting next week that will decide how to address a looming oversupply of crude.
Low oil prices that threaten producers' profits may be a boon in one way, as they force service companies to keep prices low for the drill bits, cement and piping for oil extraction, even if two of the largest providers of such products merge.
Backers of the Keystone XL oil pipeline hope a vote in the U.S. Senate late on Tuesday will send a bill to the desk of President Barack Obama.
A widening corruption scandal at state-run oil company Petroleo Brasileiro SA may change the country forever, Brazilian President Dilma Rousseff said on Sunday in her first public remarks since a sweeping police operation last week.
More than a year ago, U.S. regulators quietly gave a small company permission to export lightly processed oil known as condensate - a previously unreported ruling that could further strengthen the hand of big energy companies pushing hard to chip away at a 40-year-old ban on domestic crude exports.
The Republican-led U.S. House of Representatives approved the Keystone XL pipeline on Friday, but a similar measure struggled to get enough support in the Senate and President Barack Obama indicated he might use his veto if the bill does get through Congress.
The oil market has entered a new era with lower Chinese economic growth and booming U.S. shale output, making a return soon to high prices unlikely, the West's energy watchdog said on Friday.
Ukraine will be forced to buy coal from Russia to get through the winter, a serious setback to the country's efforts to lessen energy dependence on its powerful neighbor, Ukrainian Energy Minister Yuri Prodan said on Wednesday.
An oil field in southwest Libya has closed down, officials said on Sunday, becoming the third oil facility in the chaotic country to shut within a week.
