Citing vaccination rollouts and various stimulus packages globally, the powerful oil cartel and its allies made a surprise announcement that it would gradually boost oil production over three months.
Saudi Arabia's state-backed oil company earned $49 billion last year as the pandemic slashed fuel demand around the globe, in what its CEO called "one of the most challenging years in history."
The Osage Nation is one of a dozen tribal nations in the U.S. that have significant oil and gas reserves. Its citizens are optimistic that Deb Haaland will help them keep extracting fossil fuels.
After bankrolling oil companies for years and seeing poor returns, investors are now pressuring companies to keep their oil output lower, instead of higher.
Oil prices have risen remarkably over the last few months. Now the powerful oil cartel is keeping a lid on supply in an attempt to push crude prices even higher.
He was Saudi Arabia's oil minister for nearly 25 years, rising to fame for engineering the 1973 oil embargo and negotiating Saudi control of Aramco from U.S. fuel giants.
Most of the oil and gas drilled in Wyoming comes from federal land and communities there are bracing for job losses and school funding cuts in the wake of a Biden administration pause on new leasing.
The coronavirus-induced collapse in oil demand stole all the headlines. But oil companies faced a myriad of other woes, too, from hurricanes to itchy investors — and, of course, climate change.
Exxon, which usually avoids writing down assets, has announced its largest-ever impairment after canceling plans for natural gas projects in the Americas.
The pandemic massively reduced the world's consumption of oil. Now two influential reports suggest that this state of affairs will continue well into 2021 — if not longer.
When the price of oil crashes, oil companies often merge and big oil gets even bigger. So this crisis could be an opportunity for companies, but it comes with a tremendous amount of uncertainty.
Oil companies have slashed production across West Texas and Southeast New Mexico, where communities are also hurting from pandemic-driven business shutdowns.
The pandemic means the world is using far less oil. But pumps are still going, creating a huge oversupply. Companies are often willing to operate pumps at a loss — for a little while.
West Texas Intermediate hit the single digits for the first time in many decades, then kept plummeting, with oil selling for less than $2 a barrel. At the start of 2020, a barrel cost around $60.
The International Energy Agency says the industry is about to test the limit of how much oil it can transport and store, given the phenomenal drop in demand caused by the coronavirus pandemic.
The supply of oil has surged as the coronavirus pandemic has destroyed demand. Prices have plummeted and analysts are starting to ask if the world will have enough space to store all the extra oil.
Global oil prices rose by about 4% — a modest increase by historical standards — after the U.S. military killed Qassem Soleimani, the leader of Iran's Quds Force, in an airstrike in Baghdad.
Natural disasters, protests and stark scientific reports are heightening concern over climate change. And companies are under pressure from banks and investors to green their corporate images.
What happens to the country's resources — once a revenue stream for ISIS — will be important not to world oil markets but to the future of Syria itself, write Roger Diwan and Daniel Yergin.
The president is renewing his push for U.S. control of Syrian oil. Experts say the limited oil there belongs to Syria, but it may provide a pretext for a continued U.S. presence in the country.
The MSNBC host's book compiles the most convincing research and journalism on the harm oil and gas have done to global democracy, and then weaves together a narrative of greed, power and corruption.
Climate activists protesting oil and gas are the first charged under a new critical infrastructure law in Texas. Supporters say the laws protect ports, pipelines and other sensitive places.
"This attack did not originate from Yemen despite Iran's best efforts to appear so," said Saudi Col. Turki al-Malki. U.S. Secretary of State Mike Pompeo called it an "act of war" against the kingdom.
Houthi rebels in Yemen have claimed responsibility for the attacks, but Secretary of State Mike Pompeo accused Iran of launching an "unprecedented attack on the world's energy supply."
