Brazil plans to boost oil exploration and production to seize on its reserves before the world enters the “renewable era” and other technologies hurt demand for the fossil fuel, Deputy Energy Minister Paulo Pedrosa told Reuters on Wednesday.
Tata Sons Ltd may shut down Tata Petrodyne Ltd (TPL), its oil exploration and production arm, as new chairman N. Chandrasekaran weeds out businesses that are unprofitable or lack scale
After the first OPEC oil production cut in eight years took effect in January, oil traders from Houston to Singapore started emptying millions of barrels of crude from storage tanks.
Chevron Corp, the second-largest U.S.-based oil producer, is exploring the sale of its 20 percent stake in Canada’s Athabasca Oil Sands project, which could fetch about $2.5 billion, according to people familiar with the situation.
Oil prices on Wednesday extended gains from the previous session, lifted by supply disruptions in Libya and expectations that an OPEC-led output reduction will be extended into the second half of the year.
A joint committee of ministers from OPEC and non-OPEC oil producers recommended extending by six months a global deal to reduce oil output, a draft press release from their meeting on Sunday showed.
ear 2016 has witnessed some of the landmark decisions in the oil market, which has reversed the trend of oil disagreements within the OPEC and non-OPEC countries