Oil prices have surged in the Asian market, extending gains in the previous session following reports that major petroleum companies are trimming investment.
Weatherford International Plc plans to cut 5,000 jobs, or about 9 percent of its workforce, by the end of the first quarter as the oil services company tries to save costs amid sinking oil prices and budget cuts.
Falling oil prices have proven to be a pleasant surprise for Turkey in helping to narrow the current account deficit, said the senior director of global rating agency Fitch Ratings.
Russia's proven hydrocarbon reserves will increase much less than previously expected in 2015, the Russian Environment Ministry said on Monday, as lower oil prices and Western sanctions discourage exploration efforts.
The sharp decline in oil prices over the last quarter of 2014, which has continued in January, is already having a significant effect on drilling activity in the United States, as shown by the 16% decline in the number of active onshore drilling rigs in the Lower 48 stat
Russia to continue implementing Arctic oil and gas projects despite Western sanctions and low oil prices, Russian Energy Minister Alexander Novak said in an interview to the Rossiiskaya Gazeta that will be published on Friday, January 23.
Oil prices have surged following the death of Saudi Arabia’s King Abdullah, as markets speculate about a possible shift in the kingdom’s policy of allowing crude prices to fall, writes The Guardian.
Oil prices spiked following the death on Friday of Saudi Arabia’s King Abdullah, whose country’s oil production is the largest of any state in the 12-member Organization of Petroleum Exporting Countries (OPEC), a cartel responsible for approximately 40% of the global oil
Russia has three years to adjust to new oil prices, but it will have to cut costs, former Finance Minister Alexey Kudrin said at the VTB Capital business lunch at Davos Economic Forum on Thursday.
Iran sees no sign of a shift within OPEC towards action to support oil prices, its oil minister said, adding its oil industry could ride out a further price slump to $25 a barrel.