BP warns on oil price after reporting $6.3B loss

BP (London Stock Exchange: BP.-GB), one of the world's biggest oil companies, announced a second-quarter replacement cost loss of $6.3 billion Tuesday, and warned that low oil prices are here to stay.

Libya Crude Output Drops as Conflict Cuts Power at Oil Fields

Libya’s crude production dropped below 400,000 barrels a day as the conflict in the divided North African country cut electricity supply at oil fields, according to the state-run National Oil Corp.

Investors could lose $4.2tn due to impact of climate change, report warns

Private investors stand to lose $4.2tn (£2.7tn) on the value of their holdings from the impact of climate change by 2100 even if global warming is held at plus 2C, a report from the Economist Intelligence Unit (EIU) has warned.

GE Books $2.5 Billion African Orders From Oil to Locomotives

General Electric Co. has booked $2.5 billion of orders from sub-Saharan Africa in the past 11 months, including oil and gas equipment for Eni SpA in Ghana and locomotives for Angola.

Small scale solar energy subsidies set to end

Subsidies for many new solar farms are to end under plans being published by the government. The Department of Energy and Climate Change (DECC) is consulting on plans that would see subsidies for some new solar farms close by 2016.

British Gas falls short on promised £35 savings

British Gas said this week that it is cutting the average annual energy bill by £35 – but you could save much more by switching to a cheaper tariff.

Will Asia disrupt energy financing?

Faced with a yawning energy deficit in years ahead and the need to protect against climate change, Asia is looking for fresh ways to finance its shift toward renewables.

Saudi Arabia Crude Exports Fall to Five-Month Low on China

Saudi Arabia’s crude oil exports slumped to a five-month low in May as local refineries used more supplies and some plants in China closed for maintenance.

U.K. Proposes Rules to Let Fracking Under National Parks

The U.K. proposed new rules for hydraulic fracturing that would allow drillers to frack for oil and gas under national parks and UNESCO sites, drawing criticism from environmentalists who called the plan “outrageous.”

Lira Rises to Seven-Week High as Oil Drops on Iran Nuclear Deal

Turkey’s lira advanced the most in emerging markets as sliding oil prices boosted the outlook for the nation that imports most of its energy.

Why Big Oil Deals Are Ready for an Explosion, in Three Charts

As oil began crashing late last year, many prepared for a buying spree. Shale was going on sale. That sale has yet to show up.

Oil prices could keep falling due to oversupply, says IEA

Oil prices have not reached rock bottom and could continue falling well into next year, according to the west’s energy watchdog.

U.S. Oil Drillers Add Rigs for Second Straight Week

Drillers put rigs in U.S. oil fields back to work for a second straight week, suggesting the end of an unprecedented retreat from the country’s prolific shale formations.

Tory 'blue crap' means UK is falling behind in global switch to clean energy

The government says that it wants a sustainable, secure and affordable energy system. Unfortunately, week-by-week since the general election, and now with the budget, it has made statements or policy changes that take us further away from that goal, and put us increasingly out of step with the rest of the world.

Iran nuclear talks extended by three days

Nuclear talks in Vienna have been extended by three more days amid disagreements between Russia and the west over lifting an arms embargo on Iran.

Commodities Stumble as Greece Sends Investors to ‘Safety First’

Oil, metals and grains tumbled as Greece’s vote against further austerity and China’s emergency measures to support domestic stocks shook confidence in global economic growth, sending investors to haven assets.

New coal plants 'most urgent' threat to the planet, warns OECD head

Governments must rethink plans for new coal-fired power plants around the world, as these are now the “most urgent” threat to the future of the planet, the head of the OECD has warned.

China Wary of Closer Russia Energy Ties, Ex-Cnooc Economist Says

China is wary of expanding energy investments in Russia because closer ties with the Kremlin could harm its relations with the U.S., according to a former researcher at China’s biggest offshore explorer.

New oil bull market in sight as Brazil, Iraq cut output targets

LONDON (Reuters) - Massive downward revisions to oil output in Brazil and Iraq have increased the risks for oil markets of going from the current feast to famine within just a few years, leading to a price spike that would give a new boost to the U.S. shale industry.

Rig Rout Puts Smaller Drillers in Front as Oil Majors Scale Back

Crude oil’s plunge is leaving drilling rigs idle from Africa to Latin America as the world’s biggest energy companies curtail spending and stall projects.