Oil drops below $60 as market grapples with supply-glut worries

U.S. benchmark oil prices fell below $60 a barrel on Thursday, pressured by market worries over a glut of global crude supplies and indications that oil producers will continue to boost output.

Oil price crash threatens the future of the North Sea oilfields

The potential impact of the oil price slump on Scotland was underlined as a leading energy expert warned on Wednesday that North Sea oilfields could be shut down if the oil price fell by just a few more dollars.

Iran to push for Saudi oil output cut at OPEC: Mehr news agency

(Reuters) - Iran will try to persuade Saudi Arabia to cut oil production when the oil ministers from the two OPEC members meet this week in Vienna, Iran's semi-official Mehr news agency reported on Sunday citing a television interview with the country's oil minister.

Kuwait Joins Saudi View of No Immediate OPEC Supply Cuts

Two of OPEC’s biggest members say they won’t immediately reduce oil production to offset tumbling prices, a signal the group is unlikely to heed Venezuelan calls for an emergency meeting.

Shell and Nigeria have failed on oil pollution clean-up, Amnesty says

Little action has been taken to clean up pollution caused by oil production in Nigeria’s Niger Delta region, either by the government or Shell Oil, Amnesty International and other groups charged Monday.

US witnessing biggest oil boom in 40 years

HOUSTON: The United States' average daily oil production is on track to surge by 1 million barrels per day this year, the biggest one-year jump in the nation's history, according to latest official figures.

South Sudan Cuts Back Oil Output, Braces for Shutdown

South Sudan made further reductions in oil output as it prepares to halt pipeline exports through neighboring Sudan amid conspiracy recriminations between the former foes.

UK shale gas resources 'greater than thought'

UK shale gas resources may be far greater than previously thought, a report for the government says. The British Geological Survey estimates there may be 1,300 trillion cubic feet of shale gas present in the north of England - double previous estimates.

Oil below $100 highlights widening gap in OPEC pain thresholds

LONDON: Oil's fall below the $100 a barrel favoured by OPEC exposes the deepening divide between countries in the group better able to cope with a lower price and those most hurt by it, making collective action to halt any further price slide harder.

BP to use Angolan gas to fuel European homes

BP could be shipping Angolan gas to fuel European homes within months as the oil major confirmed a delayed $10bn (£6.5bn) liquefied natural gas (LNG) project in the west African nation should start exporting by June.

Drop in gas prices benefits US drivers, economy

NEW YORK (AP) -- A sharp decline in the price of oil this month is making gasoline cheaper at a time of year when it typically gets more expensive.

Oil revival beckons as new technology, investors halt decline

LONDON (Reuters) - New operators and better technology are set to reverse a decline in Britain's North Sea oil and gas output over the next few years, and could help the country's economy return to health.

Major oil companies testify on oil tax change

JUNEAU, Alaska (AP) -- A proposed overhaul of Alaska's oil tax structure would be a vast improvement over the existing system and should lead to more investment, but it has some problem areas, industry representatives told the House Resources Committee on Tuesday.

BP partner Rosneft and Exxon to drill in Siberia

BP has been forced to take a backseat in its drive to expand its Russian operation after its joint venture partner Rosneft confirmed it was to explore for oil in Western Siberia with US rival ExxonMobil.

Russian oil production hits post-Soviet record

Russian leaders have hailed their powerful energy industry as the country posted a post-Soviet record high rate of oil production that should boost coffers in uncertain global economic times.

Iraq oil exports highest in more than 30 years

BAGHDAD: Iraq's oil exports reached their highest level in more than three decades last month as the country's output has continued to increase, oil ministy officials said on Saturday.

Isaac threatens Gulf oil production

NEW YORK (CNNMoney) -- Tropical Storm Isaac is curtailing oil production along the Gulf of Mexico and threatening refineries, which could send already rising gasoline prices up another 10 cents in the coming week.

Chevron appeals Brazil ban, seeks oil field restart

RIO DE JANEIRO (Reuters) - Chevron , the No. 2 U.S. oil company, has appealed against an injunction banning it and its drilling contractor Transocean Ltd from operating in Brazil while civil and criminal charges over an oil spill last November are judged.

Iraq oil production surpasses Iran

NEW YORK (CNNMoney) -- Oil production in Iraq surpassed that of its regional rival Iran last month, highlighting the impact of continued investment in Iraq and Western sanctions on Iran.

Global oil production trouble - it's not just Iran

NEW YORK (CNNMoney) -- All the attention may be on a loss of oil from Iran these days, but production outages in a variety of spots worldwide is causing about one million barrels of oil a day to sit on the sidelines, helping push oil and gas prices to near record highs.