The drop in big oil companies' profits in the past eight months isn't just a function of lower crude prices – it also reflects strategic choices.
Energy
Brent crude oil hits 2015 high as U.S. output slows
Oil rose more than 3 percent on Thursday, pushing Brent crude to a 2015 high above $63 per barrel on increasing evidence that U.S. production is peaking, balancing a market that has been in heavy oversupply for more than a year.
Oil above $59 on Middle East, U.S. output, but IEA report caps gains
Brent crude oil prices rose above $59 a barrel on Wednesday amid tension in the Middle East and signs of a dip in U.S. production, but gains were capped by a report from the International Energy Agency (IEA) indicating that supplies would take longer to tighten than previously expected.
Oil rises on U.S. production dips, Middle East tensions
Crude oil futures rose on Tuesday on signs of falling U.S. oil production, weakness in the dollar and tensions in the Middle East, particularly Yemen.
Saudi Arabia trims oil supply to some Asian buyers: sources
Saudi Arabia has reduced contractual crude supplies to some customers in Japan and South Korea since March by trimming the volumes of oil loaded, six industry sources familiar with the matter said on Monday.
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World oil markets will not see a significant rise in Iranian supplies for up to five years even if the OPEC member and world powers clinch a final nuclear deal by end-June, Fatih Birol chief economist and future head of International Energy Agency (IEA) said.
The United States is planning to impose a major new regulation on offshore oil and gas drilling to try to prevent the kind of explosions that caused the catastrophic BP Plc (BP.L) oil spill in the Gulf of Mexico, the New York Times reported on Friday, citing Obama administration officials.
When it opened in 1963, Ghana's oil refinery symbolized pride and hope for the first African country to escape colonial rule. Now the plant stands idle in a sign of the economic shadow that has crept over one of the continent's brightest stars.
Oil prices rose on Thursday on strong German economic data and uncertainty about negotiations on Iran's nuclear program, even as a strong dollar curbed oil's bounce a day after futures tumbled 6 percent.
Oil prices rallied more than 2 percent on Thursday, clawing back part of a 6 percent slump triggered by a jump in U.S. crude inventories and record Saudi output, although analysts said sentiment remained bearish.
Exxon Mobil Corp (XOM.N) has rejected a contract offer from the United Steelworkers (USW) local chapter representing hourly workers at the company's Beaumont, Texas, refinery and renewed its offer of a six-year contract, a union official said on Wednesday.
Oil prices fell towards $58 a barrel on Wednesday as industry data showed a larger-than-expected weekly increase in U.S. stockpiles and as Saudi Arabia reported record output in March.
Brent crude prices fell almost $1 a barrel on Tuesday, with an Iranian delegation in Beijing this week to push for more oil sales.
Oil prices jumped more than 5 percent on Monday as traders reassessed how quickly Iran might increase exports after a preliminary nuclear deal and anticipated that a months-long rise in U.S. crude inventories may be slowing.
