There is no need to panic at the recent drop in oil prices, the secretary general of OPEC said on Wednesday, saying low prices would curb competing supplies and require the group to pump far more by the end of the decade.
Energy
Libya's El Feel oil field shut down, third site within days
An oil field in southwest Libya has closed down, officials said on Sunday, becoming the third oil facility in the chaotic country to shut within a week.
Solar eclipse in March to challenge European power grids
A solar eclipse in March next year will be an unprecedented test of European electricity grids because of the massive increase in solar power production on the continent, French power grid RTE said on Friday.
U.S. fracking firms stay in top gear despite oil price slump
Unfazed by slumping oil prices and battering in the stock market, firms that supply sand and guar gum for shale oil and gas companies are not ready yet to call an end to a four-year boom spurred by hydraulic fracturing technology.
Saudi oil minister to make rare trips to Venezuela, Mexico
Saudi Oil Minister Ali al-Naimi is making his first visits in years to fellow exporters Venezuela and Mexico, although tumbling oil prices are not the stated purpose of the trip, according to officials and sources.
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A steep sell-off in energy company stocks in recent months due to falling oil prices may be overdone and there are some potential bargains to be had, Barron's financial newspaper said in its latest edition on Sunday.
More than a dozen oil producers have joined to lobby the federal government to reverse the 40-year-old ban on U.S. crude exports, a move that supporters say would create jobs and keep the energy boom alive, a spokesman for one of the companies and a lobbyist for another one said on Friday.
Gulf Arab oil exporters will have to reform their state spending and make cuts in some areas because of weak oil prices, Kuwaiti Finance Minister Anas al-Saleh said on Saturday.
The French-German consortium Areva-Siemens (AREVA.PA)(SIEGn.DE), the supplier of Finland's much-delayed Olkiluoto-3 nuclear reactor, has increased its claim against Finnish utility Teollisuuden Voima (TVO), TVO said late on Friday.
Islamic State is still extracting and selling oil in Syria and has adapted its trading techniques despite a month of strikes by U.S.-led forces aimed at cutting off this major source of income for the group, residents, oil executives and traders say.
Slumping energy shares drove the recent U.S. stock market selloff more than any other major group, so investors are turning to next week's slate of earnings to see if the sector can pull itself out of the pit.
Aircraft makers Boeing and Commercial Aircraft Corp of China have launched a joint pilot project to turn used cooking oil into jet fuel.
After the Fukushima disaster crippled Japan's nuclear energy sector three years ago, the government pledged the biggest shake up in the history of the fragmented electricity industry to boost competition and contain a surge in power prices.
Venezuela's 2015 budget will be based on a target oil price of $60 dollars per barrel, President Nicolas Maduro said on Friday night, but he repeated expectations that prices will recover.
