Oil prices boosted by global output reductions will be capped because of new supply before long, according to Goldman Sachs.

US energy companies this week added oil rigs for a seventh week in a row, extending a seven-month drilling recovery.

Santos stock has slumped below the price of its latest $1.5 billion share placement, which came just a matter of months after the troubled oil and gas group appeared to signal it would not need to tap investors for more funds.

Strong sales of premium petrol products has helped oil refiner and distributor Caltex to raise its full year profit forecast, as it also benefits from the higher oil price lifting inventory values.

Oil advanced though prices could soon hit a ceiling until global production cuts are confirmed.

A 10-fold rise in methane emissions rings fresh alarm bells on the climate front.

The pact between Russia and other non-OPEC nations to curb oil production, alongside OPEC nations, is the first in 15 years.

Renewable energy can add resiliency to electricity grids and there's no reason why individual states can't set their own goals higher than a national target, says a US industry veteran.

Building a second link between Tasmania and the mainland would boost the security of the national electricity network a key government report has found

Oil rebounded on growing optimism that non-OPEC producers might agree to cut output following a deal to limit production.

Energy giant Santos has relegated its billion-dollar Narrabri gas project to a "non-core asset", stoking speculation the company plans to sell or spin off the venture.

Santos will package up its non-core assets to run as a separate business, aiming to slash net debt by $US1.5b within three years.

Oil retreated from a 16-month high after OPEC pumped a record amount of crude in November.

A punt on Mexican oil may be the solution to BHP's declining oil production rates.

Origin Energy will sell its oil and gas business to focus on its energy markets and LNG business, a move that will cheer many investors.

One of Indonesia's most senior ministers has called on Australia to help find a solution to the 2009 Montara oil spill which caused lasting negative impacts in one of the country's poorest provinces.

Crude rose above $US55 a barrel to hit a 16-month high amid rising prospects of a tightening market.

Citigroup is bullish on oil, copper, zinc, and wheat; it's bearish on coal, iron ore, gold and soybeans.

Hong Kong's Cheung Kong Infrastructure may need an Australian partner to win federal government approval for its $7.3 billion tilt for energy network and gas pipeline owner and operator DUET Group.

A company led by Asia's second richest man Li Ka-Shing has made a $7.3 billion bid for infrastructure owner Duet Group, just four months after the Turnbull government blocked the purchase of NSW's poles and wires business by the same group.

A boom in electric vehicles made by the likes of Tesla Motors could erode as much as 10 percent of global gasoline demand by 2035, according to the oil industry consultant Wood Mackenzie.

​Oil prices rallied for their best week in at least five years on Friday, steadying above $US51 a barrel.

Saudi Arabia was finally persuaded to turn off its oil tap and buoy the markets in a three-cornered deal with Moscow and Tehran.

The Victorian government has launched an emergency intervention to stop a workers' strike at Esso that could threaten the state's gas and energy supply.

OPEC hopes to pare global stockpiles back to a normal level, paving the way for prices to rise to more than $US60 a barrel.

Brent oil climbed to the highest level this year after OPEC approved its first supply cuts in eight years.

Investors are growing in their conviction that the bottom for global yields is in the rear-view mirror.

The biggest beneficiaries of OPEC's decision to shrink oil production will include its most implacable enemies: US shale drillers.

Oil prices soared more than 10 per cent as OPEC producers agreed to curb production for the first time since 2008 in a bid to support prices.