Energy firms are investing billions of dollars over the next several years in new and existing refineries across Asia, but those plans are butting up against a glut in refined fuels that analysts say could last for years.
Oil prices rose Friday after a top energy watchdog said exporters are following through on promises to cut oil production to end a longstanding glut in the market.
Energy shares have cooled in 2017 following a market-beating performance last year, wrong-footing many investors who bet the sector would benefit from oil-price stability.
The number of rigs drilling for oil in the U.S. rose by 8 in the past week to 591, according to oil-field services company Baker Hughes Inc.
A Phillips 66 employee was missing and two other workers were injured after an explosion and fire ripped through a natural-gas pipeline station near New Orleans.
U.S. oil exports are rising, fueled by comparatively higher prices for foreign oil they compete with and lower shipping rates. But analysts say the prospect of American energy independence remains a lofty goal.
OPEC has largely respected its pledge to reduce crude output, according to the International Energy Agency, though elevated oil supplies from Iraq and Libya have partly offset hefty cuts by the organization’s leader Saudi Arabia.
Natural gas prices ended slightly higher Thursday after government data indicated that natural gas supplies are tight even though mild temperatures have limited demand for the fuel.
The incident comes as the safety of 58 reactors the company operates in France is being scrutinized, with some ordered shut down for suspected flaws in the steel used in containment areas.
Occidental Petroleum reported a quarterly loss and revenue decline from the year prior, as realized prices rose but production fell.
Suncor Energy reported a quarterly profit of 531 million Canadian dollars ($403 million) as Canada’s largest crude-oil producer continued to benefit from rising commodity prices while achieving a production record during the period.
Italian prosecutors are pursuing a criminal trial for Royal Dutch Shell and the chief executive of Italian oil company Eni on charges of corruption tied to a controversial Nigerian deal, according to a person familiar with the matter.
President Donald Trump is likely to tap two veteran lobbyists to advise on energy and environmental issues in the White House, according to multiple people close to the new administration, filling key roles with longtime Washington experts.
A.P. Moller-Maersk halved its dividend and reported a massive quarterly net loss as the dire conditions in the shipping industry took a further toll on its business, though it said it expects demand to regain strength this year.
The Trump administration has given a final green light to the Dakota Access Pipeline, fulfilling a campaign pledge to boost energy projects but likely infuriating activists fighting the project.
If integrated energy companies make fewer bets on megaprojects then their earnings may be less volatile but also less valuable.
BP said it needed oil prices to rise to $60 a barrel in order to break even, as the British oil giant ramped up debt levels last year to fund spending, maintain its dividend and cope with costs associated with the 2010 Deepwater Horizon disaster.
A team of international inspectors described extensive management weaknesses at a key supplier for the global nuclear power industry, finding that safety failings are still a worry.
Legislation to eliminate two energy-related regulations is headed to President Donald Trump’s desk, including one requiring U.S. energy companies to report payments to foreign governments for development rights.
Oil prices closed higher on Friday, as investors hoped that the output cuts by major producers would continue to chip away at global oversupply.