Blindsided by a brutal downturn, oil companies have scuttled plans for scores of costly energy projects in an industry-wide retreat that could wipe out 19 million barrels from the world’s daily regimen of hydrocarbons over the next few years, a new report says.
An internal OPEC document written to prepare a crucial meeting Friday warns oil prices will remain under pressure in the near future while markets would remain oversupplied even if the cartel cut its production.
Tesla is shrugging off its downgrade from Consumer Reports, as the Model S has been named one of Car and Driver magazine’s 10 best cars of 2016.
Volkswagen’s emissions scandal crushed the brand’s U.S. sales in November, despite heavy discounts and a strong month for the overall auto industry.
For thousands of years, there was a commodity that people across the globe, from China to Rome to Texas, fought bloody conflicts to secure. A product that was used to pay solders and decided the outcomes of wars. No, I’m not talking about gold — I’m talking about salt.
Spanish renewable energy and engineering giant Abengoa, which operates plants in Kansas, says it has begun bankruptcy protection proceedings in a bid to avoid what could be one of the country’s largest insolvencies.
OPEC is determined to keep pumping oil vigorously despite the resulting financial strain even on the policy’s chief architect, Saudi Arabia, alarming weaker members who fear prices may slump further towards $20.
A new coalition has risen out of the chaos to restore order (and sanity) to the public EV charging network.
Crude oil futures rose more than one percent on Tuesday after Saudi Arabia pledged to work towards oil price stability, while a strong U.S. dollar and an expected rise in U.S. crude stocks helped to keep the gains in check.
Probing one of its recent discoveries in deep waters of the Gulf of Mexico, Royal Dutch Shell found 100 million barrels of oil equivalent buried at its Kaikias field, nearby three of its massive production facilities and a network of subsea pipes.
