OPEC’s second-largest oil producer, Iraq, has never hidden the fact that it wants to get the highest possible revenues from its oil. It even pleaded exemption from the cartel’s cuts in the talks leading to the production reduction deal, on the grounds that it needed more funds to fight ISIS. Iraq didn’t get that exemption, …

Gasoline futures soared Monday as Tropical Storm Harvey continued to wreak havoc on Texas, knocking major Gulf Coast refineries out of action. And while the storm is also expected to curtail offshore crude oil production in the Gulf of Mexico, crude futures are under pressure. That’s because the supply impact is more than offset by the …

Concerns over the ability for U.S. shale-oil production to offset efforts by other oil producers to rebalance the market have been greatly exaggerated. The energy industry is already suffering from the impact of spending cuts over the past several years, said Phil Flynn, senior market analyst at Price Futures Group, in a webinar held Tuesday …

Oil stocks have been performing dismally this year, and oil prices have failed to sustain a rally, so why are these stocks still attractive? Low valuations and high dividend yields, say analysts. Supermajor oil companies are living a new reality that is based on new profits in a forever-low oil price environment—and globally, analysts say, …

An ongoing price slump is rattling the industry and weakening petrostates. How will low prices change the world? Here’s everything you need to know: How cheap is oil? Prices have hovered between $40 and $50 a barrel for the past year — far below the pre-collapse high of $147 a barrel in 2008. The U.S. …

U.S. crude oil output is now closing in on 9.5 million b/d, the highest levels in two years and almost double what we were producing a decade ago. But, while our demand has basically been flat, oil is a global commodity and imports have long been ingrained in our own market, so we still import about 35-50% of …

NEW YORK (Reuters) – Oil prices tumbled 2 percent on Monday in volatile trade, as the dollar strengthened and China posted weak domestic demand data, sinking prices that had gotten a short-lived boost on concerns about potential reductions in crude supply from Libya. Global benchmark Brent crude futures LCOc1 were at $51.01 a barrel by …

The U.S. Energy Information Administration lowered its outlook on Brent crude for 2017 and 2018 to last month’s projections by $2 and $4, respectively, to $51 per barrel and $52 per barrel, but oil prices have been climbing so far Tuesday. Photo by Joe Raedle/Getty Images Brent crude rose 1.5% to $47.59 per barrel. Meanwhile United States …

Oil prices turned higher Tuesday morning as traders and investors anticipated that U.S. data will show that a glut of oil is continuing to shrink. U.S. crude futures recently rose 28 cents, or 0.63%, to $44.68 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, rose 29 cents, or 0.62%, to $47.17 …