Citing vaccination rollouts and various stimulus packages globally, the powerful oil cartel and its allies made a surprise announcement that it would gradually boost oil production over three months.
Saudi Arabia's state-backed oil company earned $49 billion last year as the pandemic slashed fuel demand around the globe, in what its CEO called "one of the most challenging years in history."
The Osage Nation is one of a dozen tribal nations in the U.S. that have significant oil and gas reserves. Its citizens are optimistic that Deb Haaland will help them keep extracting fossil fuels.
After bankrolling oil companies for years and seeing poor returns, investors are now pressuring companies to keep their oil output lower, instead of higher.
Oil prices have risen remarkably over the last few months. Now the powerful oil cartel is keeping a lid on supply in an attempt to push crude prices even higher.
He was Saudi Arabia's oil minister for nearly 25 years, rising to fame for engineering the 1973 oil embargo and negotiating Saudi control of Aramco from U.S. fuel giants.
Most of the oil and gas drilled in Wyoming comes from federal land and communities there are bracing for job losses and school funding cuts in the wake of a Biden administration pause on new leasing.
The coronavirus-induced collapse in oil demand stole all the headlines. But oil companies faced a myriad of other woes, too, from hurricanes to itchy investors — and, of course, climate change.
Exxon, which usually avoids writing down assets, has announced its largest-ever impairment after canceling plans for natural gas projects in the Americas.
The pandemic massively reduced the world's consumption of oil. Now two influential reports suggest that this state of affairs will continue well into 2021 — if not longer.
When the price of oil crashes, oil companies often merge and big oil gets even bigger. So this crisis could be an opportunity for companies, but it comes with a tremendous amount of uncertainty.