Latest Oil and gas industry News

FILE- This Oct. 9, 2018, file photo shows an oil rig and pump jack in Midland, Texas.  Goldman Sachs is warning of another sharp drop in oil prices, Thursday, March 26, 2020, saying some oil producers are eventually going to have to shut some wells because the coronavirus outbreak is crushing demand. (Jacob Ford/Odessa American via AP, File, File)

Saudi Arabia sharply rebukes Russia over oil price collapse

Apr. 4, 2020 12:39 AM EDT

DUBAI, United Arab Emirates (AP) — Saudi Arabia sharply criticized Russia on Saturday over what it described as Moscow blaming the kingdom for the collapse in global energy prices, showing the tensions ahead of an emergency meeting of OPEC and other oil producers. Oil prices sharply fell after the...

House Minority Leader Kevin McCarthy of Calif., President Donald Trump, and Chevron CEO Mike Wirth listen during a meeting with energy sector business leaders in the Cabinet Room of the White House, Friday, April 3, 2020, in Washington. (AP Photo/Evan Vucci)

White House convenes oil CEOs as bust threatens US boom

Apr. 3, 2020 7:08 PM EDT

WASHINGTON (AP) — President Donald Trump offered assurances of better times and coronavirus tests to oil CEOs at a White House summit Friday, but no firm proposals for easing the industry's way as the coronavirus pandemic and plunging petroleum prices threaten America's yearslong fracking boom. Executives...

Men stand close to their cars as they wait for hours to fill their cars up with gasoline in Caracas, Venezuela, Thursday, April 02, 2020. Lines at gas stations around the country's capital are getting longer and longer with some saying it was only this bad during the oil worker's strike of 2002. (AP Photo/Ariana Cubillos)

AP Sources: Shipping tycoon helps Venezuela in quest for gas

Apr. 3, 2020 6:22 PM EDT

CARACAS, Venezuela (AP) — With gas lines across Venezuela growing, a controversial shipping magnate has stepped in to prevent the country from running out of fuel amid the coronavirus pandemic, The Associated Press has learned. The fuel shortage, in the nation that sits atop the world largest crude...

FILE - In this Jan. 3, 2020 file photo, the Wall St. street sign is framed by U.S. flags flying outside the New York Stock Exchange in New York. Global stocks are down, Friday, April 3, after the U.S. government said employers cut 701,000 jobs in March as they shut down or sharply curtailed business due to the coronavirus outbreak. (AP Photo/Mary Altaffer, File)

Stocks drop as coronavirus crunches the job market, economy

Apr. 3, 2020 4:41 PM EDT

NEW YORK (AP) — The stock market’s first reaction to Friday’s stunningly bad jobs report was to take it in stride. But Wall Street slid through the day as investors looked ahead to the likelihood that even worse numbers are on the way. Stocks initially held steady after the government said...

Putin suggests sizable oil production cut as prices fall

Apr. 3, 2020 2:29 PM EDT

MOSCOW (AP) — Russian President Vladimir Putin says he supports cutting oil production by about 10 million barrels a day to shore up falling prices. His statement Friday that was reported on the Kremlin website came a day after President Donald Trump tweeted he was hoping for Saudi Arabia and Russia to cut...

In this photo taken from video provided by the New York Stock Exchange, Robert Glorioso, Chief, Building Engineering Operations, rings the opening bell at the NYSE, Thursday, April 2, 2020. Stocks are wavering between small gains and losses early Thursday after a report showed a record number of Americans lost their jobs last week due to the coronavirus outbreak. (New York Stock Exchange via AP)

Asian stocks mixed after Wall Street rises on pricier oil

Apr. 2, 2020 11:53 PM EDT

BEIJING (AP) — Asian stocks were mixed Friday after Wall Street gained for the first time in three days on stronger oil prices despite enduring uncertainty about how long the global economic decline due to the coronavirus pandemic will last. Tokyo and Seoul rose while Shanghai, Hong Kong and Sydney...

FILE - In this Nov. 7, 2019, file photo, the first panels of levee border wall are seen at a construction site along the U.S.-Mexico border, in Donna, Texas. Major construction projects moving forward along the U.S. borders with Canada and Mexico amid the coronavirus pandemic are raising fears workers could spread the sickness within nearby communities. (AP Photo/Eric Gay, File)

With US border work on track, rural towns fear virus spread

Apr. 2, 2020 7:02 PM EDT

BILLINGS, Mont. (AP) — Major construction projects moving forward along the U.S. borders with Canada and Mexico are raising fears the coronavirus could race through temporary work camps and spread to rural communities unable to handle an outbreak. Despite a clampdown on people’s movements in much of...

Mexican economy may contract by 4 to 8% in 2020

Apr. 2, 2020 5:42 PM EDT

MEXICO CITY (AP) — Mexico's Treasury predicted Thursday that the country's economy will contract by as much as 3.9% in 2020 the face of the spreading COVID-19 pandemic, but private analysts are making even more dire predictions: the country's worst economic downturn since the Great Depression. That was...

FILE - In this Dec. 11, 2019, file photo, Saudi Arabia's state-owned oil company Armco and stock market officials celebrate during the official ceremony marking the debut of Aramco's initial public offering (IPO) on the Riyadh's stock market, in Riyadh, Saudi Arabia. Saudi Arabia's oil company Aramco said Wednesday, march 11, 2020, it will increase production capacity to 13 million barrels per day, up from 12 million per day, part of a strategy to dominate market share amid a slowdown in demand due to the outbreak of a new virus. (AP Photo/Amr Nabil, File)

Trump says he expects Russia, Saudis to cut oil production

Apr. 2, 2020 5:12 PM EDT

DUBAI (AP) — President Donald Trump said Thursday that he expects Saudi Arabia and Russia will dramatically cut production and end an oil war that sent energy prices to record lows. But the Kremlin disputed part of his tweet, leading to skepticism that a deal was imminent. A global glut in production,...

How major US stock indexes fared Thursday

Apr. 2, 2020 4:38 PM EDT

Energy companies led stocks broadly higher on Wall Street Thursday, giving the market its first gain in three days. The price of crude oil jumped 25%, bouncing further off an 18-year low, after President Donald Trump said he expects Saudi Arabia and Russia to dial down their price war. The rebound in oil, which...