Oil Drops More than 3% as OPEC Agreement on Output Cuts Remains Elusive
Crude prices fell sharply before paring some losses after Saudi Arabia's oil minister said major producers had yet to agree on output cuts.
New OPEC President's Disadvantage: He's From Venezuela
Venezuela's oil minister, a loyal ex-general, is taking over OPEC's presidency as his country and the cartel share volatile relations with Washington.
Oil Slides After OPEC Delays Decision on Level of Output Cuts
OPEC members agreed to production curbs but will wait to hear from Russia before making a final decision on the exact amount the cartel would cut to address falling oil prices.
German Conservatives Warn on Russian Pipeline Project
The three main contenders to succeed Angela Merkel as chairwoman of Germany's largest political party have called for a review of a gas pipeline between Germany and Russia, potentially putting the party at odds with the chancellor's government.
Iran Wants to be Exempted from Oil Production Cuts
Iran wants to be exempted from voluntary oil production cuts if OPEC and its allies were to decide curbs, the country's oil minister said.
Brazil's Car Wash Probe Eyes Glencore, Vitol, Trafigura
Brazil's Operation Car Wash corruption probe is investigating Glencore, Trafigura and Vitol for allegedly paying millions of dollars in bribes to Petrobras employees in return for better terms on trading contracts.
Power Outage Knocks Out Pipelines in Canada
A power outage in Western Canada knocked out major pipelines that transport oil to the U.S. on Tuesday, the latest setback for Canada's bottle-necked crude exports.
Saudi-Russia Ties Raise Concerns Among OPEC Members
Members of the Organization of the Petroleum Exporting Countries are bristling at the close ties between Saudi Arabia and Russia as the group looks to cut output to offset falling crude prices.
Thaw With China Could Boost Frozen U.S. Gas Projects
Easing of trade tensions between the U.S. and China could unlock new American LNG projects that stalled this year while seeking customers. But people in the industry say they need more confidence that warmer relations will endure before they can proceed.
Mexico Postpones Clean-Energy Auction
The Mexican government on Tuesday suspended a planned auction of long-term clean-energy contracts as the new administration of President Andrés Manuel López Obrador reviews the plan.