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News Highlights : Top Energy News of the Day

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12/06/2018 | 10:15 pm

Oil Drops Sharply as OPEC Struggles to Agree on Cuts

Oil prices fell sharply after OPEC delayed a decision on cutting crude output, while a sliding stock market drove investors away from riskier assets across the board.

U.S. Becomes Net Exporter of Oil, Fuels

In a symbolic milestone that would have been unthinkable 10 years ago-and may yet prove short lived-the U.S. is now the world's top producer of oil and natural gas.

U.S. Oil Inventories Fall For First Time in 11 Weeks

U.S. inventories of crude oil fell for the first time in 11 weeks during the week that ended Nov. 30, according to data released Thursday by the Energy Information Administration.

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.

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.

Party Race to Succeed Merkel Throws Russian Pipeline in Doubt

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.

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.

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