That could hinder OPEC's ability to boost output later in the year, when the International Energy Agency expects demand for OPEC crude to rise. Outages in the group, such as in Iraq and Libya, are effectively helping OPEC to balance the market, rather than voluntary cutbacks, say analysts.» Read More
Two pipeline spills have prompted new criticism from opponents of the proposed Keystone XL project, while raising questions about whether the government is adequately monitoring U.S. pipelines. The NYT reports.
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BP said the U.S. Department of Justice has backed its claim that oil it recovered at the 2010 spill site should be excluded from certain penalties it could face, potentially cutting its final fine by as much as $3.5 billion.
Canada remains cautiously optimistic that Washington will approve the Keystone XL oil pipeline even though President Barack Obama made no mention of it in his State of the Union speech.