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
Christophe De Margerie, CEO of Total, sees oil prices staying around $100-110 per barrel in 2013.
The storm pounding the Northeast is pushing fuel prices higher, hitting consumers with a one-two punch that may send some of over the financial brink.
Gas prices are at their highest level on record for the month of February, with CNBC's Sharon Epperson.
Guy Wolf, global head of market analytics at Marex Spectron, tells CNBC that the demand environment generally for gas is on the wane.
Iran's crude exports to its biggest customer, Asia, fell by a quarter in 2012 and shipments this year are expected to drop by at least 12 percent under U.S. sanctions pressure, but ample alternative supplies will keep refiners flush with oil.
Rio Tinto's Sam Walsh faces his first difficult decision as chief executive -- whether to shut the 1,400-staff Gove alumina refinery in Australia -- as under-performing units come under tougher scrutiny following $14 billion in writedowns this month.
Majid Jafar, CEO of Crescent Petroleum, tells CNBC that a general sense of instability post the Arab Spring has already been factored in to the oil price but there has been no direct impact from the Algerian hostage attack.
It has been a harrowing start to 2013 for the global energy industry. BP, Statoil and the joint operators of the In Amenas natural gas plant in Algeria are slowly coming to terms with last week's brutal 4-day occupation of the isolated desert facility where 38 mainly foreign hostages were killed by Islamist militants.
U.S. crude futures may test $100 a barrel this week - possibly breaching triple digits - after an attack against a gas facility in OPEC member Algeria on Wednesday escalated into an international hostage crisis, leading to renewed fears that supply may be disrupted in other politically-unstable parts of North and West Africa.
Twenty-five foreign hostages escaped and six were killed on Thursday when Algerian forces launched an operation to free them at a remote desert gas plant, Algerian sources said, as one of the biggest international hostage crises in decades unfolded.
Christof Ruhl, chief economist at BP, forecast strong growth in alternative energy sources like oil sands and bio fuel.
Three IPOs this week are MLPs - part of a long string of MLPs that have gone public recently.
Oil overcame early selling pressure, inching above $110 a barrel on Thursday, as investors reacted to mixed U.S. economic data and the ongoing stalemate on U.S. budget talks.
Oil prices rose on Wednesday as expectations a battle over the U.S. budget will be resolved spurred optimism about crude demand in the U.S.
The U.S. government's energy agency has adopted North Sea Brent crude as its benchmark for oil forecasts, dropping its domestic benchmark.
Robust U.S. energy production keeps pump prices low.
Activism surrounding fracking has now migrated into the ranks of actual shareholders in the companies that perform fracking.
John Hofmeister, Founder and CEO of Citizens for Affordable Energy, weighs in on preventing another gas shortage.
Gasoline lines are shorter in some parts of the New York metropolitan area, but the fuel distribution and supply network is still far from normal a week after Super Storm Sandy swept through the area.
Wilbur Ross, Chairman & CEO, WL Ross & Co. says his firm Exco has not yet confirmed a bid for a joint-venture partner project in Chinese shale gas.