Saturday's attack is the biggest on Saudi oil infrastructure since Saddam Hussein's invasion of Kuwait in 1990.Energyread more
Saudi Aramco is aiming to restore by Monday about a third of its crude output that was disrupted after drone attacks on two key oil facilities, The Wall Street Journal...Marketsread more
"Blaming Iran won't end disaster. Accepting our April '15 proposal to end war & begin talks may," Zarif said on Twitter.Energyread more
Oil prices are expected to jump as much as $10 per barrel after a coordinated drone strike hit Saudi Arabia's largest oil field, forcing the kingdom to cut its oil output in...Marketsread more
Apple's new iPhones can still send texts, download apps, and make video calls, but the company spends a lot of time and effort marketing its new phones as powerful photography...Technologyread more
The trucking industry is worth hundreds of billions of dollars per year. Uber is going after this market with Uber Freight, an online platform that matches truckers with...Technologyread more
Some U.S. manufacturers say tariffs, if targeted, will help address longstanding unfair trade practices like intellectual property theft.Traderead more
Supporters of a $15 minimum wage ballot initiative in Florida argue the state's inflation-tied pay hikes have not gone far enough.2020 Electionsread more
Saudi Arabia shut down half its oil production Saturday after drone strikes hit the world's largest oil processing facility in an attack claimed by Yemen's Houthi rebels.Politicsread more
Trusii's hydrogen water machines were supposed to help users with their health problems, but customers claim the company is involved in a giant scam.Technologyread more
The decoupling of the world's two weightiest economies seems as inescapable as its extent and global impact remains incalculable.Politicsread more
In a marked contrast to its century-old luxury auto and air engine roots, Rolls-Royce is forming a "fracking" joint venture with a U.K. engineering company.
Rolls-Royce Power Systems company MTU, which produces engines and automation systems, and Weir Oil & Gas, which makes fracking pumps, claim the venture will serve as a "one-stop shop" for the oil and gas industry.
The venture is entering the market following months of turmoil in oil prices. A glut in oil supply was a factor in the market price plunging from $110 a barrel last June. is currently priced around $66 a barrel.
A large part of this glut has been the increase in oil produced by the U.S. fracking industry. Hydraulic fracturing, or fracking, is the process by which oil and gas companies use a mixture of water, sand and chemicals to release and extract fuel trapped within shale formations. However, the process is expensive and criticised by environmental groups.
Keith Cochrane, Chief Executive of the Weir Group, believes that the equipment produced by the venture will make fracking operations more efficient and potentially more profitable. In a statement announcing the deal, Cochrane said: "This joint venture again shows our ongoing commitment to innovation which reduces our customers' total cost of ownership and improves productivity.
"By combining the frac pump, transmission and engine into one power system and supporting it using MTU and Weir's service networks, we will deliver significant benefits for our oil and gas customers."
The venture company, which is currently unnamed, is expected to begin operating at the start of 2016.
MTU and Weir Oil and Gas first announced they were collaborating to produce fracking equipment in May 2014. This week's announcement is intended to "broaden their relationship."
Dr. Ulrich Dohle, CEO of Rolls-Royce Power Systems, was enthusiastic about the venture. In the statement, he said: "The new joint venture between MTU and Weir Oil & Gas will provide easier access to a completely integrated pumping power system that addresses the challenges faced by frac site operators."
Follow us on Twitter: @CNBCWorld