Business - Energy & Oil Industry

LONDON (AFP) - World oil prices flattened on Tuesday as worries subsided over the potential threat posed by Hurricane Ida to petroleum installations in the US Gulf of Mexico, analysts said. Full Story »

LONDON (Reuters) - Oil prices fell slightly on Tuesday but held above $79 a barrel as the dollar weakened, gold stayed strong and a late-season hurricane subsided in the Gulf of Mexico. Full Story »

Oil prices swung around $79 a barrel Tuesday, as a storm threatening oil installations in the Gulf of Mexico weakened and investors eyed a volatile dollar. Full Story »

BAGHDAD - Iraq's prime minister says his Cabinet has approved a deal with a consortium led by U.S.-based Exxon Mobil to develop a prized oil field in the country's south. Full Story »

KUWAIT CITY (AFP) - OPEC member Kuwait is forecast to post a budget surplus of up to 22.3 billion dollars this fiscal year on the back of better than expected oil prices, a local bank said on Tuesday. Full Story »

MUMBAI (Reuters) - Energy major Reliance Industries has made its first oil find in a Gujarat block, boosting hopes the firm's oil and gas exploration business will help offset some of the weakness in the refining sector. Full Story »

LONDON (Reuters) - The world is closer to a peak in oil supply than International Energy Agency estimates admit, UK newspaper The Guardian reported in its Tuesday edition, citing an unidentified "whistleblower" at the IEA. Full Story »

PARIS (AFP) - The IEA forecast on Tuesday that the oil price, excluding inflation, would be 100 dollars a barrel in 2020 and 115 dollars in 2030, saying oil demand would rise by one percent per year. Full Story »

Oil prices shot above $80 a barrel Monday as a weakened U.S. dollar created more turbulence in energy markets than a storm heading into the Gulf of Mexico. Full Story »

AUSTIN, Texas - Texas Gov. Rick Perry told renewable energy industry officials that a cap-and-trade climate bill in Congress would increase taxes and devastate the state's energy sector. Full Story »

NEW ORLEANS - The Coast Guard says two Chevron Corp. workers have been rescued from an oil rig that was in danger of toppling as Tropical Storm Ida churned up high seas. Full Story »

SALINA, Kan. - Leaders from six Kansas counties want a chance to challenge the state's contention that the Canadian owner of a crude oil pipeline is eligible for millions of dollars in tax credits. Full Story »

BISMARCK, N.D. - Billionaire oilman Harold Hamm believes North Dakota's oil reserves are double the federal government's estimates. Full Story »

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NAIROBI, Kenya - Somali pirates attacked an oil tanker and fired automatic weapons and rocket-propelled grenades Monday farther out at sea than any previous assault, suggesting that pirate capabilities are growing as they increase activity off East Africa. Full Story »

MOSCOW - Russia's Gazprom saw its earnings halved in the first six months of the year due to lower natural gas prices and sinking demand in Europe, while overall debt jumped nearly a third, the company reported Monday. Full Story »

NEW YORK - Shares of SandRidge Energy Inc. climbed on Monday as an analyst raised his rating for the independent oil and natural gas company, citing its discounted share price. Full Story »

NEW YORK - Oil companies are evacuating workers from operations in the Gulf of Mexico as Tropical Storm Ida approaches. Full Story »