Saudi Arabian Oil Minister Ali Al-Naimi said the output freeze agreed with Russia and two other countries on Tuesday might be followed be more action to improve the oil market. “The reason we agreed to a potential freeze of production is simply the beginning of a process to to asses in the next few months... Continue Reading →

Paragon Offshore Plc, the oil services company spun off just as crude began its plunge, filed for bankruptcy protection after announcing deals to reorganize its debt and avoid protracted legal battles involving its former parent, Noble Corp. Houston-based Paragon is the latest casualty of an oil market that has fallen more than 70 percent since June 2014, just... Continue Reading →

Sete Brasil Participacoes SA’s creditors, including Banco do Brasil SA and Itau Unibanco Holding SA, received 2.68 billion reais ($670 million) from a government-backed fund and will likely tap about 1.58 billion reais more, according to a person familiar with the matter. Creditors withdrew the money from the fund created with government assets in 2008 after... Continue Reading →

Europe's largest oil company, expects to make robust investments in Brazil's offshore, hoping to quadruple oil and gas output there by the end of the decade, its chief executive officer said on Monday. CEO Ben Van Beurden spoke in Brazil shortly after Shell's $52 billion takeover of rival BG Group Plc BG.L, approved in late... Continue Reading →

Total SA posted fourth-quarter earnings that beat analyst estimates as rising oil and gas production, higher gasoline and lubricant sales, and profit from refining helped it weather a slump in crude prices. The company deepened cost and investment cuts. Adjusted net income fell 26 percent from a year earlier to $2.08 billion, the company based... Continue Reading →

Brazil’s real declined along with the currencies of other developing countries as crude tumbled amid concerns that turmoil in global markets will drag on. The real dropped 0.7 percent to 3.9565 per U.S. dollar as of 9:54 a.m. in Sao Paulo, the lowest level on a closing basis since Feb. 2. Three-month implied volatility on the... Continue Reading →

Tommaso Ebhardt February 10, 2016 Exor SpA , the investment company of Italy’s Agnelli family, bought a 13 percent stake in Danish oil-technology company Welltec to help founder Jorgen Hallundbaek expand the business. The Italian holding company, which controls carmakers Fiat Chrysler Automobiles and Ferrari NV, is investing 103.3 million euros ($116 million) for the... Continue Reading →