oil

A sculpture of oil workers in Caracas, Venezuela. The country is heavily dependent on oil exports, and falling oil prices have had a ripple effect on the country's already troubled economy.

For World's Oil Exporters, Falling Prices Have A Domino Effect

1:07pm December 05, 2014

by Jackie Northam

Falling oil prices have been good news for the U.S. But they're causing multiple problems for some exporters. Government budgets are strained. Economies are struggling. Currencies are crashing.

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Iraqi Finance Minister Hoshyar Zebari announced Tuesday that the Iraqi government and the Kurdistan region have started implementing a deal under which Baghdad resumes funding Kurdish civil servant salaries in return for a share of Kurdish oil exports.

World News

Iraq, Kurds Agree On Deal Over Oil Exports, Budget

10:15am December 02, 2014

by Krishnadev Calamur

The agreement could ease some pressure on Iraq's government, which is facing an economic crisis, and on Kurdish authorities who have had trouble paying government employees and security forces.

A Russian ruble coin is pictured in front of St. Basil cathedral in central Moscow, on November 20, 2014.

Russian Ruble Plummets, And 4 Other Oil-Slump Related Headlines

12:33pm December 01, 2014

by Eyder Peralta

Slumping oil prices are continuing to have global economic repercussions. At home, that means lower gas prices, but in other countries more dependent on oil, the effects are serious.

The lowest gas prices in years are seen Wednesday on a fuel sign in Lawrence, Kan. A day later, OPEC decided to maintain current production levels, virtually ensuring continued low prices at the pump.

Oil Prices Tumble After OPEC Holds Firm On Output

11:53am December 01, 2014

by Scott Neuman

Ministers of the Organization of Petroleum Exporting Countries meeting in Austria could not agree to cut production in an effort to stabilize global crude prices.

Casa Dominique is an ecolodge on Lanzarote's northern coast. Julie Genicot, a French trekking guide, has lived in Lanzarote since her grandparents opened the Casa Dominique when she was a child. She worries that offshore oil drilling might ruin the natura

Sun, Sand And Offshore Drilling In Spain's Famed Canary Islands

7:12pm November 27, 2014

by Lauren Frayer

Highly reliant on oil imports, Spain's government is encouraging oil exploration off the coast of the Canary Islands. But locals say the drilling threatens the natural attractions that draw tourists.

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Pipes for TransCanada's planned Keystone XL pipeline are stored in Gascoyne, N.D. The U.S. House has voted to approve the proposed project, which would allow crude oil to flow from Canada to the Gulf of Mexico. The Senate plans to vote Tuesday on legislat

What You Need To Know About The Keystone XL Oil Pipeline

7:36pm November 18, 2014

by Jeff Brady

The long-delayed project is a jobs generator to some and an ecological disaster to others. Ahead of a key Senate vote, we revisit what the Keystone XL pipeline would do and why it's so contentious.

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Ray Gerrish repairs a drilling rig near Watford City, N.D. Oil industry analysts predict that oil prices will have to remain low for at least several months before having a significant effect on U.S. production.

It's Still Too Early For Tanking Oil Prices To Curb U.S. Drilling

6:32pm November 04, 2014

by John Ydstie

The U.S. is now the world's largest oil producer, and some worry that falling prices could mean an industry slowdown. But with production costs also falling, drillers are unlikely to cut back soon.

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Falling Oil Prices Make Fracking Less Lucrative

12:35pm November 04, 2014

by Jeff Brady

As oil prices dip, controversial and relatively expensive production methods, like oil sands and fracking, have become less profitable. Some drillers are already cutting back on plans for more wells.

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U.S. Secretary of State John Kerry speaks with Saudi King Abdullah bin Abdul Aziz al-Saud as the Saudi ambassador to the United States, Adel al-Jubeir, listens before a meeting at the Royal Palace in Jiddah, Saudi Arabia, on Sept. 11.

World News

Why Does Saudi Arabia Seem So Comfortable With Falling Oil Prices?

10:29am October 31, 2014

by Jackie Northam

Normally, the "central banker of oil" would slow production to push up prices. Not so now. Some say it's a geopolitical tactic aimed at Russia and Iran; others say it's just protecting market share.

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Workers drill for oil in the Bakken shale formation outside Watford City, N.D., an area experiencing an oil boom.

Predictions Of 'Peak Oil' Production Prove Slippery

12:52pm October 18, 2014

by Marilyn Geewax

Just a few years ago, authors were predicting production would soon hit a peak and then decline. But since then, supplies have surged. So are the forecasters now slapping themselves in the head?