The $60 billion of oil-industry spending cuts this year won’t be enough as crude languishes near a six-year low.

The report, published by DecomWorld, says that decommissioning costs will double to £2 billion by 2018 as more producers begin shutting down their ageing assets.

Rosneft increased technical drilling volumes at the Company’s production assets by 27% in 7 months of 2015.

Indian refiners have got the green light to prepare to pay Iran $1.

Pacific Rubiales Energy Corp.

Oil & Natural Gas Corp.

Citigroup Inc lowered its base case price outlook for 2015 and 2016 crude oil prices citing weak market fundamentals, including an increased supply from OPEC and challenging demand growth in China and emerging markets.

Saipem, an Italy-based contractor, is being investigated over a potential involvement in bribery case in Brazil.

Oil analysts are, if nothing else, optimists.

An oil spill along Moscow's Moskva River caught fire Wednesday, sending flames and a towering plume of black smoke into the air.