Predicting the price of oil is getting as difficult as predicting this Summer’s weather. It was only recently that a $100-a-barrel was being muted a possibility by 2009.
Now it seems it could be as early as next year. Jeffrey Currie, a commodity analyst in London for Goldman Sachs, the largest brokerage firm, said that $95 […]

In his first appearance as BP’s new chief executive, Tony Hayward, has pledged to oversee a turnaround at the oil giant as the company posted a drop in second-quarter profits.
Hayward told reporters that rather than make optimistic predictions he would “prefer to concentrate on real delivery”. He added that “My message today is simple: BP’s […]

The U.S. Justice Department is conducting a criminal inquiry of nearly a dozen oil and oil-services companies, focusing on potentially illegal payments – bribes - to customs agents who provided freight forwarding and other services, including in Nigeria.
A civil investigation by the Securities and Exchange Commission also is under way.

Under pressure to preserve the environment while at the same time ease the poverty of his people, Ecuadorean President Rafael Correa has come up with an unusual and novel solution.
President Rafael Correa has startled Wall Street with talk of not paying Ecuador’s $10.3 billion foreign debt. He wants wealthy nations to pay Ecuador $350 million […]

BP has reported a 13 per cent fall in second-quarter profits, on the back of a decline in oil production and operational problems at the company’s US refineries.
Like all the oil majors BP is struggling to find new reserves. So, despite its recent troubles in Russia, BP has signaled that it is seeking more joint […]