U.S. and European Oil Giants Go Different Ways on Climate Change

While BP and other European companies invest billions in renewable energy, Exxon and Chevron are committed to fossil fuels and betting on moonshots.

HOUSTON — As oil prices plunge and concerns about climate change grow, BP, Royal Dutch Shell and other European energy companies are selling off oil fields, planning a sharp reduction in emissions and investing billions in renewable energy.

The American oil giants Chevron and Exxon Mobil are going in a far different direction. They are doubling down on oil and natural gas and investing what amounts to pocket change in innovative climate-oriented efforts like small nuclear power plants and devices that suck carbon out of the air. read more

Nov. 8, 2019

LONDON — Royal Dutch Shell said there was a gas leak on Friday on a unit at its 404,000 barrel per day Pernis oil refinery in the Netherlands.

The leak has been stopped and the situation at the refinery is under control, a spokesman said.

Shell did not specify the unit involved.

The company separately reported on Nov 6 that while taking one of the units at Pernis offline for scheduled maintenance flaring occurred.

Shell did not specify which unit that was.

(Reporting by Ahmad Ghaddar; editing by Jason Neely) read more

By Maggie Haberman: Aug. 17, 2019

Thousands of union workers at a multibillion-dollar petrochemical plant being built outside Pittsburgh were given the choice of attending a speech by President Trump on Tuesday or staying away — and losing some of their pay for the week.

“Your attendance is not mandatory,” one of the construction site’s contractors wrote in rules for the speech that were shared with its employees, according to The Pittsburgh Post-Gazette, which first reported on the matter. But the rules said that only those who arrived at 7 a.m., had their work IDs scanned and then stood waiting for the president for several hours would get paid for the time. read more

Shell closed a deal to buy First Utility, a British energy company that owns neither power plants nor gas pipelines, in March. CreditTom Jamieson for The New York Times

By Stanley Reed

May 15, 2018

COVENTRY, England — There seems to be little about the scrappy energy company in central England that would appeal to Royal Dutch Shell, the button-down oil giant.

The little company, First Utility, is an upstart challenger. It offers friendly customer service, and low prices on electricity and natural gas. But it doesn’t own any power plants or gas pipelines; First Utility is a virtual energy company — the product of technological advancement and deregulation. read more

Trial set for two of the world’s largest oil companies

13 May 2018: Two of the world’s largest oil companies, Royal Dutch Shell and Eni of Italy, are expected to go on trial on Monday in Milan. Prosecutors are bringing corruption charges over a $1.3 billion oil deal in Nigeria. The defendants include current and former oil executives, among them Claudio Descalzi, Eni’s chief executive, who has the backing of his board despite his legal troubles. The case revolves around a payment the companies made in 2011 to the Nigerian government to settle a dispute over an offshore oil tract in the Atlantic Ocean known as OPL 245. The companies have consistently denied wrongdoing, but the case may shine a light on the sometimes murky dealings of the international oil industry. The proceedings, which are expected to last for months, may be delayed after initial procedures. Stanley Reed read more

Selection of recent news coverage of Shell/Eni OPL 245 corruption scandal

OPL 245 corruption scandal coming to the boil again

Two big oil companies go on trial in Italy: New York Times

Eni and Shell trial over Nigeria kickbacks postponed: AFP/Daily Mail

Oil giants Shell, Eni on trial in big Nigerian bribery case: Associated Press/Seattle Times

The Disappearing $1.1 Billion Behind Shell, Eni Trial: QuickTake: Bloomberg read more

A pump jack in a Permian Basin oil field in West Texas. The area has been a focus of the shale drilling boom. Credit Spencer Platt/Getty Images North America

By CLIFFORD KRAUSS: JAN. 28, 2018

HOUSTON — A substantial rise in oil prices in recent months has led to a resurgence in American oil production, enabling the country to challenge the dominance of Saudi Arabia and dampen price pressures at the pump.

The success has come in the face of efforts by Saudi Arabia and its oil allies to undercut the shale drilling spree in the United States. Those strategies backfired and ultimately ended up benefiting the oil industry.

Overcoming three years of slumping prices proved the resiliency of the shale boom. Energy companies and their financial backers were able to weather market turmoil — and the maneuvers of the global oil cartel — by adjusting exploration and extraction techniques. read more

By STANLEY REED: DEC. 20, 2017

LONDON — An Italian judge ruled on Wednesday that two of the world’s largest oil companies, Royal Dutch Shell and Eni, the Italian company, must go on trial on charges of corruption over a $1.3 billion oil deal in Nigeria.

The judge set a March 5 trial date in Milan for the companies as well as a group of current and former executives, including Claudio Descalzi, Eni’s chief executive, and Malcolm Brinded, a former chief of exploration and production for Shell. No current Shell officials were to be tried in the case. read more

By Clifford Krauss: Nov. 28, 2017

Bowing to pressure from shareholders and the Paris international climate accord, Royal Dutch Shell pledged on Tuesday to increase its investment in renewable fuels and to cut its carbon emissions in half by 2050.

Shell and other big oil companies have moved only sporadically over the last decade toward greater production of wind and solar energy. Now there are signs of a commitment to take climate change more seriously.

In comments to investors, Ben van Beurden, Shell’s chief executive, said that from 2018 to 2020, the company’s new-energies division would spend up to $2 billion a year on renewable energy sources like wind, solar and hydrogen power and on electric-car charging stations. read more

By REUTERS: SEPT. 8, 2017, 5:51 P.M. E.D.T.

NEW YORK/HOUSTON — Oil and petrochemical plants along the U.S. Gulf Coast intend to go ahead with plans for near record spending on expansions next year, despite Hurricane Harvey driving up labor costs and slowing work, experts said.

Harvey largely spared oil and petrochemical plants along the U.S. Gulf Coast from significant damage but thousands of homes and businesses were not as fortunate. Refiners and recovery projects will compete for the same labor, driving up costs or causing labor shortages. read more

Michael Lynch: CONTRIBUTOR: 9 August 2017

“Royal Dutch Shell PLC’s chief executive drew a collective gasp with his “lower forever” comment as one recent story put it.”  Funny, in 2012 when I said at an OPEC conference that the price was likely to return to the $50-60 range, it was not even taken seriously enough for gasps:  the moderator actually thought I was joking, and an oil company CEO replied, ‘Well, you hate to call someone an idiot’ apparently unaware I’ve been called much, much worse. read more

By STANLEY REED

ABERDEEN, Scotland — This port city built of granite on the North Sea has taken a battering in recent years. Plunging oil prices hit the petroleum industry, which dominates the economy. Tens of thousands of jobs were slashed. Projects worth billions of dollars were sent back to the drawing board.

Oil executives here now speak with a relief similar to survivors of a fierce storm.

“I feel good about the North Sea, to tell you the truth,” Mark J. Thomas, North Sea regional president for the oil giant BP, said in an interview at the company’s offices near Aberdeen’s airport. “It is remarkably different than where we were even just a few years ago.” read more

By REUTERS: JULY 31, 2017, 4:27 A.M. E.D.T.

LONDON — Royal Dutch Shell Plc plans to cut more than 400 jobs in the Netherlands, mainly at its major projects and energy technology operations, as the oil giant shifts its business model in response to lower oil prices, according to an internal document seen by Reuters.

The world’s second-largest oil company by market capitalization said in a statement responding to questions from Reuters that “approximately 400 (staff) are potentially at risk of redundancy during the last quarter of 2017/first half of 2018”. read more

By REUTERS: JULY 27, 2017, 8:03 P.M. E.D.T.

HOUSTON — Royal Dutch Shell Plc plans to begin permanently shuttering the gasoline-producing unit at its 227,586 barrel-per-day (bpd) Convent, Louisiana, refinery in January 2018, said sources familiar with the company’s plans on Thursday.

Shell has rescheduled planned repairs on the heavy-oil hydrocracking unit from spring 2018 to summer of that year, the sources said.

The company plans to overhaul the Convent refinery’s alkylation unit in October of this year, according to the sources. read more

By REUTERS: JULY 27, 2017, 4:48 A.M. E.D.T.

LONDON/PARIS — Europe’s major oil and gas companies have turned a corner after a three-year slump, reporting strong growth in profits as cost cutting paid off and vowing to press on with saving more money amid a fragile recovery in oil prices.

Royal Dutch Shell, France’s Total and Norway’s Statoil reported sharp increases in cash flow from operations in the second quarter as profits beat analyst expectations, meaning they can all comfortably pay dividends and reduce debt. read more

Shell CEO Ben van Beurden

By REUTERS: JULY 27, 2017, 3:03 A.M. E.D.T.

LONDON — Royal Dutch Shell more than tripled its profits in the second quarter to beat forecasts boosted by strong refining operations and a rise in oil prices.

The Anglo-Dutch oil and gas company also reported a huge recovery in cash flow to $12.2 billion and a drop in debt as its cost reduction efforts in recent years paid off. It has sold some $25 billion of assets since acquiring BG Group last year.

The strong results came despite a dip in oil and gas production versus the previous quarter as a result of reduced output from a facility in Qatar. read more

By REUTERS: JULY 25, 2017, 6:33 A.M. E.D.T.

SINGAPORE — Royal Dutch Shell and SoftBank are among several global groups considering bidding for Equis Energy, Asia’s largest independent renewable energy producer valued at up to $5 billion (3.84 billion pounds), sources familiar with the matter said.

Japanese trading companies, global pension funds and buyout firms are also in the fray to buy Singapore-based Equis, the sources said, at a time when many Asian governments are expanding the use of renewable power and its costs are falling. read more

By REUTERS: JULY 24, 2017, 10:33 A.M. E.D.T.

BRUSSELS — European Commission preparations to retaliate against proposed new U.S. sanctions on Russia that could affect European firms are likely to face resistance within a bloc divided on how to deal with Moscow, diplomats, officials and experts say.

A bill agreed by U.S. Senate and House leaders foresees fines for companies aiding Russia to build energy export pipelines. EU firms involved in Nord Stream 2, a 9.5 billion euro ($11.1 billion) project to carry Russian gas across the Baltic, are likely to be affected. read more

By REUTERS: JUNE 29, 2017, 7:03 A.M. E.D.T.

LONDON — Royal Dutch Shell’s Prelude floating liquefied natural gas (FLNG) ship has left a shipyard in South Korea for its destination offshore northwest Australia, the company said on Thursday.

Shell’s $12.6 billion (9.72 billion pounds) Prelude project is expected to start operating next year, the company said, after long delays since the oil major first decided to go ahead with the project in 2011.

Once the facility arrives in Australia, it will be secured to the seabed by mooring chains before it can be connected to the gas field and start operating, Shell said. read more

Majors including Exxon Mobil Corp, Chevron Corp and Royal Dutch Shell have maintained Gulf operations but focused expansions on U.S. shale.

By REUTERS: JUNE 27, 2017, 1:09 A.M. E.D.T.

THUNDER HORSE OIL PLATFORM, Gulf of Mexico — About 300 BP workers commute 150 miles here by helicopter, from the Louisiana coast to a deep-sea drilling platform that can produce more oil in a day than a West Texas rig can pump in a year.

On the deck of Thunder Horse, they work two-week shifts, drink seawater from a desalination plant, and eat ribs and chicken ferried in by boat. On the ocean floor, robots provide remote eyes and arms as drills extract up to 265,000 barrels per day. read more

By REUTERS: JUNE 7, 2017, 11:24 A.M. E.D.T.

LONDON — Royal Dutch Shell said on Wednesday its business is not experiencing any operational disruptions in Qatar in the wake of a decision by several Gulf countries to sever ties.

“Currently we are focused on running our Qatar business as usual and are not experiencing any operational disruption as a result of the current situation,” the Anglo-Dutch company said in a statement.

(Reporting by Ron Bousso, editing by David Evans)

SOURCE

By REUTERS JUNE 6, 2017, 4:03 P.M. E.D.T.

OSLO — About 150 oil platform workers would go on strike, potentially disrupting output from several Norwegian fields, if they fail to get a pay deal by midnight on Friday, their union said on Tuesday.

Lederne, the smallest of the three Norwegian unions representing oil industry workers, said the strike would target platforms at Eni’s Goliat, Shell’s Draugen and Statoil’s Kvitebjoern, Oseberg East and Gudrun fields.

“We believe it would mean shutting down production on those platforms,” a spokesman for the union said. read more

By STANLEY REEDAPRIL 10, 2017

LONDON — Just hours after the Dutch police raided the offices of Royal Dutch Shell last year as part of an investigation into a controversial $1.3 billion Nigerian oil deal, Ben van Beurden, the chief executive of the oil giant, placed a worried call to its chief financial officer.

The investigators were “quite forceful and brusque” and “rattled a few people,” Mr. van Beurden told the finance chief at the time, Simon Henry, when Mr. Henry returned his call. But Mr. van Beurden said he was also worried about something else: Shell’s own investigators had discovered internal emails that could cast the company in an even more negative light and widen the investigation by drawing in the United States law enforcement authorities. read more

By THE ASSOCIATED PRESS: MARCH 4, 2017

OKLAHOMA CITY — A Native American tribe here has filed a lawsuit in its own tribal court system accusing several oil companies of causing an earthquake that damaged near-century-old tribal buildings.

The Pawnee Nation alleges in its lawsuit filed Friday that wastewater injected into wells operated by the defendants caused the 5.8-magnitude quake in September. The tribe is seeking compensation for damage to public and personal property and market value losses, as well as punitive damages. read more

By CORAL DAVENPORT

President Obama announced on Tuesday what he called a permanent ban on offshore oil and gas drilling along wide areas of the Arctic and the Atlantic Seaboard as he tried to nail down an environmental legacy that cannot quickly be reversed by Donald J. Trump.

Mr. Obama invoked an obscure provision of a 1953 law, the Outer Continental Shelf Lands Act, which he said gives him the authority to act unilaterally. While some presidents have used that law to temporarily protect smaller portions of federal waters, Mr. Obama’s declaration of a permanent drilling ban on portions of the ocean floor from Virginia to Maine and along much of Alaska’s coast is breaking new ground. The declaration’s fate will almost certainly be decided by the federal courts. read more

By CLIFFORD KRAUSS: NOV. 3, 2016

In a warming world, Big Oil doesn’t look quite so big anymore.

A global glut of oil and natural gas has sent prices tumbling over the last two years, and profits are evaporating. Improving auto fuel efficiency standards threaten to depress oil consumption eventually, and fleets of electric vehicles are gradually emerging in China and a few other important markets.

Perhaps most troubling for oil companies over the long term is the goal — agreed to last December by virtually every country in the world at a climate conference in Paris — of staving off a rise in average global temperatures of more than 2 degrees Celsius above preindustrial levels. read more

By CLIFFORD KRAUSS and JOHN SCHWARTZ: A version of this article appears in print on May 24, 2016, on page A1 of the New York edition

HOUSTON — Exxon Mobil has been under pressure for over a year to explain its handling of climate change issues in the past. Now the company faces new pressure to explain its future, particularly how it will change in response to a warming world.

At the company’s planned annual meeting on Wednesday in Dallas, shareholders will vote on a resolution to prod Exxon Mobil to disclose the risks of climate change to its business. read more

By DIONNE SEARCEY: A version of this article appears in print on May 10, 2016, on page A1 of the New York edition

LAGOS, Nigeria — Young men became entangled in a swirl of flying fists. Gas station workers swatted away boys hoping to fill their plastic cans. A mother with a sleeping baby in her minivan was chased off, rightly accused of jumping the line. A driver eager to get ahead crashed into several cars, the sound of crunching metal barely registering amid the noise.

Nigerians were getting used to days like this. read more

By STANLEY REED and ANDREW E. KRAMER: A version of this article appears in print on April 18, 2016, on page B1 of the New York edition

DOHA, Qatar — Officials from 18 oil-producing nations failed on Sunday to reach a deal to freeze oil production at current levels.

The meeting of officials, representing most of the Organization of the Petroleum Exporting Countries as well as Russia, had been intended to calm the markets and convince them that the two leading oil exporters, Russia and Saudi Arabia, were cooperating. But with officials coming up short on Sunday, the meeting may end up being a blow to confidence that could send oil prices tumbling. read more

Shell and the Italian oil firm Eni bought the block known as OPL 245 in 2011. Activists including the watchdog group Global Witness say the money ultimately went to a company secretly owned by a former Nigerian oil minister and never reached state coffers.

Global Witness and other groups filed a complaint in 2015 with the public prosecutor in Milan that the group says describes Shell’s role in the transaction.

Eni was already being investigated. Both firms have denied wrongdoing.

In a statement this week, Shell said officials searched its headquarters in The Hague in February and that it was cooperating with officials. read more

By STANLEY REED: A version of this article appears in print on March 24, 2016, on page B2 of the New York edition

Woodside Petroleum and its partners, including the energy giants Royal Dutch Shell and BP, have decided to delay indefinitely the development of a huge liquefied natural gas project off Western Australia, the company said on Wednesday.

The decision to postpone the project, called Browse, comes as L.N.G. prices in Asia have fallen by around two-thirds since 2014. The slump is attributed to a supply glut set off largely by a building boom and by lower-than-expected demand from major customers like China. read more

By JUSTIN GILLIS: A version of this article appears in print on March 23, 2016, on page A11 of the New York edition

The nations of the world agreed years ago to try to limit global warming to a level they hoped would prove somewhat tolerable. But leading climate scientists warned on Tuesday that permitting a warming of that magnitude would actually be quite dangerous.

The likely consequences would include killer storms stronger than any in modern times, the disintegration of large parts of the polar ice sheets and a rise of the sea sufficient to begin drowning the world’s coastal cities before the end of this century, the scientists declared.

“We’re in danger of handing young people a situation that’s out of their control,” said James E. Hansen, the retired NASA climate scientist who led the new research. The findings were released Tuesday morning by a European science journal, Atmospheric Chemistry and Physics.

A draft version of the paper was released last year, and it provoked a roiling debate among climate scientists. The main conclusions have not changed, and that debate seems likely to be replayed in the coming weeks. read more

By THE ASSOCIATED PRESS: MARCH 20, 2016

BAGHDAD — Iraq on Sunday exported the first shipment of natural gas in its history, a key development for the OPEC member struggling to feed a cash-strapped economy amid an expensive fight against the Islamic State group.

The move revives a long-sought ambition by Iraq to be a gas exporter, thanks to a joint venture with Anglo-Dutch Royal Dutch Shell PLC and Japan’s Mitsubishi Corp. Iraq first planned to begin exporting gas in the late 1970s, but that timeline was delayed by the Iraq-Iran war when Iraqi export ports were bombed. read more

By ANDREW SCOTT COOPER: A version of this op-ed appears in print on March 13, 2016

FOR the past half-century, the world economy has been held hostage by just one country: the Kingdom of Saudi Arabia. Vast petroleum reserves and untapped production allowed the kingdom to play an outsize role as swing producer, filling or draining the global system at will.

The 1973-74 oil embargo was the first demonstration that the House of Saud was willing to weaponize the oil markets. In October 1973, a coalition of Arab states led by Saudi Arabia abruptly halted oil shipments in retaliation for America’s support of Israel during the Yom Kippur War. The price of a barrel of oil quickly quadrupled; the resulting shock to the oil-dependent economies of the West led to a sharp rise in the cost of living, mass unemployment and growing social discontent. read more

By MICHAEL WINES: A version of this article appears in print on March 8, 2016

Facing a six-year barrage of increasingly large earthquakes, Oklahoma regulators are effectively ordering the state’s powerful oil-and-gas industry to substantially cut back the underground disposal of industry wastes that have caused the tremors across the state.

On Monday, the state Corporation Commission asked well operators in a Connecticut-size patch of central Oklahoma to reduce by 40 percent the amount of oil and gas wastes they are injecting deep into the earth. The directive covers 411 injection wells in a rough circle that includes Oklahoma City and points northeast.

It follows a February request that imposed a 40 percent cutback on injection wells in a similar-size region of northwest Oklahoma. read more

By STANLEY REED: MARCH 2, 2016

LONDON — Nigerian communities from the oil-rich Niger Delta initiated court action on Wednesday in London against the energy giant Royal Dutch Shell, in a case that may have far-reaching implications for whether companies can be sued in Britain for pollution and damages caused by their activities in other countries.

The case is based on accusations by farming and fishing communities that say they have suffered years of damage because of repeated large spills from oil pipelines in their home areas.

The law firm Leigh Day is bringing the claims against Shell and its Nigerian joint venture, the Shell Petroleum Development Company of Nigeria, in London on behalf of two communities in the swampy, oil-rich Niger Delta: the Ogale and the Bille.

On Wednesday, the claimants won a small victory when a judge ruled that the Nigerian venture could be included in the case, along with its parent company. read more

The oil industry regularly undergoes booms and busts. But the downside of this cycle may prove more extreme…

By CLIFFORD KRAUSS and MICHAEL CORKERY: A version of this article appears in print on February 10, 2016, on page A1 of the New York edition

MIDLAND, Tex. — On the 15th floor of an office tower in Midland looms a five-foot-long trophy black bear, shot by the son of an executive at Caza Oil & Gas. But it is Caza that has recently fallen prey to a different kind of predator stalking the Texas oil patch: too much debt.

While crude prices have dropped more than 70 percent over the last 20 months, a reckoning in the nation’s vast oil industry has only just begun. Until recently, companies were able to ride out the slump using hedges to sell their oil for higher than the low market prices. read more

Shell’s Profit Down 56 Percent on Depressed Oil Prices

By STANLEY REED: FEB. 4, 2016

LONDON — Royal Dutch Shell became the latest big energy company to file a damage report on the impact of depressed oil prices on Thursday, saying that its adjusted profit fell 56 percent in the fourth quarter of 2015 compared to a year earlier.

Shell said earnings adjusted for inventory changes were $1.8 billion, down sharply from $4.2 billion in the comparable period of 2014.

For 2015, Shell’s earnings fell 80 percent to $3.84 billion, compared to $19 billion in 2014. read more

Shell Shareholders Approve Acquisition of BG Group

By STANLEY REED: JAN. 27, 2016

LONDON — In one of the first major deals struck as oil prices plummeted, Royal Dutch Shell shareholders on Wednesday approved the acquisition of the BG Group, the Britain-based oil and gas producer, for about $50 billion.

Analysts had expected major oil companies like Shell and ExxonMobil to take advantage of low prices to acquire rivals or smaller companies to strengthen their position, but there have been few big moves so far, perhaps because of the steepness of the drop in oil prices, which have fallen since the summer of 2014 to around $30 a barrel from more than $100 dollar a barrel. read more

By CLIFFORD KRAUSS and DIANE CARDWELL: A version of this article appears in print on January 26, 2016, on page A1 of the New York edition

Barely a month after world leaders signed a sweeping agreement to reduce carbon emissions, the global commitment to renewable energy sources faces its first big test as the price of oil collapses.

Buoyed by low gas prices, Americans are largely eschewing electric cars in favor of lower-mileage trucks and sport utility vehicles. Yet the Obama administration has shown no signs of backing off its requirement that automakers nearly double the fuel economy of their vehicles by 2025. read more

By NEIL MacFARQUHAR: A version of this article appears in print on January 23, 2016, on page A1 of the New York edition

The global collapse in oil prices is reordering economic relations around the world, but the change is particularly daunting for Russia, which relies on energy exports for 50 percent of its federal budget.

In December, President Vladimir V. Putin told the nation that the worst of the recession — the economy shrank 3.9 percent and inflation hit 12.9 percent in 2015 — was over and that modest growth would return in 2016. He has been pushing the oil collapse as an “opportunity” that will wean Russia off energy imports and diversify the economy. read more

By STANLEY REEDJAN. 20, 2016

LONDON — Royal Dutch Shell said on Wednesday that it expected profit for the fourth quarter of last year to be sharply lower than in the same period in 2014.

The company issued the preliminary estimates before a much-anticipated vote by Shell shareholders next Wednesday on the proposed acquisition of the BG Group, an oil and gas producer based in England.

Shell estimated that its profit for the quarter, excluding inventory changes and one-time charges, would fall around 50 percent, to between $1.6 billion and $1.9 billion, as lower oil prices cut sharply into revenue. The company posted profit of about $3.3 billion in the fourth quarter of 2014. read more

It could get worse. The nuclear deal with Iran should allow the country to start exporting far more oil, once sanctions are lifted, potentially in a matter of days. Iran could add as much as 500,000 barrels a day to the global markets. Tentative progress in negotiations between warring factions in Libya, battling for control of oil and export terminals, could unleash another flood.

By CLIFFORD KRAUSS: A version of this article appears in print on January 16, 2016, on page A1 of the New York edition

HOUSTON — The world is awash in crude oil, with enough extra produced last year to fuel all of Britain or Thailand. And the price of oil will not stop falling until the glut shrinks.

The oil glut — the unsold crude that is piling up around the world — is a quandary and a source of investor anxiety that once again rattled global markets on Friday.

As prices have dropped, the amount of excess production has been cut in half over the last six months. About one million barrels of extra oil is now being dumped on the markets each day. read more

By STANLEY REED: A version of this article appears in print on January 13, 2016, on page B3 of the New York edition

LONDON — The persistent plunge in oil prices has translated into a new round of industry job cuts.

The British oil giant BP said on Tuesday it would eliminate 4,000 of the approximately 24,000 positions in its exploration and production units this year. That would be in addition to about 4,000 jobs that the company cut last year, when it trimmed its work force to about 80,000. read more

By JAD MOUAWAD: A version of this article appears in print on January 12, 2016, on page B1 of the New York edition

The continuing collapse in commodity prices pushed oil futures still lower Monday, and analysts predicted that the slide was far from over.

Oil prices fell to their lowest level in 12 years, with futures of West Texas intermediate crude for February delivery settling at $31.41 a barrel, down 5.3 percent. Oil futures, which lost 30 percent last year, have declined every day of 2016. Brent oil, the main international benchmark, lost 6.5 percent and closed at $31.55 a barrel.

Last year a broad reassessment occurred in commodities, as the global economy slowed and demand from emerging markets like China, India and Brazil waned. The slump in oil prices picked up momentum last week on renewed concerns about the health of China’s economy, which led to a rout in global markets. read more

By CLIFFORD KRAUSS: A version of this article appears in print on January 7, 2016, on page B2 of the New York edition

HOUSTON — Oil prices plunged again on Wednesday by more than 5 percent as investors paid more attention to signs that global stockpiles are growing than to increasing instability in the Middle East and North Africa.

The decline in the global Brent oil benchmark price to below $35 a barrel, the lowest level since the depths of the 2008-9 economic downturn and a decline of nearly two-thirds since summer 2014, helped push stock markets lower.

The Standard & Poor’s 500-stock index, the main benchmark for the United States stock market, declined 1.3 percent Wednesday and breached the psychologically important 2,000 level to close at 1,990.26. read more

A wall of steel protects the workers at the entrance to the Corrib gas terminal site, which opened on Wednesday in Bellanaboy Bridge, Ireland. Credit Paul McErlane/Bloomberg News

By STANLEY REED: DEC. 30, 2015

LONDON — Two decades after being discovered, natural gas began flowing on Wednesday from wells off Ireland’s northwest coast. Royal Dutch Shell, the oil company, said it had begun producing gas from undersea wells, part of an effort for Ireland to produce more of its own resources.

Opening the taps in the Corrib field, more than 50 miles offshore, is a breakthrough for the oil and gas industry in Ireland, which had mostly disappointing results in recent years while encountering resistance from environmental groups. read more

By STANLEY REED: DEC. 21, 2015

LONDON — Oil prices hit 11-year lows in Asia and Europe on Monday, as a glut of crude on world markets and the recent global climate accord continue to depress fossil-fuel prices.

Brent crude oil, the international benchmark, settled at $36.51 a barrel on Monday in Europe.

Analysts say there is little to restrain continued price declines in the near term. Prices are down about 15 percent so far in December, after an OPEC meeting failed to produce measures to restrain record-high production. That meeting was quickly followed by the United Nations climate accord in Paris, which aims to reduce the world’s reliance on oil and other carbon-emitting fuels. read more

By CLIFFORD KRAUSS: A version of this article appears in print on December 8, 2015, on page B1 of the New York edition

HOUSTON — Crude oil prices slid a further 5 percent on Monday to fall to their lowest levels since the 2009 global recession, pummeled by the fading chance that Saudi Arabia would cut production to halt the commodity’s yearlong slide.

In only 16 months global oil prices have collapsed from over $110 a barrel to less than half that, and the oil industry in the United States and around the world is reeling from its worst crisis since the late 1990s. On Monday, the American benchmark broke the $38-a-barrel mark, a price that makes drilling and completing wells a losing proposition in almost all oil fields around the country. read more

By STANLEY REED and SARA HAMDAN: A version of this article appears in print on December 5, 2015, on page B1 of the New York edition

VIENNA — Even as United Nations climate-conference delegates met near Paris on Friday seeking ways to reduce the globe’s dependence on high-carbon fuels like oil, some of the world’s biggest petroleum producers vowed to keep pumping flat out.

The Organization of the Petroleum Exporting Countries said on Friday that it would keep producing oil at current levels, which are estimated to exceed 31 million barrels a day. read more