Oil

Saudi Crown Prince Meets with Xi Jinping in China

Saudi Crown Prince Mohammed bin Salman (MBS) met with Chinese President Xi Jinping at the Great Hall of the People in Beijing on Friday, capping a tour of Asia that was widely seen as the Saudis “pivoting to the East” after losing Western friends over the murder of Jamal Khashoggi. MBS also visited India and Pakistan on his way to China.

HANGZHOU, CHINA - SEPTEMBER 04: Chinese President Xi Jinping (right) shakes hands with Saudi Arabian Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud to the G20 Summit on September 4, 2016 in Hangzhou, China.

Russia Comes Out Swinging Against Venezuela Sanctions

Russia strongly denounced U.S. sanctions against Venezuela’s national oil company PDVSA on Tuesday, slamming the sanctions as an illegal attempt to overthrow what Moscow views as the legitimate government.

The Associated Press

Venezuela Invades Guyana to Block Exxon Mobil Oil Exploration

The Venezuelan Navy illegally entered the waters of Guyana this weekend and forced a ship contracted by Exxon Mobil to conduct oil research in the area to vacate, claiming that Guyana’s permission to explore its sovereign territory was not enough for the ship to be legally present in the water.

Venezuela lifts opposition lawmakers' immunity for drone 'attack' trial

Largest Oil and Gas Reserves Ever Assessed Found in West Texas

The U.S. Department of the Interior announced Thursday the Permian Basin’s Wolfcamp shale and Bone Spring formation spanning parts of West Texas and eastern New Mexico hold the largest potential oil and gas resources ever discovered. Federal surveyors note the Bone Spring plays could offer roughly seven times the amount of oil as the Bakken shale in North Dakota.

Oil rigs extract petroleum as the price of crude oil rises to nearly $120 per barrel, prompting oil companies to reopen numerous wells across the nation that were considered tapped out and unprofitable decades ago when oil sold for one-fifth the price or less, on April 25, 2008 in the …