ENERGY NEWS-OPEC-fueled oil price rally extends into second week

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OPEC-fueled oil price rally extends into second week

May 22 (UPI) -- A narrative from the head of OPEC that efforts to balance the market paid off led to a strong rally in crude oil prices Monday despite signs of sluggish growth.

OPEC sees light at 'the end of the tunnel'

May 22 (UPI) -- Crude oil inventories are on the decline and there is "some light at the end of the tunnel" for OPEC's market balancing effort, its secretary general said.

Wood Group to help with Russia's LNG efforts

May 22 (UPI) -- Scottish energy services company Wood Group said Monday it secured a contract with Russia to help advance Far East liquefied natural gas development.

Iran sees need for major offshore investments

May 22 (UPI) -- Speaking after moderate President Hassan Rouhani's re-election, an Iranian trade minister said the country needs major investments for offshore oil and gas.

BP says its North Sea portfolio is on the rebound

May 22 (UPI) -- British energy company BP said it started oil production from a North Sea basin after spending billions of dollars on regional redevelopment.

Oil production starts for Vitol offshore Ghana

May 22 (UPI) -- Oil production from a floating facility off the coast of Ghana has started three months ahead of schedule, Dutch energy company Vitol said.

Exxon bringing Saudi partner to U.S. petrochemicals

May 22 (UPI) -- Exxon Mobil said it was bringing its Saudi partners to a U.S. facility, though other companies in talks in Riyadh agreed to expand their regional presence.

ScottishPower lands contract to build wind farms in U.S.

May 21 (UPI) -- ScottishPower plans to build two winds farms in the United States that