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The U.S. and Canada have agreed to begin negotiations over claims to an Arctic seabed that may be rich in oil and is of growing strategic importance as Russia and China ramp up their presence.

OPEC+ has staved off an oil surplus this year by deciding to restrain production a little longer. But the temporary fix won’t hold back the supply glut awaiting global markets in 2025.

Exxon Mobil Corp. is looking to sell a package of conventional oil assets in the Permian Basin as the company focuses on growing shale production.

Two New Mexico counties accounted for 17% of all onshore oil output in the contiguous U.S. last year.

A Marathon Oil Corp. shareholder sued to block its proposed acquisition by ConocoPhillips, claiming the $17 billion deal “significantly undervalues” the target company.

WASHINGTON — The Supreme Court agreed to consider reviving a critical approval for a railroad project that would carry crude oil and boost fossil fuel production in rural eastern Utah.

Chinese purchases of a relatively niche type of fuel from the U.S. have been the single biggest contributor to global oil demand growth in recent years, the International Energy Agency said.

Noble Corp., the world’s biggest offshore oil rig contractor by market value, agreed to buy its smaller rival Diamond Offshore Drilling Inc. in a deal valued at $1.6 billion.

U.S. diesel demand plummeted to its lowest seasonal level in 26 years in March, driven by slowing economic growth.

OPEC+ is pressing on with informal talks aimed at finalizing an agreement on oil output cuts this weekend, officials said.