Oil & Gas

US backs off Trump tweet on Saudis helping lower oil price


U.S. President Donald Trump’s administration backed off an assertion he made earlier indicating he persuaded Saudi Arabia to effectively boost oil production to its maximum capacity, which would have threatened to blow up a fragile truce agreed by OPEC and inflamed the Saudi-Iran rivalry.

Oil & Gas

BP braces itself for $1.5bn hit from US tax changes


BP, the UK oil major that invests more in the US than anywhere else, expects to take a charge of about $1.5 billion as a result of recent tax changes in the country, despite the prospects of long-term gains from the legislation.