NEW YORK:
As the US shale gas revolution enters its third year, companies are making big bets to try to recreate that success with the billions of barrels of oil locked in the sedimentary rock even though geologists doubt the actual production potential.

CALGARY:
The outage of an Enbridge pipeline after last month’s rupture and oil spill in Michigan has forced the company to limit the volumes its shippers had planned to move on two other major lines in its US system, the company said.

ISTANBUL:
Tupras, Europe’s fourth-biggest oil refiner, posted a 40 per cent drop in its second-quarter net profit, pulled lower by a weaker lira.

ZURICH:
Petroplus chairman Thomas O’Malley’s strategy of buying low-priced refineries and selling them on at a profit risks backfiring as higher crude prices and rising capacity compress refining margins.