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TransCanada Corp. says the long-delayed Keystone XL pipeline will be in service months later than expected and cost more than its current $5.3 billion price-tag as it continues to await U.S. government approval. TransCanada had been sticking to its late 2014 or early 2015 start-up target, but the regulatory process has dragged on. It is now looking at a late-2015 start-up.

A sharp decline in the price of oil this month is making gasoline cheaper at a time of year when it typically gets more expensive. It's a relief to motorists and business owners and a positive development for the economy. Over the past three weeks, the price of oil has fallen by 9 percent to $89 a barrel.

Africa's wealthiest man, Aliko Dangote, says he aims to invest up to $8bn in a major new oil refinery that would double Nigeria's current oil output.

Exxon Mobil said CEO Rex Tillerson's total compensation rose 15% last year to $40.2 million.

General Electric Co is buying oilfield pump maker Lufkin Industries Inc for $2.98 billion, sharply increasing its presence in the fast-growing market to extract oil and natural gas from shale rock, the conglomerate said on Monday.

Rosneft is seeking to borrow up to $30 billion from China in exchange for possibly doubling oil supplies, making Beijing the largest consumer of Russian oil and further diverting supplies away from Europe.

Mexico's state-owned oil company says 14 have died and 80 are injured in an office building explosion at its headquarters in the capital.

A US court approves the biggest criminal fine in US history given to British oil giant BP as part of a settlement related to the fatal 2010 Deepwater Horizon disaster. In November, BP said it would pay $4bn (£2.5bn) to the US Department of Justice and agreed to plea guilty to 14 criminal charges. The sum included a $1.26bn fine.

U.S. gasoline prices crept up by about 2 cents per gallon over the past two weeks, but higher crude oil prices are likely to mean more small increases on the horizon, the latest Lundberg Survey concluded Sunday.

Exxon Mobil briefly overtook Apple as the largest U.S. publicly traded company by market value on Friday as shares of the technology giant continued to fall.