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Saudi Arabia’s solution to global oil glut: Pump even more crude

The world’s biggest oil exporter now has incentive to maximize output and undermine rival producers by using its reserve capacity.  More »

Oil at $65 seen freeing 500,000 barrels from shale fracklog

Producers in oil and gas fields from Texas to Pennsylvania have 4,731 idled wells at their disposal.  More »

Weatherford sees bottom of ‘miserable’ North America results

Weatherford will cut its 2015 capital budget to $850 million from $900 million, it said in the earnings report.  More »

BP sells UK natural gas midstream assets

BP will raise $486 million selling its stake in a natural-gas transportation system in the U.K. North Sea.  More »

Transocean names new CEO

Transocean, owner of the largest fleet of offshore drilling rigs, named Jeremy Thigpen as its newest chief executive officer after Steven Newman stepped down in February.  More »

Energy Department: The U.S. energy grid needs $15 billion in upgrades

Severe weather is the leading cause of power disruptions, costing the U.S. economy from $18 billion to $33 billion a year, and climate change will only make it worse, a White House review on energy infrastructure concludes.  More »

World’s biggest oil trader says crude price can’t drop much more

Oil prices will range from $50 a barrel to $70 a barrel in the second half of this year, Ian Taylor, the firm’s chief executive officer, said in an interview.  More »

Encana said to explore sale of Haynesville gas properties

Encana is unloading gas assets to better focus on drilling for oil and liquids such as condensate.  More »

Oil holds biggest weekly gain since 2009 on China stimulus

Oil has climbed more than 40 percent since reaching a six-year low in January on estimates that the cutback in U.S. rigs and a boost for fuel demand from lower prices will help drain the global supply surplus.  More »

Fallout from Petrobras scandal claims another victim

The companies cited in Brazil’s biggest corruption scandal have seen access to credit dry up at a time Petrobras is scaling back some operations and delaying payments to contractors.  More »

GE Power sales boost profit past estimates amid oil slump

Fallout from the global rout in oil markets showed up in GE’s sales, which trailed analysts’ estimates.  More »

Saudi Arabia adds half a Bakken to global oil market in a month

Prices collapsed almost 50 percent last year as Saudi Arabia led OPEC in maintaining production in the face of a global glut.  More »

Shale output is falling faster than expected

Just five months after Saudi Arabia put the market into a tailspin by refusing to cut supply despite a global glut, the shale oil industry will record its first monthly dip since 2013.  More »

Oil CEO wages immune to price slump as shareholders vote on pay

“The only people not hit by the drop in oil price are the CEOs running the companies,” said Gregory Elders, a London-based analyst at Bloomberg Intelligence.  More »

Allowing Iran’s oil back onto markets could cost Russia $27 billion

A deal with world powers over Iran’s nuclear program has the potential to shift the balance of power in the Middle East as Iran competes against Saudi Arabia, a U.S. ally.  More »
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