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An oil tanker, right, cruises past a new liquefied natural gas tanker at the Cheniere terminal in Cameron Parish, La. (Michael Stravato/The New York Times)

Shipping industry gloomiest since 2009 in survey as crude glut endures

While parts of the maritime industry such as the market for hauling oil are surging this year, others are slumping.
Prime Minister Vladimir Putin of Russia visits an oil rig in the Caspian Sea operated by Lukoil, April 28, 2010. (Alexei Druzhinin/Pool via The New York Times)

Russia seen as biggest oil-market loser when Iran comes back

Iran has been barred from selling oil in Europe since 2012 when the European Union imposed a ban on crude imports. Coupled with tougher U.S. sanctions making it more difficult to buy Iranian oil with dollars, that caused output to drop from 3.6 million barrels a day in 2011 to 2.6 million barrels last year.
Jeff Allyn, a derrick hand with Raven Drilling, pauses with a cup of coffee while drilling for oil in the Bakken shale formation on July 23, 2013 outside Watford City, North Dakota. (Andrew Burton/Getty Images)

Shale drillers’ safety net is vanishing

SandRidge, the Oklahoma City-based producer, had about 90 percent of its oil and natural gas liquids output hedged in early 2015, according to a regulatory filing. Next year, the hedges cover less than a third.
Under a portrait of the late Hugo Chavez, Venezuela's President Nicolas Maduro, left, talks with Nicaragua's President Daniel Ortega during the 8th Petrocaribe Summit in Managua, Nicaragua. (AP Photo/Esteban Felix, File)

U.S-Venezuela talks began at Maduro’s request, official says

Relations between the countries have been tense since the late President Hugo Chavez, a socialist who regularly blamed the U.S. for plotting against his country, took office in 1999.
(AP Photo/ Nabil al-Jurani, File)

Iraq’s oil exports climb to record with output at all-time high

Iraq joined Saudi Arabia in pumping more oil as OPEC members defend market share against higher-cost producers. Brent crude has climbed 10 percent this year, spurring speculation that higher prices will lead to even more output and prolong a surplus.
Categories: General
An Iranian man walks past a mural displaying the Iranian map adorned in the colours of the country's national flag, on June 29, 2015 in Tehran. Despite agreeing the outlines of a nuclear agreement on April 2, the final talks between Iran and six powers led by the United States on turning it into a binding accord have hit difficulties on reaching a deal which would lift sanctions, paving the way for foreign investment to flow back, in exchange for curbs on Iran's nuclear activities. AFP PHOTO/BEHROUZ MEHRIBEHROUZ MEHRI/AFP/Getty Images

Iran faces slow road back to oil market even with nuclear deal

The U.S. and five other global powers seek an agreement with the Persian Gulf nation to curtail its nuclear program in exchange for removing sanctions that have squeezed its oil trade and economy.
drill rig

Rig rout puts smaller drillers in front as oil majors scale back

Sound Oil Plc, a Mediterranean producer one-500th the size of Eni SpA, will start exploring fields in Morocco and Italy toward the end of 2015 and early 2016, while Cairn Energy Plc and Savannah Petroleum Plc plan wells in West Africa.
Hermosa Beach (AP Photo/John Antczak)

Oil’s decline is making your Fourth of July barbecue cheaper

Oil’s more than 40 percent drop in the past 12 months has helped to keep U.S. inflation muted, while bigger harvests pushed world food costs to the lowest since 2009.
In this April 2010 file photo, oil can be seen in the Gulf of Mexico, more than 50 miles southeast of Venice on Louisiana's tip, as a large plume of smoke rises from fires on BP's Deepwater Horizon offshore oil rig. (AP Photo/Gerald Herbert, File)

Supreme court rejects BP, Anadarko appeals over Gulf oil spill fines

A federal appeals court last year upheld Barbier’s conclusion about BP’s and Anadarko’s liability under the Clean Water Act. The offshore explosion released millions of barrels of oil into the Gulf, the largest spill in U.S. history.
(AP Photo/Matthew Brown, File)

U.S. railroads slumping on Wall Street amid coal, crude oil cargo squeeze

The dwindling volumes for coal, oil and grain are magnified in contrast with last year’s surges. Petroleum carloads, chiefly crude, are down 0.6 after 2014’s 13 percent increase.