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Oil extends decline from 5 1/2-year low as glut persists

Brent slumped 48 percent last year, the most since the 2008 financial crisis, as OPEC resisted calls to cut output amid a battle with U.S. shale producers for market share.  More »

Crude oil at 5 1/2-year low amid manufacturing weakness

West Texas Intermediate for February delivery fell 58 cents, or 1.1 percent, to $52.69 a barrel.  More »

Pemex bondholders bemoan $3.4 billion cash grab

The Finance Ministry said Dec. 26 that it took the money, reducing cash holdings at the company known as Pemex to a 12-year low of 48 billion pesos ($3.3 billion).  More »

Harvest’s deal to sell Venezuela oil field fails to win approval

The government and an affiliate of state-owned oil company Petroleos de Venezuela SA said that approval of the sale was contingent upon Petroandina “guaranteeing an unspecified bonus payment” and $1.52 billion in financing, Houston-based Harvest said today in a statement.  More »

Russia pumps most oil since Soviet era despite sanctions

The previous post-Soviet oil production record was 10.64 million barrels a day in October, CDU-TEK data show.  More »

Trucks triumph in 2014 as cheap fuel frees U.S. consumers

Consumers bought more pickups, minivans and sport utility vehicles than cars in every month of 2014.  More »

Hamm’s $1 billion alimony bill looks bigger as oil stock sinks

As measured by the Bloomberg Billionaires Index, Harold Hamm’s net worth has been reduced by a third to $10.6 billion. Hamm said Arnall will now get a larger share of their combined wealth than intended by the judge.  More »

Mexico oil production hits record low

Mexico is headed for its lowest annual oil production on record as state-owned Petroleos Mexicanos prepares for an influx of foreign investment.  More »

Saudi King Abdullah admitted to hospital for checks

Abdullah was admitted to the King Abdulaziz Medical City in Riyadh, the state-run Saudi Press Agency cited a Royal Court statement as saying today, without giving details.  More »

U.S. opening door to more oil exports seen foiling OPEC strategy

Saudi Arabia led the Organization of Petroleum Exporting Countries to maintain its production quota at a meeting last month even as a shale boom boosted U.S. output to the highest in more than three decades.  More »

Oil set for biggest slump since 2008 as OPEC battles U.S. shale

Oil’s slump has roiled markets from the Russian ruble to the Nigerian naira and squeezed government budgets in producing nations including Venezuela and Ecuador.  More »

Cheniere gets FERC approval for Corpus Christi project

The Federal Energy Regulatory Commission said it will allow Cheniere to build an LNG plant and pipeline in Corpus Christi, according to a filing Tuesday.  More »

Oil gains on speculation Libya disruption may ease glut

Oil has slumped 45 percent this year, set for the biggest annual decline since 2008, as the highest U.S. production in more than three decades contributed to a global surplus estimated by Qatar at 2 million barrels a day.  More »

Brazil, Roiled by Petrobras Probe, Makes for World’s Most Volatile Equities

The rallies and routs in Sao Paulo, including two bear markets and a 38 percent surge in between, were more extreme than in nations including Nigeria and Israel.  More »

Oil trades near lowest since ’09 with supply at year-end record

Oil has slumped 46 percent this year, set for the biggest annual decline since 2008, as the highest U.S. production in more than three decades contributed to a global surplus estimated by Qatar at 2 million barrels a day.  More »