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Oil drillers are under pressure to scrap rigs to cope with downturn

More than 200 new rigs are scheduled to be delivered in the next six years, a 25 percent jump from the number currently under contract.  More »

Libyan Islamists pushed back from attack on oil ports

The fighting caused crude output to decline below Libya’s own consumption, National Oil said Dec. 21, without giving an estimate of the North African nation’s production.  More »

Oil falls amid concern U.S. growth insufficient to offset glut

OPEC will have to “step in” if prices continue to fall, Iraq Oil Minister Adel Abdul Mahdi said yesterday in an interview.  More »

Oil advances again as U.S. economy grows

West Texas Intermediate climbed as much as 2.9 percent in New York, paring this year’s decline to 43 percent while Brent gained in London.  More »

OPEC oil market defense eludes Libya as production drops

Conflict between the government and Islamist militias has spread to the region of Mellitah, where the country’s fourth-largest oil port is located,  More »

Oil crash wipes $11.7 billion from buyout firms’ holdings

More than a dozen firms have lost a combined $11.7 billion in 27 publicly traded oil producers since June, when crude prices reached this year’s peak before beginning their six-month slide.  More »

Crude extends fourth weekly decline amid supply glut

Oil has slumped about 21 percent since OPEC decided against cutting its production target last month, prompting a plunge in the value of currencies from the Russian ruble to the Norwegian krone.  More »

Libya oil output drops as fighting spreads to third oil port

National Oil Corp. already this month declared force majeure at two export terminals, Es Sider and Ras Lanuf, after an attempt by Islamist militias to capture them.  More »

Oil advances as funds wager on rally

Oil has slumped about 21 percent since OPEC decided to maintain its production target at a Nov. 27 meeting even as the U.S. pumps crude at a record pace.  More »

Geneva’s army of oil traders embraces profits a crash brings

Lower prices have cut financing costs, provided an opportunity to lock in profits by storing fuels and heralded the return of big price swings that can help firms from Vitol Group to Trafigura Beheer BV generate higher returns.  More »

U.S.-Cuba deal shows Venezuelan oil giveaways running out

Venezuela sent about 100,000 barrels a day to Cuba last year in exchange for medical personnel as part of a regional subsidy program to promote the government’s socialist message.  More »

Nabors CEO takes a pay cut

Oil-service companies and rig contractors are preparing for an estimated 25 percent drop in spending next year from explorers and producers after crude prices dropped to a five- year low.  More »

Court OKs $2.86 billion merger between C&J, Nabors unit

C&J Energy’s shareholders shouldn’t have been barred by a judge from voting on whether to approve the deal with Houston- based Nabors, the Delaware Supreme Court ruled today.  More »

Oil crash exposes new risks for U.S. shale drillers

West Texas Intermediate crude, the U.S. benchmark, dropped about 50 percent since June amid a worldwide glut.  More »

Oil rebounds from five-year low as Saudi comments add volatility

West Texas Intermediate, the U.S. grade, climbed as much as 2.6 percent in New York and Brent 2.2 percent in London.  More »