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Saudi Arabia to dig into reserves for 2015 budget

Saudi Arabia’s Cabinet on Thursday endorsed a 2015 budget that projects a slight increase in spending and a significant drop in revenues due to sliding oil prices, resulting in a nearly $39 billion deficit  More »

GCC Next Generation Leaders and the Price of Oil

This post was written by Jareer Elass, a Washington-based consultant and previous Mideast editor for Energy Intelligence Group. After several years of simmering disunity, members of the Gulf Cooperation Council (GCC) are showing strong signs of strategic alignment. After a tumultuous year for the organization, highlighted by the dramatic move in March 2014 when Saudi […]  More »

Futures traders beginning to see upside of oil prices

While the news has overall been somber for commodities markets recently, professional futures traders have begun to bet on a somewhat brighter future.  More »

Alstom to pay $772 million to settle bribery charges

U.S. authorities allege Alstom had a “widespread scheme involving tens of millions of dollars in bribes” paid to officials worldwide in countries including Indonesia, Saudi Arabia, Egypt, the Bahamas and Taiwan.  More »

Natural gas prices fall as weather stays mild

Natural gas is a commonly used heating fuel and often takes wide swings along with extreme temperatures.  More »

How low can gasoline go?

Collectively, drivers are saving an average of $315 million in fuel costs daily due to the price declines.  More »

Saudi oil chief: No conspiracy behind oil prices

Saudi Arabia’s oil chief on Sunday dismissed allegations that his kingdom conspired to bring down oil prices in order to harm other countries and told a summit of Arab energy leaders that he was confident the market would stabilize.  More »

NY farmers lament lost opportunity for gas riches

While environmental groups are doing a victory dance over New York’s decision to ban fracking, farmers such as apple grower David Johnson are grieving for dashed hopes and dreams.  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 »

Rig count falls for second week

The number of rigs searching and drilling for oil and gas across the U.S. fell by 18 this week to 1,875, according to data from oil service company Baker Hughes.  More »

Shale debt crunch could intensify in April

U.S. oil companies could see the amount of money they can borrow shrink significantly next April when banks reassess credit conditions amid falling oil prices.  More »

Texas lawmaker seeks to protect urban drilling

State Rep. Phil King filed a pair of bills this week, cities seeking to ban fracking would need to gain approval from the state attorney general, pay the state to study the financial impact and reimburse the state for any lost tax revenue.  More »

LyondellBasell names new CEO

Chemical company LyondellBasell Industries tapped Bhavesh V. “Bob” Patel, an executive vice president with the company, to serve as its new executive officer, the company announced Thursday morning.  More »

Marathon Oil will cut more than $1B from 2015 budget

Marathon Oil Corp. will spend about 20 percent less looking for and producing oil next year, the company said on Thursday.  More »

Holiday gift guide for the roughneck or petroleum engineer in your life

I’ve got you covered with the list of things anyone would be proud to show off both in the field (well, some of them anyways) or the office.  More »
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