(Jim Gehrz/Minneapolis Star Tribune/MCT)

More rigs go dark as shutdown streak stretches to 26 weeks

The number of rigs seeking oil fell to 642, according to Friday’s tally by oil service company Baker Hughes.

In this Saturday, May 23, 2015 photo released by the U.S. Coast Guard, two cleanup crew members work to remove oil from the sand along a portion of soiled coastline. (Chief Petty Officer David Mosley/U.S. Coast Guard via AP)

Exxon seeks to use trucks to haul oil after pipeline break

Exxon Mobil normally moves crude from three offshore platforms through more than 10 miles of pipeline owned by Plains All American Pipeline. The flow has stopped since the pipe ruptured on May 19.
(Alexander Klein/AFP/GettyImages)

OPEC to keep pumping nearly a third of the world’s feast of oil

Unmoved by the global crude glut savaging oil economies from Venezuela to Russia, OPEC on Friday announced it would keep pumping a nearly third of the world’s oil, not sparing even a drop from its daily output target of 30 million barrels.
(Alexander Klein/AFP/GettyImages)

OPEC to maintain current oil output

The Organization of Petroleum Exporting Countries set its Saudi-conceived strategy of defending market share rather than prices in November. Since then, it has pumped ever more crude into global markets.
(AP Photo/Lisa Poole, File)

Fortune 500: Oil prices take slight toll on rankings for Houston companies

Some Houston-based oil and gas companies saw their rankings slip this year after months of low commodities prices hammered the industry.

OPEC oil production hits ceiling amid Saudi push, analysts say

OPEC seems to have reached technical problems pushing its oil production beyond what appears to be a natural ceiling, as its crude exports fell an average 850,000 barrels in May despite a surge of Saudi oil.
Colombian OIL drillers on a Cupiaga rig in the eastern foothills of Colombia.  HOUCHRON CAPTION (10/16/1999):  Oil workers 
lay pipe on a rig in the Cupiagua oil field in the eastern foothills of Colombia. The South American nation is hoping to rekindle the interest of U.S. oil companies in investing there.

Thieves get early access to Colombia’s offshore oil data

The incident comes as state-controlled Ecopetrol SA shifts its exploration focus to fields off the Caribbean coast following onshore drilling failures that have contributed to stagnating output after several years of growth. Ecopetrol’s strategy will be to partner with offshore experts, Vice President Max Torres said in a May 26 conference call.
(Photo by Eddie Seal for Bloomberg News)

Energy companies grew “lazy” and “flabby” while oil prices were high, executive says

Energy companies grew a little too fat and happy during time of $100 a barrel oil prices, but they have quickly turned a corner to become much more efficient, energy executives said at a Calvetti Ferguson law firm forum.
This photo provided by the Santa Barbara County Fire Department shows an oil slick from a broken pipeline off the central California coast near Santa Barbara on Tuesday.   (Mike Eliason/Santa Barbara County Fire Department via AP)

Pipeline that spilled oil on California coast badly corroded

The preliminary findings released Wednesday by the federal Pipeline and Hazardous Materials Safety Administration point to a possible cause of the May 19 spill that blackened popular beaches and created a 9-mile slick in the Pacific Ocean.
(AP Photo/ Nabil al-Jurani, File)

Iran and Iraq declare their plans to expand oil production

The Organization of Petroleum Exporting Countries has been pumping above its production quota for months, determined to subdue supply from higher-cost producers. The strategy is working, with a record drop in the number of active U.S. rigs and billions cut from global producers’ spending plans. In contrast, some of OPEC’s members spent this week outlining how they plan to expand output.