Category: Crude oil

CERAWeek: Pemex CEO Lozoya says company will halt production decline by 2016

An infusion of talent and capital from private companies will breathe new life into the company’s ailing production, CEO Emilio Lozoya said.  More »

CERAWeek: The Strategic Petroleum Reserve needs a makeover

The nations’ strategic oil stockpile may need to be brought into the modern era, experts told CERAWeek attendees.  More »

CERAWeek: OPEC’s not dead, just different

OPEC no longer has the same stranglehold over oil markets it once had, but it’s wrong to declare the cartel dead, a panel of Middle East experts and analysts said Tuesday.  More »

Rex Tillerson at CERAWeek: Oil industry will survive, but government should step aside

Government regulators need to get out of the way and give oil companies the freedom to innovate to enable “safer, more secure and more efficient production”, Rex Tillerson said at CERA Week.  More »

CERAWeek: Total CEO not eyeing U.S. unconventionals

The factory drilling that marks unconventional oil and gas development requires a totally different business model and skill set than traditional plays, Total’s CEO said.  More »

CERAWeek: Oil tool makers say upstream discounts unlikely to climb high

Though the industry expects operational and construction costs for oil-production projects to fall up to 40 percent this year, prices for tools and services probably won’t crumple that much, a panel of energy experts said Tuesday.  More »

CERAWeek: Mexico’s bidding rounds continue despite crude collapse

Thirty-four companies had signed on to the first auction organized by the state, said Lourdes Melgar, Mexico’s deputy secretary of energy for hydrocarbons at the Ministry of Energy.  More »

Baker Hughes increases layoffs to 10,500

Oil field service company Baker Hughes says it has decided to increase its job cuts to 10,500 workers, about 17 percent of its workforce, as it works through a slump in North American drilling.  More »

World’s biggest oil trader says crude price can’t drop much more

Oil prices will range from $50 a barrel to $70 a barrel in the second half of this year, Ian Taylor, the firm’s chief executive officer, said in an interview.  More »

CERAWeek Day Two: Rex Tillerson, Pemex, Total

Day Two of the annual conference will deal with issues in both the domestic and international oil and gas industries.  More »

CERAWeek: Former diplomat says lifting Iranian sanctions won’t flood oil markets

Oil prices took a beating as traders placed bets that Iran would ramp up production and add more oil if international negotiators eased the limitations on its ability to export crude.  More »

CERAWeek: Occidental boss says influx of capital could prolong downturn

Occidental Petroleum Corp. CEO Stephen Chazen says new money flowing to oil companies could prolong the industry’s downturn if it keeps financial pressure off U.S. producers who might otherwise dwindle or sell.  More »

CERAWeek: U.S. and Wall Street take over OPEC’s role as global swing producer

Financial markets underpinning the U.S. shale boom have emerged as the world’s de facto regulator of global oil production, taking over from the Saudi Arabia-led cartel of crude exporting nations that abdicated its decades-old role in November, a top IHS researcher said Monday.  More »

CERAWeek: Smaller budgets shouldn’t sacrifice on oil industry innovation, Saudi Aramco says

Innovation is vital for the energy industry, even when times are tough, three industry executives told IHS Energy CERAWeek attendees Monday.  More »

U.S. Steel to increase job cuts in Harris County

U.S. Steel, which makes pipes used in oil and gas wells, has been suffering as drillers have slashed budgets in response to low oil prices.  More »
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