(Fayez Nureldine/AFP/Getty Images)

Saudi Aramco raises Asia oil prices amid high refiner profit

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State-owned Saudi Arabian Oil Co. increased its official selling price for Arab Light crude sold to Asia by 60 cents a barrel to 80 cents below the regional benchmark, it said in an e-mailed statement.
FILE - In this this file photo released on May 4, 2015, on a militant website, which has been verified and is consistent with other AP reporting, Islamic State militants pass by a convoy in Tel Abyad, northeast Syria. The Islamic State rakes in up to $50 million a month from selling crude from oilfields under its control in Iraq and Syria, part of a well-run oil industry that U.S. diplomacy and airstrikes have so far failed to shut down, according to Iraqi intelligence and U.S. officials.(Militant website via AP, File)

Libya issues `cry for help’ as Islamic State attacks oil tanks

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Militants attacked an oil tank in Es Sider on Tuesday, setting it on fire, according to a statement on the NOC website.
( Jay Pickthorn/AP/Statoil).

North Dakota rigs slip below 60 for first time since 2009

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State and industry officials said North Dakota should be able to maintain oil production at the current level if the number of drill rigs stays above 50.
(Flickr user martinluff)

Hundreds more earthquakes jolt Oklahoma in 2015

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Quakes have been on the rise in Oklahoma following a boom in oil and gas activity — state officials have blamed the seismic activity on an increase in wastewater injections in drilling areas.
The Dallas Fed estimates the U.S. has lost 70,000 oil jobs during the 14-month price slump.

Sharp oil spending cuts, distressed sales to loom over 2016

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With no guarantee of an oil-market recovery this year, U.S. drillers will almost certainly have to resort to more unpleasant survival tactics in 2016, including deep spending cuts and some fire sales.
Gasoline prices continue to fall and appear to be headed even lower as motorists prepare to hit the roads for Thanksgiving. ( Johnny Hanson / Houston Chronicle )

National gasoline average starts year below $1.99 a gallon

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AAA estimates the average price of gasoline nationwide for 2016 may end up cheaper than 2015’s average of $2.40 per gallon of regular unleaded gasoline.
A Libyan rebel fighter mans a checkpoint at the entrance of the oil rich port of Ras Lanuf, some 160 kms east of Sirte, on August 26, 2011. British warplanes bombed a bunker in Moamer Kadhafi's birthplace of Sirte as rebel fighters prepared to attack the town, one of the last major regime holdouts east of Tripoli. AFP PHOTO/GIANLUIGI GUERCIA (Photo credit should read GIANLUIGI GUERCIA/AFP/Getty Images)

Libya oil guards clash with Islamic State near biggest terminal

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Libya, with Africa’s largest oil reserves, pumped about 1.6 million barrels a day of crude before the 2011 rebellion that ended Muammar Qaddafi’s 42-year rule.

Crude rallies as tension between Saudi, Iran offsets China weakness

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Three hundred and seventy-three years after the birth of Sir Isaac Newton, and the crude complex is gravitating higher to start 2016. Newton said that ‘to every action there is always opposed an equal reaction’; this notion is currently absent between Iran and Saudi Arabia, as the execution of a prominent Shiite cleric by Saudi Arabia […]
Categories: Asia, Crude oil, Gasoline
Iranian women gather during a demonstration against the execution of prominent Shiite Muslim cleric Nimr al-Nimr (portrait) by Saudi authorities, at Imam Hossein Square in the capital Tehran on January 4, 2016. Tensions between Iran and its Sunni Arab neighbours reached new heights as Saudi Arabia and Gulf allies cut or downgraded diplomatic ties with Tehran in a row over the execution of a Shiite cleric. AFP PHOTO / ATTA KENAREATTA KENARE/AFP/Getty Images

Oil advances as Saudis cut ties with Iran after embassy attacked

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The Saudi government and Bahrain gave Iranian ambassadors 48 hours to leave after protesters set the Saudi embassy in Tehran on fire over the weekend following the execution of Saudi cleric Nimr al-Nimr.
The sun sets in the Uruguayan province of Durazno. (Photo: Esteba Fort)

Uruguay bailing out troubled state oil company

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Uruguay’s congress has approved an $872 million aid package for the country’s debt-ridden state oil company.
Categories: Crude oil