Category: Crude oil

Crude rebounds as U.S. drilling slows

West Texas Intermediate for March delivery gained $1.31, or 2.8 percent, to close at $47.78 a barrel on the New York Mercantile Exchange.  More »

OPEC: Oil won’t sink to $20, but rebound will be slow

Oil slumped almost 60 percent since June as OPEC nations continued pumping amid the highest U.S. production in more than three decades.  More »

BHP backing away from U.S. drilling

BHP Billiton Ltd., the biggest overseas investor in U.S. shale, will cut the number of its rigs there by about 40 percent as plunging petroleum prices add to concerns about lower iron ore earnings.  More »

Commentary: What I think about when I think about crude

Some of the factors Voices blogger Matt Smith thinks about when he thinks about oil.  More »

France’s Total says it couldn’t find gas off Cyprus

The company said Wednesday that it’s now talking to Cypriot authorities on possibly continuing with more exploration work in waters off the east Mediterranean island.  More »

U.S. shale oil growth hurts Canadians as well as OPEC

A surge of light oil from North Dakota and Texas is cutting into the earnings of Canadians who turn heavy oil sands into a lighter crude that fetches more from refiners.  More »

Crude rebounds as U.S. drilling slows

Oil has dropped more than 10 percent this year following a decline of almost 50 percent last year, the most since the 2008 financial crisis.  More »

What to watch for in the State of the Union

As President Barack Obama delivers his penultimate State of the Union address Tuesday night, will he be the president who took aim at the oil industry’s tax breaks in 2009 or the one who celebrated natural gas just three years later?  More »

Oil spill intensified Gulf inequality amid economic damage, U.S. witness says

Gushing oil in the Gulf of Mexico caused serious and widespread sociocultural destruction in Louisiana and other states and exacerbated inequality in a region marked by economic immobility, the U.S. government’s second witness in BP’s oil spill case said Tuesday.  More »

First U.S. witness gives BP oil spill response high grade

Coast Guard Rear Admiral Meredith Austin noted that BP personnel had inappropriately packed up equipment at various branches of the response effort before the runaway Macando well was finally killed in September.  More »

BP, U.S. attorneys clash in opening statements in oil spill trial

A U.S. prosecutor said in court Tuesday that BP shouldn’t see its environmental fines reduced much from the maximum $13.7 billion just for complying with the law.  More »

Schlumberger to pay $1.7B for stake in Russian energy company

Schlumberger will spend about $1.7 billion for a minority stake in a big Russian energy company at a time when the country’s relations with the West are under strain and as energy prices hit multiyear lows  More »

BP penalty trial begins in New Orleans

A federal judge on Tuesday will hear arguments from BP and U.S. government attorneys and experts in the long-running civil case over the 2010 Gulf of Mexico oil spill.  More »

Canadian drilling services firm files bankruptcy

A Canadian company that expanded into South Texas in 2012 with a pioneering waterless technique to fracture shale rock has filed for bankruptcy protection as it seeks to reorganize.  More »

Commentary: How to survive a bust

Some recession lessons for workers worried about being on the wrong side of the latest oil bust.  More »
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