Category: Crude oil

EIA: U.S. crude oil production will approach record level in 2016

In the face of slower crude oil demand growth, many analysts say oil prices won’t start to rise significantly until U.S. producers slow down their production.  More »

Iran nuclear deal must end all sanctions, Rouhani tells rally

Rouhani said on Wednesday that since taking office in 2013 his government had been able to escape a “dead end” in its relations with the outside world  More »

OPEC producers cut oil prices to Asia in battle for market share

The cuts come after Saudi Arabia, the largest crude exporter, reduced pricing to Asia last week to the lowest in at least 14 years.  More »

Angola plans 25 percent budget cut as oil revenue plunges

Oil prices have slumped by more than half since June, threatening producers such as Angola, which relies on crude for almost all of its exports and more than two thirds of government income.  More »

Crude prices fall on increasing U.S. supply

After gaining more than $5 since Jan. 28, oil is still about half its June peak amid a global surplus that Iran’s oil minister estimates at 2 million barrels a day.  More »

Pioneer Natural Resources to cut budget by 45 percent

Pioneer reported late Tuesday a profit of $431 million or $2.91 per share.  More »

IEA: North American cuts to bolster crude price

The IEA’s medium-term forecast comes a day after OPEC cut its forecast for U.S. oil production by 130,000 barrels a day.  More »

Kinder Morgan buys storage terminals in $158 million deal

The three terminals include a 1.1 million barrel storage complex adjacent to Kinder Morgan’s Galena Park terminal, two terminals in North Carolina and one coastal undeveloped site at Perth Amboy in New Jersey.  More »

Pullback is painful, but oil & gas industry must follow through

Buckle your seat belts and hang on tightly: the industry was happy to ride all the way to the top of the price curve, and now it must accept – embrace, even – the ride back down.  More »

Occidental pledges to $500 million oil exploration project in UAE

Abu Dhabi, the largest emirate in the United Arab Emirates, is seeking to boost oil production capacity to 3.5 million barrels a day by the end of 2017.  More »

Russia battles over billions in oil taxes amid crude price crash

On the brink of its first recession since 2009, Russia’s state coffers are being depleted by lower energy revenue as sanctions and a plunging ruble put further pressure on the economy.  More »

Biggest oil trader says fresh price drop possible on U.S. supply

As the U.S. pumps the most oil in three decades, OPEC has responded by maintaining its own output to keep market share.  More »

Global agency sees oil price recovery but no return to highs

The U.S. benchmark oil contract fell from nearly $110 a barrel last summer to under $45 this year before a recovery to around $53 in recent days.  More »

Citi: Oil could plunge to $20, and this might be ‘the end of OPEC’

Despite global declines in spending that have driven up oil prices in recent weeks, oil production in the U.S. is still rising, wrote Edward Morse, Citigroup’s global head of commodity research.  More »

U.S. gas prices jump 13 cents a gallon; could go higher

Industry analyst Trilby Lundberg said Sunday that a rebound in the price of crude oil caused the run-up at the pump.  More »
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