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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.
Militants attacked an oil tank in Es Sider on Tuesday, setting it on fire, according to a statement on the NOC website.
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.
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.
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.
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.
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.
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 […]
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.
Uruguay’s congress has approved an $872 million aid package for the country’s debt-ridden state oil company.