NEW YORK, NY - AUGUST 25:  Traders work on the floor of the New York Stock Exchange (NYSE) on August 25, 2015 in New York City. Following a day of steep drops in global markets, the Dow Jones industrial average rallied over 300 points in morning trading.  (Photo by Spencer Platt/Getty Images)

Ruminations about global oil market coordination

Thirty-seven years to the day after Benny and Frida from ABBA were married, and the recurring theme of ‘the winner takes it all‘ emerges once more in the global oil market. OPEC Secretary General Abdallah Salem El-Badri is on the wires today after rumors are stoked once more of a potential collaboration between OPEC and non-OPEC […]
Categories: Crude oil
Chevron CEO John S. Watson in Houston in April 2014. (Mayra Beltran/Houston Chronicle)

Chevron’s CEO calls for an end to the crude export ban

Watson has been a vocal proponent for lifting the ban, joining a chorus of oil executives – including ConocoPhillips’ Ryan Lance, Continental Resources’ Harold Hamm and Hess Corp.’s John Hess – weighing in on a national debate about the 1970s-era restriction.
Workers at the Weatherford rod-pump manufacturing plant prepare to move parts into the plant Thursday, June 26, 2014, in Katy. (Brett Coomer/Houston Chronicle)

Willbros makes $130 million sale amid NYSE compliance concerns

Willbros Group energy construction company said it will sell its pipeline engineering and services business for $130 million in cash to Massachusetts-based TRC Companies as part of the financially struggling company’s downsizing and reorganization.

The deal is part of Houston-based Willbros’ efforts to restore its viability in the wake of a spate of investor activism and the recent risk of having its listing removed by the New York Stock Exchange.

Motorists refuel at a Mobil gas station in Pittsfield, Mass., where regular gasoline is for sale at $1.99 per gallon, Tuesday Sept. 29, 2015. (Ben Garver/The Berkshire Eagle via AP) BERKSHIRE COURIER OUT, GREAT BARRINGTON RECORD OUT, RURAL INTELLIGENCER OUT, BERKSHIRES OUT; MANDATORY CREDIT

Houston gas prices finally hit $2 a gallon

Greater Houston gasoline prices are ranging from as low as $1.75 a gallon to highs of $2.99 per gallon. The spiked prices are within the Houston loop at Shell stations at 2220 Main St. and at 319 Shepherd Drive, according to GasBuddy.
(AP Photo/HO, Shell)

Shell starts Nigeria offshore expansion of up to 50,000 barrels

Shell has a 55 percent stake in Bonga and operates what it says were the first deposits to be developed in Nigeria’s deep waters in 2005.

Contrasting signals in the crude market to start the week

To celebrate Kate Winslet’s 40th birthday, there is a titanic shift underway as markets rally strongly to start the week. Although Chinese markets are closed until Thursday, the rest of Asia has been rallying like a mad thing as we are back in the realm of ‘bad is good’. Rising expectations of further stimulus from […]
Categories: Crude oil
Diezani Alison-Madueke, Nigeria's former oil minister, at OPEC's Vienna headquarters on June 11, 2014. (AP Photo/Ronald Zak)

Nigeria’s former oil minister Alison-Madueke arrested in U.K.

Diezani Alison-Madueke, a former president of the Organization of Petroleum Exporting Countries, served as Nigerian oil minister for five years until her party lost elections in March.
The J. W. McLean offshore drill rig, operated by Transocean Ltd., stands anchored in the Cromarty Firth beyond the prow of the offshore pipelay vessel Deep Energy, operated by Technip SA, in Invergorgon, U.K., on Wednesday, Aug. 6, 2014. (Photographer: Simon Dawson/Bloomberg)

Rolls-Royce to cut 400 marine jobs as oil hits ship sales

The cuts announced Monday follow the elimination of 600 factory posts at the division announced in May, mostly focused on Norway, where Rolls-Royce’s marine manufacturing operations are based.
McDermott International has a $1.5 billion-plus contract with Saudia Arabia's national oil company. (AP file photo/John Moore)

Saudi Aramco cuts crude pricing to Asia, U.S. amid weak demand

Middle Eastern producers are competing increasingly with cargoes from Latin America, North Africa and Russia for buyers in Asia. Producers in the Persian Gulf region sell mostly under long-term contracts to refiners.
In this April 2010 file photo, oil can be seen in the Gulf of Mexico, more than 50 miles southeast of Venice on Louisiana's tip, as a large plume of smoke rises from fires on BP's Deepwater Horizon offshore oil rig. (AP Photo/Gerald Herbert, File)

BP settlement agreement announced in July to be filed Monday

A statement from the U.S. Justice Department has says the agreement involving the federal government, five gulf states and BP Exploration and Production will be filed Monday