OPEC sees slower demand growth, faster output declines

OPEC says the decline in oil production outside the cartel will accelerate after the recent slide in crude prices to around $30 a barrel, which has prompted U.S. oil companies to announce deeper capital spending cuts and sharper declines in drilling activity in U.S. shale plays and Canada.
(Daniel Acker/Bloomberg)

On Plains All American call, a focus on other companies

Midstream contracts are usually the last things production companies will let go. But with oil near $30 per barrel, most oil and gas transporters have several producers on the ropes who have or are considering letting those promises lapse.
The sun sets beyond an oil pumping unit, also known as a "nodding donkey" or pumping jack, at a drilling site operated by Tatneft OAO near Almetyevsk, Russia, on Friday, July 31, 2015. Eleven months of surviving with oil below $100 have left Russia hardened enough to endure a monthlong drop to $40 a barrel, a survey of economists showed. Photographer: Andrey Rudakov/Bloomberg

EIA: Oil to average $38 as stock builds outpace production

Global oil inventories could keep rising in 2016 and 2017 faster than oil production outside of OPEC can drop.
CB&I Chairman and CEO Philip K. Asherman, May 23, 2014 in The Woodlands, TX. (Eric Kayne/For the Chronicle)

CB&I focuses on Gulf Coast to ride out oil bust

Although CB&I operates worldwide, more than 70 percent of its engineering and construction revenues in 2016 will come in the U.S., the company announced Tuesday during an investor day in New York.
(Andrew Burton/Getty Images)

IEA: Oil glut could still grow in second half of 2016

The 13-member OPEC raised its daily output by 280,000 barrels in January as Saudi Arabia, Iran and Iraq bolstered production.

IEA sees crude inventories over 3 billion barrels, OPEC loadings increase

One hundred and twenty-one years after W.G. Morgan invented volleyball, and from a rally that started with a spike overnight, we are now seeing some digging instead. For once, the IEA has managed to land the first punch, putting out its monthly oil market report before the EIA report (the short term energy outlook is […]
Categories: Crude oil, Eagle Ford, Texas
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In this April 24, 2015 photo, pumpjacks work in a field near Lovington, N.M. (AP Photo/Charlie Riedel)

Oil could fall below $20, Goldman analyst says

With capacity to store oil exhausted in some places, prices may need to drop low enough to halt crude output that can no longer be stockpiled, said Jeff Currie, Goldman’s head of commodities research.
(Plains All American)

Plains All American Pipeline earnings fall short of expectations

Crude oil transporter Plains All American Pipeline said Monday that broken commitments from producers, unseasonably warm temperatures and flooding in patch held down its fourth-quarter earnings.
In search of natural gas, Jacob Spraggins with Helmerich & Payne works on a drill in the Piceance Basin on the western slope of the Rocky Mountains, Monday, June 22, 2009, in Rio Blanco County. (Johnny Hanson / Chronicle)

Cash-strapped drillers face deeper financial problems amid cuts

Domestic oil explorers with high levels of debt will struggle the most this year if they’re forced to cut spending and give up cash from new oil production.
Jack Gerard, president and CEO of the American Petroleum Institute, in Houston on June 18, 2013. (Brett Coomer/Houston Chronicle)

API president attacks Obama’s oil tax as “extremist agenda”

Gerard expressed astonishment at the president’s proposal Monday, saying his group was only notified of the tax as the administration was “getting ready to roll it out.”