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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.
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.
Global oil inventories could keep rising in 2016 and 2017 faster than oil production outside of OPEC can drop.
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.
The 13-member OPEC raised its daily output by 280,000 barrels in January as Saudi Arabia, Iran and Iraq bolstered production.
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 […]
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.
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.
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.
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.”