(ALEXANDER KLEIN/AFP/Getty Images

Speculators retreat from oil as OPEC oversupply crowds out shale

on
Saudi Arabia, OPEC’s biggest member, is ready to produce more oil if demand rises, Oil Minister Ali-Al Naimi said June 18. It has 1.5 million to 2 million barrels a day of spare capacity, he said.
(Daniel Acker/Bloomberg)

Williams exploring options after rejecting possible acquisition

on
Tulsa, Oklahoma-based Williams said it was offered an unsolicited, all-equity deal worth $64 per share.
109440253

Southern Ute tribe challenges new federal fracking law

on
The rule, which is set to go into effect Wednesday, also is the subject of lawsuits filed earlier this month, including a joint suit by the states of Colorado, Wyoming and North Dakota, as well as another filed by the Western Energy Alliance and Independent Petroleum Producers on behalf of 46 trade associations and royalty-owners groups.
Shoreline Cleanup Assessment Technique team members, left, evaluate oil coverage as a hand crew worker scraps areas affected by an oil spill at Refugio State Beach, north of Goleta, Calif., on Wednesday, June 10, 2015.  (AP Photo/Damian Dovarganes)

Workers clean up oil spill on California beaches by hand

on
The painstaking task at Refugio State Beach marks a new front in the cleanup after an underground pipeline leaked last month.
(Photo by Eddie Seal for Bloomberg News)

Eagle Ford production dips, but barely

on
Oil production from the Eagle Ford Shale in South Texas dipped by 6,000 barrels per day in May, according to Bentek Energy. But the field was still producing about 1.6 million barrels per day, about 21 percent higher than the same month last year. In April, Eagle Ford production also dipped by 8,000 barrels per day. […]
The deputy director of the Malaysian Maritime Enforcement Agency, Ahmad Puzi Abdul Kahar, show a picture of missing tanker during a press conference in Kuala Lumpur, Malaysia, Monday, June 15, 2015.  Marine police say the Malaysian oil tanker MT Orkim Harmony that went missing last week carrying fuel worth 21 million ringgit ($5.6 million) and 22 crew members was probably hijacked by pirates. (AP Photo/Vincent Thian)

Hijacked Malaysian oil tanker rescued, pirates flee

on
The maritime agency said the hijacking was believed to be the work of a syndicate targeting vessels for their cargos of fuel. It said this was the fifth theft in waters off southern Malaysia this year.
Over thirty oil drilling rigs are idle in a Helmerich & Payne, Inc. yard along Groening Street in Odessa, Texas, as rig counts drop in the Permian Basin, Monday, May 18, 2015. (Courtney Sacco/Odessa American via AP)

U.S. oil rig decline extends beyond six months

on
Although the oil rig count is still in decline, the pace has slowed dramatically from earlier this year. The count dropped by seven rigs the week prior and by 13 rigs the last week of May. The country dropped by just one rig in the week that ended May 22.
(Daniel Acker/Bloomberg)

Enbridge will shift Canadian pipelines, wind projects in $15.2 billion restructuring

on
Calgary, Alberta-based Enbridge will move its Canadian liquids pipeline business and four wind projects into its affiliated Enbridge Income Fund. In exchange, the income fund will pay its parent companies C$18.7 billion ($15.2 billion) and take on C$11.7 billion ($9.53 billion) in debt.
Oil field workers in 2012  drill into the Gypsum Hills near Medicine Lodge, Kan.   U.S. Steel said Tuesday it will lay off about 750 employees from two plants that make tubular steel, which is used in oil and gas drilling(AP Photo/Orlin Wagner, File)

Saratoga Resources seeks bankruptcy protection

on
Saratoga Resources says it is seeking chapter 11 bankruptcy protection, the fifth U.S. oil producer this year to have to restructure its balance sheet in court proceedings
A handout picture released by the Saudi Press Agency (SPA) shows Saudi Arabia's new King Salman bin Abdul Aziz (C) praying along with Kuwaiti Emir Sheikh Sabah al-Ahmad Al-Sabah (2nd L), King Hamad bin Issa al-Khalifa of Bahrain (L) and other dignitaries and officials during the funeral of his half-brother late King Abdullah in Riyadh on January 23, 2015. The desert kingdom's elderly King Abdullah died early in the morning and was replaced by his half-brother Salman as the absolute ruler of the world's top oil exporter and the spiritual home of Islam. AFP PHOTO / HO / SPA == RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "AFP PHOTO/HO/SPA" - NO MARKETING NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS ==-/AFP/Getty Images

Saudi Arabia’s test for U.S. shale drillers isn’t over yet, Goldman says

on
Saudi Arabia steered the Organization of Petroleum Exporting Countries in November to protect its market share in the face of swelling U.S. crude output, rather than cut supplies to shore up prices as it did in the past.