Category: Crude oil

Saudi-Venezuela OPEC split plays out behind closed doors

The disagreement cements the formation of two camps that had been brewing for weeks within OPEC.  More »

Crashing oil prices hurting Pennsylvania drillers

“It’s putting a monkey wrench into the industry’s economy,” said Lou D’Amico, president of the Pennsylvania Independent Oil and Gas Producers.  More »

Companies announce first oil from deep-water Gulf fields

Oil has begun flowing at the Jack/St. Malo project in the deep-water Gulf of Mexico.  More »

Russia warns of recession next year

Russia’s economy has been damaged by low oil prices, a key export and the backbone of the state budget, as well as Western sanctions over its role in eastern Ukraine.  More »

Oil trims rally as investors weigh OPEC’s inaction on supply

Futures dropped as much as 1.4 percent in London, decreasing for the sixth time in seven days.  More »

Nigeria’s allure dulled by oil price, Boko Haram

Seven months since the government rebased its economy to claim it was Africa’s largest, at about $523 billion, the central bank has devalued its currency and pushed the benchmark interest rate to a record 13 percent.  More »

Report: Falling prices could eliminate U.S. oil production growth

The analysis comes on the heels of OPEC’s decision to not prop up oil prices by cutting production among its members.  More »

Oil futures rebound from five-year low after OPEC slump

Oil has collapsed into a bear market as the U.S. pumps crude at the fastest rate in three decades while global demand growth slows.  More »

Texas drilling permits fall 50 percent in November, data shows

November’s batch of new Texas drilling permits fell 50 percent compared to the prior month, a sign that oil companies are holding back from boring into their sweetest spots while crude prices linger below $70 a barrel.  More »

China winning in OPEC price war as hoarding accelerates

The nation’s efforts to boost reserves may increase its imports by as much as 700,000 barrels a day in 2015.  More »

Oil tumbles below $65 as OPEC seen failing to slow shale

OPEC last week resisted calls from members including Venezuela, Iran and Iraq to reduce its production target of 30 million barrels a day at a meeting in Vienna.  More »

Oil companies produce more for less as crude prices fall

Because of improved drilling and completion efficiencies that lower production costs, some oil companies will produce more next year even as they cut spending amid falling crude prices.  More »

Decades-old laws figure in oil export debate

Refiners say a century-old rule protecting American shipping will benefit overseas refining competitors if the U.S. starts exporting crude.  More »

OPEC decision creates “new world of oil”

The oil industry and consumers are watching crude markets after OPEC decided not to cut supplies.  More »

Crude drops as OPEC stays course

Crude oil prices fell $5 a barrel Thursday as OPEC ministers meeting in Vienna decided not to cut production.  More »