Category: Crude oil

Algeria calls for OPEC to cut production

The call by Youcef Yousfi to the Organization of Petroleum Exporting Countries, of which Algeria is a member, comes as the country is struggling to deal with a halving of oil prices from $120 barrel to $60 a barrel.  More »

Libya calls oil region clashes a serious escalation

— Libya’s foreign minister said Sunday that extremist groups are escalating their attacks and making a renewed push to seize oil resources, after an assault on eastern terminals set storage tanks ablaze, sending massive clouds of black smoke into the sky.  More »

What’s next for world oil as lower prices extend into 2015

Those looking for a quick rebound may be disappointed, as world consumption growth slowed to the least since 2009, U.S. companies pumped more than they have since the 1980s and a price war broke out among members of the Organization of Petroleum Exporting Countries.  More »

Midstates moving HQ from Houston to Tulsa

In a statement this week, Midstates said it hired ex-Samson Resources executive Mark Eck for the role of chief operating officer. Samson is based in Tulsa.  More »

Brent trades near $60 amid fighting around Libyan port

Brent oil traded near $60 on concern that OPEC’s refusal to cut production will worsen a global glut and as Libyan fighting intensified.  More »

Saudi Arabia seen by former adviser assuming $80 oil

The assumption is down from $103 a barrel for this year, John Sfakianakis, who used to be chief economic adviser to Saudi Arabia’s Ministry of Finance.  More »

Oil rises as fighting intensifies around Libya’s biggest port

Libya’s government said its action was prompted by a militia attack on Es Sider where loadings were halted earlier this month.  More »

Saudi Arabia to dig into reserves for 2015 budget

Saudi Arabia’s Cabinet on Thursday endorsed a 2015 budget that projects a slight increase in spending and a significant drop in revenues due to sliding oil prices, resulting in a nearly $39 billion deficit  More »

Oil slides as U.S. supplies jump most in two months

West Texas Intermediate fell 2.2 percent in New York while Brent slipped 2.4 percent in London.  More »

Regulations would expand coastal California sanctuaries

The designation would bar oil and gas production off Northern California’s Marin and Sonoma counties.  More »

Oil price slides again as crude inventories rise

Crude oil fell Wednesday after an unexpected build in crude oil inventories indicated a production slowdown may be further off than traders previously thought.  More »

Oil drillers are under pressure to scrap rigs to cope with downturn

More than 200 new rigs are scheduled to be delivered in the next six years, a 25 percent jump from the number currently under contract.  More »

Dominion sues landowners in Va. to survey land for pipeline

Dominion filed lawsuits earlier this week in circuit courts against 20 property owners in Nelson County and 27 in Augusta County. That number is expected to double, the company said.  More »

Libyan Islamists pushed back from attack on oil ports

The fighting caused crude output to decline below Libya’s own consumption, National Oil said Dec. 21, without giving an estimate of the North African nation’s production.  More »

Oil falls amid concern U.S. growth insufficient to offset glut

OPEC will have to “step in” if prices continue to fall, Iraq Oil Minister Adel Abdul Mahdi said yesterday in an interview.  More »