(Kristian Helgesen/Bloomberg)

Statoil submits rare $940 million plan amid oil-price rout

Statoil is studying the use of unmanned platforms, which are new to Norway but have been used in Denmark and the Netherlands, for other projects, including at the giant Johan Sverdrup field, Aasheim said.
(Ty Wright/Bloomberg)

Halcón Resources cuts budget in half, expects flat production next year

U.S. oil producer Halcón Resources says it’s planning to cut its investment spending in half next year in a “tempered approach” amid low crude prices, driving its energy output down.
A worker uses a headset and microphone to communicate with coworkers over the din of pump trucks, at the site of a natural gas hydraulic fracturing and extraction operation run by the Encana Oil & Gas (USA) Inc., outside Rifle, in western Colorado. (AP Photo/Brennan Linsley)

Report: Most oil companies score low on fracking disclosures

The annual scorecard grades 30 oil and gas companies for disclosures on five criteria: toxic chemicals, water and waste management, air emissions, community impacts, and management accountability.
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

Goldman Sachs says crude may have to sink to $20 to force U.S. production cuts

Though current oil prices are projected to help curb U.S. production by more than half a million barrels a day next year, so far the nation’s rig count and domestic oil-company spending plans are too high to ease the global oil glut and lift prices by the end of next year. So, crude prices may have to plunge to $20 a barrel, Goldman said.
President Vladimir Putin. (AP Photo/RIA-Novosti, Alexei Druzhinin, Presidential Press Service)

Putin says Russian economic crisis has peaked amid oil slump

Putin is facing one of the toughest challenges of his almost 16-year-rule as oil trades close to levels last seen during the global financial crisis, prolonging Russia’s economic downturn and stoking inflation while incomes fall by the most since he came to power.
The Chinese flag blows in the wind as hundreds of people walk along the Bund boardwalk by the Huangpu river in Shanghai, China. (Paula Bronstein/MCT)

China takes steps to curb gasoline demand, air pollution amid US export ban lifting

One hundred-and-twelve years after the first successful gasoline-powered airplane flight by the Wright Brothers, and the crude complex is trying to gain ground after yesterday’s liftoff from the Fed. The US dollar has some wind beneath its wings today, seeing some momentum in response to yesterday’s US interest rate hike. This in turn is providing […]
Categories: Crude oil, Gasoline
The shadows of  workers in the Permian Basin on February 5, 2015 in Mentone, Texas. (Photo by Spencer Platt/Getty Images)

The irony of ending the U.S. oil export ban is imports may rise

By allowing American oil to compete globally, the price for U.S. benchmark West Texas Intermediate crude is inching closer to the international marker Brent, which has traded at a premium for most of the past five years.
Employees leave the Bogota headquarters of Colombia's state-owned oil company, Empresas Colombiana de Petroleos (ECOPETROL) at the end of the work day on Thursday, July 3, 2003. President Alvaro Uribe is seeking support via a referendum to freeze some state salaries for two years, while phasing out the larger pensions. Investors are monitoring the fate of the referendum to see how committed the government is to curbing deficit-spending, and an affirmative ruling and vote may strengthen debt prices. Photographer: Scott Dalton/Bloomberg News

$100 billion evaporates as world’s worst oil major plunges 90 percent

From being the world’s fifth-most valuable oil producer at its zenith in 2012, worth more than BP Plc, state-controlled Ecopetrol SA now ranks 38th.
A boat passes a refinery standing along the Houston Ship Channel.  (Scott Dalton/Bloomberg)

No export ban? No problem for U.S. refiners getting tax break

The House and Senate on Tuesday evening reached a deal on tax and spending plans that included an end to the oil-trade limits that were implemented in 1975 after the Arab oil embargo.
A pipeline sign marks  the main U.S. oil pipeline and storage hub at Cushing, Oklahoma. (Bloomberg photo)

U.S. crude inventory build sends oil prices down

The U.S. Energy Information Administration said domestic oil tanks last week took in an additional 4.8 million barrels of crude, boosting inventories to 490.7 million barrels. That’s the largest amount of oil the nation has had in reserve since a record-setting supply bulge in April.