Category: Crude oil

Oil price crash sparks war of words

Oil powers from Iran to Ecuador have proposed different theories on who’s really to blame for plunging oil prices.  More »

Texas crude production soars, but signs of slowdown emerge

Texas producers have been scrambling to recalculate and re-recalculate the economics of their investments in the state’s shale fields.  More »

Retail gas prices tumble 16 cents across Texas

The association survey found the cheapest gasoline in Texas was in Fort Worth at $1.98 per gallon.  More »

Marathon evacuates personnel from two North Sea platforms

About 75 workers were transferred to shore from the Brae Alpha and Brae Bravo platforms.  More »

BP unit says big spill fines could cut deep

BP’s U.S. oil unit says high penalties for the Deepwater Horizon disaster would drain its available funds next year and dramatically weaken its finances amid plunging crude prices.  More »

Oil advances again as U.S. economy grows

West Texas Intermediate climbed as much as 2.9 percent in New York, paring this year’s decline to 43 percent while Brent gained in London.  More »

OPEC oil market defense eludes Libya as production drops

Conflict between the government and Islamist militias has spread to the region of Mellitah, where the country’s fourth-largest oil port is located,  More »

Continental Resources announces even deeper 2015 cuts

Oklahoma City-based Continental Resources continues to cut its 2015 budget in response to falling oil prices.  More »

Statoil makes small North Sea oil discovery

The new well is about 15 miles southwest of the Osberg South field, and is the eighth exploration well in this production license.  More »

Oil crash wipes $11.7 billion from buyout firms’ holdings

More than a dozen firms have lost a combined $11.7 billion in 27 publicly traded oil producers since June, when crude prices reached this year’s peak before beginning their six-month slide.  More »

Crude extends fourth weekly decline amid supply glut

Oil has slumped about 21 percent since OPEC decided against cutting its production target last month, prompting a plunge in the value of currencies from the Russian ruble to the Norwegian krone.  More »

Rosneft’s acquisition of Morgan Stanley oil unit scuttled

The deal received U.S. antitrust approval in June, but Rosneft said Monday that regulator objections held up the deal.  More »

Libya oil output drops as fighting spreads to third oil port

National Oil Corp. already this month declared force majeure at two export terminals, Es Sider and Ras Lanuf, after an attempt by Islamist militias to capture them.  More »

Oil advances as funds wager on rally

Oil has slumped about 21 percent since OPEC decided to maintain its production target at a Nov. 27 meeting even as the U.S. pumps crude at a record pace.  More »

Geneva’s army of oil traders embraces profits a crash brings

Lower prices have cut financing costs, provided an opportunity to lock in profits by storing fuels and heralded the return of big price swings that can help firms from Vitol Group to Trafigura Beheer BV generate higher returns.  More »