Category: Crude oil

Incoming Lt. Gov. Patrick vows tax relief despite oil prices

Patrick acknowledged Monday that the slowdown of the oil and gas industry is impacting sales tax collections that give lawmakers spending power.  More »

U.S. benchmark crude falls below $50 for first time in 5 1/2 years

Brent slumped 48 percent last year, the most since the 2008 financial crisis, as OPEC resisted calls to cut output amid a battle with U.S. shale producers for market share.  More »

ConocoPhillips sees first oil from Norwegian startup field

The company is pumping new barrels of oil in Norwegian waters as oil prices have fallen by more than half since June.  More »

Libyan fighter jets bomb Greek tanker ship, killing 2

Libya is split between a United Nations-recognized government in the east and Islamists who control Tripoli in the west.  More »

Oil extends decline from 5 1/2-year low as glut persists

Brent slumped 48 percent last year, the most since the 2008 financial crisis, as OPEC resisted calls to cut output amid a battle with U.S. shale producers for market share.  More »

Utah gears up for lands fight as deadline passes

A Utah state report found that oil and gas leases would allow Utah to afford the $280 million annual cost of managing the land, but only if those prices remained high.  More »

Commentary: Protecting World Heritage sites should be oil industry resolution for 2015

Only Royal Dutch Shell and Total have publicly committed to not carry out or support extractive activities in World Heritage sites.  More »

Crude oil at 5 1/2-year low amid manufacturing weakness

West Texas Intermediate for February delivery fell 58 cents, or 1.1 percent, to $52.69 a barrel.  More »

Pemex bondholders bemoan $3.4 billion cash grab

The Finance Ministry said Dec. 26 that it took the money, reducing cash holdings at the company known as Pemex to a 12-year low of 48 billion pesos ($3.3 billion).  More »

Harvest’s deal to sell Venezuela oil field fails to win approval

The government and an affiliate of state-owned oil company Petroleos de Venezuela SA said that approval of the sale was contingent upon Petroandina “guaranteeing an unspecified bonus payment” and $1.52 billion in financing, Houston-based Harvest said today in a statement.  More »

Low oil prices unlikely to hurt railroads much

Carloads of crude oil spiked well over 4000 percent between 2008 and last year — from 9,500 carloads to 435,560 — as production boomed and the cost for a barrel of oil soared into the triple digits.  More »

Linn Energy to cut spending in half this year

The cut also comes after it jettisoned assets last year in the Granite Wash, which is in North Texas and Oklahoma, and most of its property in the Midland Basin in West Texas.  More »

Russia pumps most oil since Soviet era despite sanctions

The previous post-Soviet oil production record was 10.64 million barrels a day in October, CDU-TEK data show.  More »

Exxon Mobil seeks to bar pipeline files

Exxon Mobil says it shouldn’t have to release any further information on a proposed but abandoned pipeline intended to run alongside the Pegasus pipeline that ruptured in 2013 in central Arkansas.  More »

Midland Basin oil worker talks crude prices, fracking bans in Reddit AMA

The worker answered dozens of questions from Redditors on life as a roughneck and the feelings among workers as dropping crude prices threaten to halt drilling.  More »