Category: Crude oil

Plains to buy half of BridgeTex in $1.1 billion deal

The pipeline is a major artery for the basin with a capacity of 300,000 barrels per day of crude.  More »

OPEC’s weak links feeling pain

While the Saudi Arabia is as flush with cash as ever, the finances of some fellow OPEC members are deteriorating quickly.  More »

Libya’s biggest oilfield to resume output soon, official says

Sharara was shut as a precaution after gunmen stormed the on-site production compound.  More »

Plains All American profits up 40 percent

Plains All American set its course forward into a more uncertain energy market with a flurry of deals and third-quarter results propelled higher by the flood of crude flowing from shale plays.  More »

Oil rises after inventory report

Oil for December delivery rose $1.49 to settle at $78.68 a barrel on the New York Mercantile Exchange.  More »

Swiss prosecutors contact oil traders in Nigeria fuel scam probe

Fraudulent payments related to subsidized fuel imports are estimated to cost the continent’s biggest economy as much as $7 billion a year.  More »

Saudis recall 1998 showdown in taking on U.S. shale rivals

To win the showdown, the Saudis are trying to bring OPEC’s weaker members in line before the Nov. 27 meeting of the organization.  More »

OPEC oil basket price falls below $80 to least in 4 years

U.S. oil production rose to the highest in at least 31 years amid slowing global demand, helping drive crude into a bear market last month.  More »

BHP Billiton to export condensate overseas

BHP Billiton is preparing to export a processed, ultra-light oil overseas without the government’s explicit authorization — a move likely to be mimicked by other energy companies eager to sell crude to foreign buyers.  More »

EOG profit doubles on low-cost wells even as oil price falls

CEO William Thomas boosted EOG’s growth target for oil even in the face of a market slump  More »

White House monitoring oil drop, no action seen on reserves

West Texas Intermediate touched $75.84 a barrel, the lowest intraday price since Oct. 4, 2011 as Saudi Arabia price cuts deepened a selloff in crude.  More »

Marathon remains committed to shale drilling despite falling oil price

Despite falling oil prices, Marathon Oil said it remains committed to key U.S. shale plays.  More »

Oil prices hit 3-year lows after Saudi discount

The market was shaken by news that Saudi Arabia was cutting prices for the U.S. to compete with the surge in oil production there.  More »

Marathon’s profit falls 24 percent on crude price slump

Marathon Oil reported a 24 percent drop in third-quarter profit, as lower crude prices offset higher production.  More »

Crude oil settles below $80 a barrel

Oil tumbled last month after Saudi Arabia, Iraq, Iran and Kuwait cut prices, leading to concern that OPEC members were fighting for market share.  More »