Category: Crude oil

Falling oil prices raise new concerns for states

With oil prices now around a five-year low, budget officials in about a half-dozen states already have begun paring back projections for a continued gusher of revenues. Spending cuts have started in some places, and more could be necessary if oil prices stay at lower levels.  More »

WTI oil drops below $60 after Saudis question need to cut

OPEC decided against reducing its output quota at a meeting last month, letting prices drop to a level that may slow U.S. production that’s surged to the highest level in more than three decades.  More »

As crude oil prices fall, concerns about sector slowdown rise

A slew of factors – including decreased demand projections and tough words from a Middle East official – contributed to a $2.88 drop in U.S. benchmark oil prices to $60.94 per barrel.  More »

Alaska faces $3.5B deficit amid lower oil prices

The state is expected to dip into savings to get by. Gov. Bill Walker, who took office Dec. 1, has warned of lean times ahead.  More »

WTI falls to 5-year low as Saudis question need to cut

Oil’s collapse into a bear market has been exacerbated as OPEC’s three largest members offered the deepest discounts on exports to Asia in at least six years.  More »

U.S. getting rid of oil addiction as price plummets in glut

The catalyst for the latest sell-off in oil was an OPEC report that projected demand for its crude would sink next year to levels not seen in more than a decade.  More »

North Dakota oil town suspends booze licenses

Commissioners also suspended the strip clubs’ licenses in 2013 for excessive calls for disorderly behavior.  More »

Oil price hit by OPEC numbers as Saudis stand firm on output

OPEC cut the forecast for how much crude it will need to produce next year by about 300,000 barrels a day to 28.9 million a day, the least since 2003.  More »

Goodrich pares spending plans, considers selling Eagle Ford assets

In the first half of next year, Goodrich will explore “strategic alternatives” for all or a portion of its Eagle Ford acreage to give the company greater flexibility to expand development under better market conditions, the company said in a release Wednesday.  More »

Brent crude drops below $65 as OPEC sees less demand

Brent has collapsed 17 percent in London since Nov. 26, the day before OPEC agreed to leave its production limit unchanged at 30 million barrels a day, resisting calls from members including Venezuela to cut output to stabilize prices.  More »

BP sees $1 billion in restructuring charges as oil falls

The British oil giant is gearing up to weather at least two years of lower oil prices and the contraction in the oil industry that goes with it.  More »

Iranian president calls fall in oil prices ‘treachery’

Rouhani spoke at a Cabinet meeting Wednesday about what he thought was a “politically motivated” fall in prices.  More »

As oil resumes drop, Iran sees $40 if there’s OPEC discord

Brent collapsed 15 percent since OPEC agreed to leave its production ceiling unchanged on Nov. 27, resisting calls from members including Venezuela to cut output to stabilize prices.  More »

OPEC says 2015 demand for its crude will be weakest in 12 years

OPEC lowered its projection for 2015 by about 300,000 barrels a day, to 28.9 million a day.  More »

Chevron to delay capital spending announcement

Chevron, the second largest U.S. integrated energy company, announced Tuesday that its budget won’t be made public until early next year.  More »