Category: Crude oil

OPEC expects U.S. oil production to fall in late 2015

OPEC pegs the potential decline in U.S. liquids output at 80,000 barrels a day in the second half of the year, down from a peak of 13.71 million barrels a day in the second quarter to 13.63 million barrels a day by the fourth quarter.  More »

Crude falls to lowest point since 2009 in early trading

The benchmark futures price for a barrel of crude fell to its lowest point since prices began to slide last summer in early trading Monday.  More »

Saudi oil adviser says strengthening demand will lift prices

Prices have stopped falling at about $60 a barrel as expanding demand helps contain the global glut.  More »

Norway has an $18 billion plan to shift away from oil

Western Europe’s biggest crude producer is facing what central bank Governor Oeystein Olsen calls a “period of restructuring” amid plunging oil prices.  More »

Oil slumps to six-year low as U.S. production seen filling tanks

Oil slumped for a fourth week after government data showed U.S. output and stockpiles expanded to the highest levels in more than three decades.  More »

Out of Keystone debate’s glare, pipelines going in nationwide

While the Keystone project awaits a final decision, lesser-known developments have quietly added more than 11,600 miles of pipeline to the nation’s domestic oil network.  More »

Businesses upbeat on Egypt’s chances at investment meeting

Saturday’s focus shifted to the private sector, with several companies announcing agreements, including some from Germany’s Siemens AG that were the largest single package signed at the three-day conference.  More »

Feds to buy 5 million barrels of oil for emergency stockpile

The planned purchase of sweet crude between June 1 and July 31 is required by federal laws forcing the Department of Energy to buy back petroleum products within one year, using the proceeds from a test sale.  More »

Rig count keeps falling

Data from oil field service company Baker Hughes showed that the number of rigs chasing crude oil rig fell by 56 to 866 this week, its lowest level since March of 2011.  More »

Oil could fall again if U.S. crude clutters storage, IEA says

The International Energy Agency says stable oil prices in recent weeks could be a mirage, as the market hasn’t finished shedding a global glut in crude supplies.  More »

Alaska House advances operating budget with broad cuts

The budget advanced includes $273.8 million less for agency operations compared with the current fiscal year.  More »

IEA sees China, India filling strategic reserves with cheap oil

The two nations are building emergency stockpiles with millions of barrels of crude that mirror the reserves of oil and refined products that the U.S. and its western allies amassed after the first oil crisis of 1973 to 1974.  More »

Fuel-thirsty California looks to Eastern Canada, Asia for supply

Tankers are bound for California after a spate of refinery shutdowns that propelled the premium for the state’s special blend of gasoline to a seasonal record.  More »

How Europe’s oil companies are profiting from the slump

Although better known for their oil fields, refineries, and petrol stations, BP Plc, Royal Dutch Shell Plc and Total SA are also the world’s biggest oil traders.  More »

Trains carrying crude in Canada to face tougher safety standards

The latest Transport Canada proposals, published online Wednesday, go beyond earlier announcements by requiring rail cars carrying crude to have thicker steel, full “head shields,” mandatory thermal “jacket” protection among other upgrades.  More »