U.S. crude inventories declined by 2.2 million barrels from the week prior, which had seen a dip of nearly 4 million barrels. U.S. refinery inputs last week also decreased an average of 379,000 barrels a day from the previous week, according to the U.S. Energy Information Administration update. Refineries operated at more than 91 percent capacity last week.
Subsea 7 is not yet elaborating on whether its North American headquarters at the Westgate complex in Houston’s Energy Corridor will be impacted much, but the company did say it has begun consulting with employees in the United Kingdom and Norway where a lot of its operations are run.
ConocoPhillips paid about $506 million for 98 exploration leases about 100 miles off Alaska’s north coast in 2008. In April of 2013, the company suspended its plans to drill an exploratory well in the sea, citing uncertainty in regulations.
Prices collapsed by almost half last year as Saudi Arabia led OPEC in maintaining production rather than cede market share to booming U.S. supply. The group has become more unified about keeping its output target because prices are now rising, according to Kuwait’s oil minister.
For the first quarter of 2015, McDermott posted a loss of $14.5 million, or 6 cents a share, including $10.4 million in restructuring charges, which compared to a larger $46.5 million loss, or 20 cents a share, for the same quarter in 2014.
NEW YORK — Morgan Stanley is selling its oil storage and transport business, which has drawn scrutiny from Congress, to commodities trading company Castleton. Castleton is buying oil terminal storage agreements, inventory, oil purchase and sale and supply deals, and freight shipping contracts. The companies say they hope to complete the deal in 2015. They […]
The stoppage at Wafra may help reduce a worldwide glut that has pushed crude prices down by about 40 percent in the last 12 months. OPEC, which counts Kuwait and Saudi Arabia as members, chose in November to keep pumping crude oil to protect its share of the market rather than cutting output to boost prices. Brent crude, a global benchmark, was trading at $65.08 a barrel Tuesday at 8:42 a.m. in London.
China’s new ranking shows how the U.S. shale boom is reshaping flows of oil around the world as suppliers hunt for buyers amid a global glut. A surge in American production is reducing the need for the world’s biggest economy to import crude while the Asian nation seeks to take advantage of a slump in prices to fill its emergency stockpiles.
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