Category: Crude oil

Jindal appeals ‘Big Oil’ suit to high court

A fight over whether oil companies may be sued over damage to Louisiana’s coastal marshes has been appealed to the state’s high court.  More »

Oil could drive down ethanol profits, but industry shielded

Oil prices may have dipped below $50 a barrel for the first time since April 2009, but ethanol plants across the nation continue to operate at a brisk pace in order to satisfy a domestic and export demand that hasn’t weakened.  More »

Iran and Venezuela seek oil price stability

Iran and Venezuela vowed Saturday to work together to stabilize falling global oil prices as Iran’s supreme leader accused “enemies” of using crude prices as a political weapon  More »

Iraq oil deal evokes Churchill in Islamic State battle

While their latest dispute was temporarily resolved last month to help finance the struggle against Islamic State, the accord has not addressed differences between administrations in Baghdad and Erbil that include the future of Kirkuk, northern Iraq’s main oil hub.  More »

Oil traders seen storing millions of barrels at sea on slump

Companies inquired about booking 10 very large crude carriers for storage in the past several days, Odysseus Valatsas, the chartering manager for Dynacom Tankers Management Ltd. near Athens, said by e-mail today.  More »

Gov. Perry: Falling oil prices ‘painful’ for parts of Texas

Addressing a conservative forum Friday in Austin, Perry said Texas has diversified its economy since the 1980s when an oil bust brought economic misery to much of the state.  More »

Oil tumbles to 5 1/2-year low as OPEC reaffirms stance

Representatives from Saudi Arabia, Kuwait and the U.A.E. stressed a dozen times in the past six weeks that OPEC won’t curb output to halt the rout.  More »

North American oil spending to plunge $58 billion, Barclays says

North American oil producers and oil field service firms are expected to cut deep into the U.S. shale boom.  More »

Oil rigs fall by most since 1991

Producers idled the most oil rigs in a single week since 1991, as a more than 50 percent fall in crude prices further impacted drilling.  More »

Halcón offers second round of budget cuts as crude continues fall

The Houston-based company said yesterday it will spend between $375 million and $425 million drilling and completing new wells this year.  More »

Texas city that prepared for oil boom now waits for bust

Sweetwater envisioned becoming a major player in the hydraulic-fracturing boom, thanks to its location atop the Cline Shale, once estimated to be the nation’s largest underground petroleum formation.  More »

U.S. oil export ban poised to loosen with Mexico request

Petroleos Mexicanos is in talks with the U.S. Commerce Department to import 100,000 barrels a day of light crude to increase Mexico’s gasoline production and improve refining.  More »

How OPEC weaponized the price of oil against U.S. drillers

Representatives of Saudi Arabia, the United Arab Emirates and Kuwait stressed a dozen times in the past six weeks that the group won’t curb output to halt the biggest drop in crude since 2008.  More »

Mexico’s Pemex proposes to import U.S. crude

Pemex said it would simply trade heavier Mexican crude for light U.S. oil.  More »

Sanchez cuts 2015 budget by at least 40 percent

Producers such as Continental Resources, Marathon Oil and Oasis Petroleum have all announced big spending reductions in response to oil prices that have fallen in half since their June peak.  More »