Tag: crude oil

Saudi Arabia’s solution to global oil glut: Pump even more crude

The world’s biggest oil exporter now has incentive to maximize output and undermine rival producers by using its reserve capacity.  More »

Report: Man-made earthquakes shake over a dozen areas in US

The man-made quakes jolted once stable regions in eight states, including parts of Alabama, Arkansas, Colorado, Kansas, New Mexico, Ohio, Oklahoma and Texas, according to researchers at the U.S. Geological Survey.  More »

CERAWeek: Refiners need more infrastructure to process the surge of U.S. crude

Revitalized North American crude production has created abundant sources of oil for refineries to process, but has raised the challenge of how to move it from the field to refineries.  More »

Baker Hughes increases layoffs to 10,500

Oil field service company Baker Hughes says it has decided to increase its job cuts to 10,500 workers, about 17 percent of its workforce, as it works through a slump in North American drilling.  More »

CERAWeek: Former diplomat says lifting Iranian sanctions won’t flood oil markets

Oil prices took a beating as traders placed bets that Iran would ramp up production and add more oil if international negotiators eased the limitations on its ability to export crude.  More »

Oil holds biggest weekly gain since 2009 on China stimulus

Oil has climbed more than 40 percent since reaching a six-year low in January on estimates that the cutback in U.S. rigs and a boost for fuel demand from lower prices will help drain the global supply surplus.  More »

Obama moves forward on new oil and gas rules for public lands

The Bureau of Land Management’s announcement that it would be proposing changes — and inviting public comment on the scope of them — marks the first major effort in decades to update onshore royalty rates that are among the lowest in the world.  More »

GE Power sales boost profit past estimates amid oil slump

Fallout from the global rout in oil markets showed up in GE’s sales, which trailed analysts’ estimates.  More »

Oil prices retreat after OPEC reports 810,000-barrel boost in March

OPEC predicted output from U.S. oil fields would stall out and eventually fall later this year as producers park hundreds of drilling rigs.  More »

OPEC surge ahead of Iran exports could stall oil recovery

The International Energy Agency says Russia, India and others gobbled more cheap crude last month but oil-exporting states including Saudi Arabia pushed out more crude than in almost two years, a bid to remain kings in the oil market as Iranian exports loom.  More »

Crude prices rising after inventories show a slower gain

Futures traders bid up the price of U.S. crude after a government report showed a smaller-than-expected gain in inventories.  More »

Shale output is falling faster than expected

Just five months after Saudi Arabia put the market into a tailspin by refusing to cut supply despite a global glut, the shale oil industry will record its first monthly dip since 2013.  More »

Oil CEO wages immune to price slump as shareholders vote on pay

“The only people not hit by the drop in oil price are the CEOs running the companies,” said Gregory Elders, a London-based analyst at Bloomberg Intelligence.  More »

Cheap crude won’t slow U.S. oil fields by much, EIA says

The EIA said low oil prices would only cut the nation’s daily production by 700,000 barrels from 2022’s projected 10.4 million barrels.  More »

Shale boom to start busting as U.S. output set to fall

The shale oil bonanza that made millionaires from Texas to North Dakota is slowing down for the first time in years, a sign that painful industry cutbacks are starting to have an impact.  More »
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