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Iran’s biggest competitors won’t likely sit by while the Islamic Republic carves out a piece of Asian and European markets.
The total amount of crude in storage grew to 487 million barrels, an at least 80-year seasonal high, according to the EIA.
After a three-day rally, oil prices resumed their fall Tuesday, pulled down by fresh fresh news about economic weakness in China that also dragged down the overall stock market.
U.S. crude fell sharply Monday amid signs that booming American shale plays aren’t yielding much output to the oil slump and as Iran comes closer to clinching a deal that could put its oil back into international markets.
The Bakken has seen a dramatic decline in horizontal rigs since prices collapsed last year, but the play’s sweet spots remain attractive, especially as oil prices begin to inch upward, a new analysis finds.
LyondellBasell saw first-quarter profits climb 23 percent as it continued to enjoy access to cheap natural gas despite falling crude prices that have dragged down the prices the company fetches for its refined products and chemicals.
Companies no longer need to follow Cheniere’s business model and invest billions of dollars to wrestle their way into an increasingly crowded market to sell liquefied natural gas overseas, CEO Charif Souki said Wednesday.
OPEC no longer has the same stranglehold over oil markets it once had, but it’s wrong to declare the cartel dead, a panel of Middle East experts and analysts said Tuesday.
Oil companies keeping thousands of barrels of crude off the market by drilling but not completing wells may soon start flooding the market again.