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A driver refuels her car at a gas station of PetroChina, a subsidiary of CNPC (China National Petroleum Corporation), in Luoyang city, central China's Henan province, 19 August 2014. (File, Bloomberg)

HSBC analyst: China holds the key to an oil rebound

Cutting production is unlikely to trigger a sustainable recovery because China’s economic growth is slowing.
Categories: Crude oil
McDermott International has a $1.5 billion-plus contract with Saudia Arabia's national oil company. (AP file photo/John Moore)

Saudi Arabia edges out Russia in China oil sales as OPEC digs in

The world’s biggest oil exporter sold 3.99 million metric tons to China in October, 0.8 percent more than in September,
(Getty Images)

Year after key OPEC meeting, oil bankruptcies rise to 37

As many or more bankruptcies could occur next year if crude stays cheap, say attorneys at Dallas-based Haynes & Boone, the law firm that compiled the statistics.

While US crude imports rise from Iraq, Saudi’s remain subdued

It is Margaret Atwood’s 76th birthday, and her 2009 novel ‘The Year of the Flood‘ seems an appropriate way to sum up the crude market this year. We await the weekly EIA inventory report this morning, with oil inventories less than 4 million barrels shy of the record of 490.9 mn bbls seen earlier in the […]
US President Barack Obama delivers remarks at a Clean Power Plan event at the White House in Washington, DC, August 3, 2015. (JIM WATSON/AFP/Getty Images)

Obama tells CEOs climate change offers growth opportunities

Obama argued that slowing or halting climate change will benefit corporate bottom lines by opening new avenues for investment in renewable energy and other green technology.
A worker uses equipment to secure a section of pipe on an oil drilling platform operated by Tatneft OAO near Almetyevsk, Russia, on Friday, July 31, 2015. Eleven months of surviving with oil below $100 have left Russia hardened enough to endure a monthlong drop to $40 a barrel, a survey of economists showed. Photographer: Andrey Rudakov/Bloomberg

Worldwide oil job losses climb to 233,000, recruiter says

Swift Worldwide Resources CEO Tobias Read said there’s no sign of an immediate turnaround in the oil and gas job market and the situation “is likely to get worse.”

Rising crude imports point to record US inventories ahead

Happy Friday 13th! This final day of the week is set to be a scream. Jumping straight into the overnight economic data, and the final print for Japanese industrial production was not as scary as it could have been, coming in at 1.1% for September, slightly above consensus of 1.0%. Across to Europe, and preliminary […]
Categories: Crude oil
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(AP Photo/Hasan Jamali, File)

IEA: Iran return will intensify Europe oil-price competition

Europe will be the battleground between producers of sour crude grades, including Russia, Iraq, Saudi Arabia and Iran, as the Asian market becomes more “crowded,” the Paris-based IEA said in its monthly report.

OPEC report highlights temporary production drop, ongoing oversupply

On Tonya Harding’s 45th birthday, the crude complex is on thin ice once more. The US dollar is in ascendancy as the sturdiness of the European economy is questioned once more, while OPEC’s monthly oil report has done little to allay oversupply fears. Jumping into the data action overnight, and Chinese economic weakness manifested itself […]
Categories: Crude oil, Middle East
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A OPEC logo sits on a sign outside the 167th Organization of Petroleum Exporting Countries (OPEC) conference in Vienna, Austria, on Friday, June 5, 2015. The Organization of Petroleum Exporting Countries has exceeded its own target of 30 million barrels a day for 12 straight months. Photographer: Lisi Niesner/Bloomberg

OPEC: Oil inventory surplus bigger than during recession

For the oil market, the first nine months of the year have seemed like a slow-motion repeat of the huge build in inventories that occurred six years ago amid a worldwide recession.