Crude plunged for eight of nine weeks prior to the group’s November gathering, when the kingdom faced down opposition from the majority of fellow members, who advocated output reductions to tackle a global glut.
As the price of oil seemingly began to stabilize for now near $60 a barrel, the U.S. oil rig count slowed its pace of decline down to a crawl. The number of U.S. oil rigs is now at 659, according to Baker Hughes data, after dropping by eight oil rigs a week prior.
Plains All American Pipeline has announced $120 million in capital projects for the Eagle Ford Shale region, including a new natural gas liquids fractionator. The fractionator, expected to be operational in the second quarter of 2015, will be able to process up to 15,000 barrels per day of natural gas liquids, the Houston-based company announced […]
U.S. electricity sales are on track to fall again in 2013, likely marking the fifth time in six years that Americans have bought less power than the year before, according to the U.S. Energy Information Administration.
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