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.
Cobalt International Energy has found more oil and gas trapped under salt formations in an exploratory well off the coast of Angola, a “major discovery” that could hold reserves of 700 million to 1.1 billion barrels of oil equivalent, the company said Monday.
Jury selection began Monday for the Justice Department’s case against a former BP drilling engineer charged with deleting text messages and voicemails about the company’s response to its massive 2010 oil spill in the Gulf of Mexico.
Valero Energy Partners LP expects the IPO price for the master limited partnership will be between $19 and $21 per common unit, which would raise between $285 million and $315 million, according to documents filed Monday with the Securities and Exchange Commission.
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