A record cut to the number of active U.S. drilling rigs and billions of dollars of spending reductions by companies since last year’s price plunge has yet to translate into a slump in barrels produced.
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.
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.
Even with OPEC forecast to keep its output quota unchanged at a meeting this week, falling oil demand and prospects for increased supply from some member states mean the group’s leader, Saudi Arabia, will have to cut production anyway.
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