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.
San Antonio-based Nustar Energy LP will move forward with the second phase of its South Texas Crude Oil Pipeline System project, CEO Curt Anastasio told analysts Tuesday, according to a Reuters report. The pipeline system moves Eagle Ford Shale crude from several locations in South Texas to NuStar’s Corpus Christi NorthBeach facility at the Port of
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