SINGAPORE – Saudi Arabia, the world’s biggest oil exporter, may raise its price for Arab Light crude for sale to Asian refiners for a third month as its voluntary output cuts may be extended, further tightening the supply of …
Oil stocks have continued to show a peculiar disconnect from the commodity they track, with oil equities staging a powerful rally even as oil prices have fallen sharply since the last OPEC meeting. Over the past two months, …
SINGAPORE (Reuters) – Asian refiners are paying the highest premiums for Middle East and Russian crude oil in about a year, due to firm demand and more costly imports from the West, industry sources said.
High prices could prompt …
US oil and gas producer EOG Resources Inc (EOG.N) surpassed analysts’ first-quarter profit forecast and announced a special dividend of $ 1 per share on Thursday due to the launch of COVID-19 vaccines and increased travel demand driving crude …
The World Bank slashed its outlook for oil and metals prices on Thursday due to the economic fallout of the coronavirus pandemic and said the commodity market shock could hit developing countries hardest.
Crude oil prices are expected to …
Houston exploration and production company Marathon Oil on Tuesday said it is cutting its 2020 drilling budget by 20 percent, a day after oil prices collapsed to almost $30 per barrel.
In reducing planned capital spending to $1.9 …
LONDON – Oil prices lost as much as a third of their value on Monday in their biggest daily rout since the 1991 Gulf War as Saudi Arabia and Russia signalled they would hike output in a market already …
Source: Houston Chronicle
Oil retreated from a six-week high as signs of another increase in U.S. crude reaffirmed the prevailing view that global markets are comfortably supplied.
Futures lost as much as 0.8% in New York after rising 5.6% over …
After a recovery from the last oil bust, energy bankruptcies are back on the rise in 2019.
The number of oil and gas bankruptcy filings through mid-August has nearly equaled the total tally from 2018, and …
From Reuters
Oil prices were little changed on Monday as expectations that major producers would continue to reduce global supplies ran into worries about sluggish growth in crude demand due to the U.S.-China trade war.
International benchmark Brent crude settled …
From Reuters
Oil prices rose more than $1 a barrel on Friday, supported by a drop in European inventories and OPEC output cuts despite the International Energy Agency reporting demand growth at its lowest since the financial crisis of 2008.…
Saudi Arabia plans to keep oil exports below 7 million barrels a day next month as OPEC’s biggest producer allocates less crude than customers demand in a bid to stabilize the market, according to the kingdom’s …
From Reuters
Brazil’s Petroleo Brasileiro SA sold its entire oil hedge position amid a sharp fall in crude prices, the company said in a filing on Wednesday night, saying it has eliminated uncertainties regarding its cash flow thanks in part …
From Reuters
Oil jumped more than 2% on Thursday on expectations that falling prices could lead to production cuts, coupled with a steadying of the yuan currency after a week of turmoil spurred by an escalation in U.S.-China trade tensions.…
From Reuters
Oil prices tumbled more than 4.5% on Wednesday to a seven-month low, extending recent heavy losses following a surprise build in U.S. crude stockpiles and fears that demand will shrink due to Washington’s escalating trade war with Beijing.…
From Reuters
An inexorable decline in spot market prices for liquefied natural gas (LNG) is pushing utilities in Japan to be more aggressive in price reviews built into traditional long-term contracts linked to oil prices, lawyers and analysts said.
The …
From Reuters
Saudi Crown Prince Mohammed Bin Salman is insisting on a $2 trillion valuation of oil firm Aramco, even though some bankers and company insiders say the kingdom should trim its target to around $1.5 trillion, industry and banking …
From Reuters
Oil prices fell more than 1% on Tuesday, with Brent crude settling near seven-month lows below $60 a barrel as trade tensions between the U.S. and China intensified worries about weakening global demand.
During the session, Brent traded …
From Reuters
Oil prices gained about 3% on Friday a day after recording their biggest daily drop in several years on U.S. President Donald Trump’s vow to impose more tariffs on Chinese imports.
For the week, crude oil benchmarks recorded …
From Reuters
Occidental Petroleum Corp, which is battling activist investor Carl Icahn over its $38 billion purchase of Anadarko Petroleum, reported a 14% fall in core profit on Wednesday, as higher crude prices and volumes were offset by adjustments to …
From Reuters
OPEC oil output hit an eight-year low in July as a further voluntary cut by top exporter Saudi Arabia deepened losses caused by U.S. sanctions on Iran and outages elsewhere in the group, a Reuters survey found.
The …
From Reuters
Seven years ago, Diamondback Energy Inc went public with a modest parcel of drillable land in the Permian Basin of West Texas.
Like dozens of other Permian startups, the firm then pursued a classic wildcatter’s strategy – borrowing …
From Reuters
Oil prices inched up on Friday, ending the week higher after stronger-than-expected U.S. economic data brightened the crude demand outlook and concerns over the safety of oil transport around the Strait of Hormuz threatened supply.
Brent crude futures …
From Reuters
When Saudi Aramco was on the verge of a deal last year to buy a stake in an Indian oil refinery, its boss quickly boarded a company jet in Paris and flew to New Delhi.
Chief executive Amin …
From CNBC
Many cynics have long contended that the real reason the U.S. entered a slew of recent wars was only to protect American oil interests. But now it’s beginning to look like oil may be a major reason why …
2014 marked the beginning of a new era in the oil and gas industry, said Bob Dudley, Group Chief Executive for BP’s (ticker: BP) 2015 Statistical Review of World Energy. Price volatility is …
Global oversupply has prompted companies to sell production volumes on the future strip prices, pushing their production into storage hubs like Cushing, Oklahoma. Since the beginning of …
