U.S. court allows oil sales from Kurdistan Iraq’s Kurdish Semi-autonomous region is increasing international oil sales without the approval of Iraq’s central government. The U.S. Court of Appeals for the Fifth Circuit in New Orleans dismissed the Kurdistan Regional Government’s (KRG) bid to overturn an earlier ruling against a planned sale of oil to an unidentified buyer in the U.S.,
President Maduro to the world’s oil producers: “The minimum, minimum price should be $70” Oil producing countries have been negatively affected by the dramatic fall in the price of oil since the middle of last year, and some have been hit harder than others. Venezuela, in particular, is one OPEC member that is feeling the pressure. Why? Because 95% of
Iraq tells oil companies to submit conservative funding requests for 2016 A letter dated September 6, 2015, from the Iraq Oil Ministry was sent out to international oil companies operating inside the country notifying them that they should plan to lower spending in 2016, reports The Wall Street Journal. Iraq is struggling to support its energy sector as it feels
OPEC lowers expectations for non-member output OPEC once again revised down its expectations for non-OPEC member production growth in its September Oil Market Report, lowering expected output for both 2015 and 2016. The organization projects that for this year, non-OPEC supply growth will average about 880 MBOPD, 72 MBOPD lower than in last month’s report, due to lower-than-expected output from
Oil Bears out in Force before the Weekend Oil prices and rig counts alike fell on Friday, with the former falling by about 2% and the latter reaching its lowest level in more than a decade. A handful of factors weighed into the commodity price drop, spurred by Goldman Sachs predicting oil prices still have (much) further to drop before
Congressional Republicans unable to mount enough opposition to stop Iran deal Senate Democrats blocked a Republican resolution of disapproval of the Iran nuclear deal from going to a final vote today, with the procedural motion to move to a final vote falling just two votes shy of the required 60. The news comes as a victory for President Obama, who
Maintains Guidance Despite 12% Budget Cut Citing low commodity prices, Continental Resources (ticker: CLR) cut its 2015 non-acquisition budget to $2.35 to $2.40 billion, down from its previous guidance of $2.70 billion. In a company release, management said the adjustment is designed to “better align spending with cash flow at current commodity prices.” Well completion activity will be deferred barring
Spain and Iran come to a deal on natgas transport Spain reached an agreement with Iran to ship natural gas from Iran to Europe following the release of sanctions against the country. Iranian authorities and an economic trade delegation of some 70 Spanish companies, including Repsol (ticker: REP) accompanied by government officials, visited Tehran Monday to discuss the details, reports
The number of running rigs in the United States fell for the second straight week in the latest analysis from Baker Hughes (ticker: BHI). A total of 13 rigs left the fleet for the week ended September 4, 2015, and now stands at 864. All of the subtracted rigs were focused on oil plays, and 11 were in Texas. The
Oil continues climb Oil prices continued to climb today, following a trend from late last week. West Texas Intermediate for October 2015 was trading at $47.50 per barrel today, up about $10 from last Monday’s lows. Last week, better than expected economic data, improvements in the Chinese economy and an unexpected draw on crude oil led to both WTI and
Oil prices see the largest percent gain in six years The U.S. crude oil benchmark West Texas Intermediate closed today 10.3% higher at $42.56 per barrel. In percentage terms, that is the largest gain seen in WTI prices in one day since March 12, 2009. In dollar terms, it was the largest gain in three years. Global benchmark Brent crude
OPEC sees lower market share despite decision to maintain production In November 2014, OPEC, led by its largest producer Saudi Arabia, decided to cast off its traditional role as swing producer in the global oil market. The decision sent oil prices plummeting from over $115 per barrel for Brent crude in June, down to $42.69 per barrel, the closing price
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