From Reuters Oil prices plummeted more than 7% on Thursday, with the U.S. benchmark posting its worst day in more than four years, after President Donald Trump said he would impose additional tariffs Chinese imports starting Sept. 1. The drop in Brent crude was the steepest in more than three years, undoing a fragile oil rally built on steady drawdowns
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 14-member Organization of the Petroleum Exporting Countries pumped 29.42 million barrels per day (bpd) this month, the survey showed, down
From Reuters Oil prices rose for a fifth day on Wednesday following a larger-than-expected drop in U.S. inventories and after the Federal Reserve cut U.S. interest rates for the first time in more than a decade. The front-month Brent crude LCOc1 futures contract, which expired Wednesday, rose 45 cents to settle at $65.17 a barrel. Brent posted a monthly decline
By Tyler Losier, Energy Reporter, Oil & Gas 360 Harvest Oil & Gas sells Barnett shale assets for $72 million Harvest Oil & Gas Corporation (stock ticker: HRST), formerly EV Energy Partners L.P., has entered into a definitive agreement with an undisclosed buyer to sell all of its interests in the Barnett shale formation for $72 million. For the first
By Tyler Losier, Energy Reporter, Oil & Gas 360 Borr Drilling Limited launches IPO of five million common shares Borr Drilling (stock ticker: BORR), an international drilling contractor headquartered in Bermuda, has launched an initial public offering (IPO) in the United States for 5 million of its common shares. The newly public security will trade under the ticker symbol “BORR.”
From Reuters Trump administration infighting is holding up approval of the first major U.S. offshore wind energy project, with agencies sparring over whether the proposal does enough to protect the fishing industry, according to interviews and agency documents. The delays are a setback to President Donald Trump’s efforts to fast-track big energy infrastructure projects and could threaten the administration’s plans
From Reuters Anadarko Petroleum Corp (APC.N), in its last earnings report before shareholders vote on its sale to Occidental Petroleum (OXY.N), on Friday reported a quarterly profit that topped analysts’ estimates, as higher production offset lower prices for its oil. It reported a net loss on a $1 billion breakup fee paid to Chevron Corp (CVX.N). Anadarko accepted a $38
Compiled by Tyler Losier, Energy Reporter, Oil & Gas 360 Canadian numbers up by nine This week’s Baker Hughes rig count shows that U.S. numbers declined by eight, resulting in the total count falling to 946. Compared to this time last year, numbers are down 102. Canada is up compared to last week with a total count of 127, representing
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 LCOc1 settled at $63.46 a barrel, up 7 cents. They clocked a weekly rise of about 1.7%. U.S. West Texas
From Reuters Somewhere on its journey from the waters off Iran, around Africa’s southern tip and into the Mediterranean, the Grace 1 oil tanker lost the flag under which it sailed and ceased to be registered to Panama. Iran later claimed it as its own. The ship carrying 2 million barrels of Iranian crude was seized by British Royal Marines
From the EIA Saudi Arabia’s crude oil production approached a four-year low in May 2019, averaging an estimated 9.9 million barrels per day (b/d), more than 1 million b/d lower than its all-time high in November 2018. Production in Saudi Arabia dropped following a December 2018 agreement by members of the Organization of the Petroleum Exporting Countries (OPEC) to cut
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 the U.S. isn’t getting into a war with Iran. Believing that flies in the face of a common sentiment that
