News
2017-06 16
US Break-Even Cost the Biggest Concern for Oil The Lack of clarity on the break-even cost for US shale producers is the biggest concern in the oil market, says Phin Ziebell, a National Australia Bank economist. He notes those firm have upended mark
2017-06 14
OPEC Oil Production Rose In May The Organization of Petroleum Exporting Countries said Tuesday it produced more crude oil in May, underscoring the fragility of the cartels agreement with other big producers to cut output and stabili
2017-06 12
Lower Oil Prices May Not Slow Us Production US oil companies arent blinking. Even with prices down more than 15% year to date, US oil producers appear committed to the growth they budgeted for going into the year, RBC says. Executives for the c
2017-06 09
Iran: Qatar Crisis Not to Impact Work at South Pars Gas Field Irans Oil Minister said on Wednesday Qatars regional isolation will not affect Tehrans plans to develop its vast South Pars offshore gas field that it shares with the Arab Gulf country, state TV repor
2017-06 07
South Sudan to Almost Double Crude Output By Decemeber South Sudan expects to drill 30 new wells this year and almost double the current oil output to 200,000 barrels a day, the petroleum minister said Monday in an interview. The East African country and
2017-06 05
US Oil Rig Count Surges The US puts 11 more oil rigs to work in the last week for a total of 733, marking the 20th weekly rise, as lower oil prices do nothing to slow down drilling activity, A small, two-rig rise last week h
2017-06 02
Norway blosters oil-industry defenses against foreign takeovers Norway is seeking greater leeway to restrict foreign ownership of its offshore fields, a move seen to be potentially targeting a growing Russian interest in its resources. In recent proposed changes t
2017-05 31
Norway Oil Ministry: No Plan to Cut Output Norway has no plans to cut its oil output, the countrys oil and energy ministry said on Tuesday. The Ministry has a good dialogue with other countries about the oil market. We are not in a situation i
2017-05 29
U.S. Oil Rig Count climbs to 722--Baker Hughes The number of rigs drilling for oil in the U.S. rose by two in the past week to 722, according to oil-field services company Baker Hughes Inc. The U.S. oil-Rig count is typically viewed as a proxy for
2017-05 26
Oil prices lower but may see upside later in the year on inventory draws: Analysts There may still be upside for crude oil prices even if the market appears to be let down by a production cut extension by the Organization of the Petroleum Exporting Countries (OPEC), analysts said Fr
2017-05 24
Opec got the Lowest Net Oil Revenues in 2016 since 2004 Members of the OPEC earned about $433 billion in net oil export revenues in 2016, the lowest since 2004. In real dollar terns, the 2016 revenue represents a 15% declines from $509 billion earned in 20
2017-05 22
API: US Petroleum demand highest for April since 2008 According to data from the American Petroleum Institute, total US petroleum deliveries in April averged 19.6 million b/d, up 1.7% from April 2016. These were the highest April deliveries in 9 years. C
2017-05 19
Uganda Oil Projects Threatened with Prices Under $50 The development of Ugandas vast crude reserves is uncertain as prices stay below $50 a barrel, amid a global crude supply glut, says energy and minerals minister Irene Muloni. Government will have to
2017-05 17
Opec's Extended Cuts Not Enough to Boost Oil Market Even if OPEC and Russia extend the production cuts to nest March, the market will still be oversupplied by an average 1.5 million barrels a day in 2018, says JBC Energy. The only way the market will b
2017-05 15
U.S. Oil-Rig Count Rose by Nine in Latest Week The number of rigs drilling for oil in the U.S. rose by nine to 712 in the past week, according to oil-field services company Baker Hughes Inc. The U.S. Oil-rig count is typically viewed as a proxy fo
2017-05 12
Saudi Aramco to cut June oil supply to Asia by about 7MMbbl Saudi Aramco will curb oil supplies to Asia by about 7MMbbl in June, a source with direct knowledge of the matter said, as the national oil giant plays its part in a global output cut to support price
2017-05 10
Oil settles at $45.88, down 1.2%, on concerns about rising US supply, weak demand Oil prices fell on Tuesday, rattled by concern over slowing demand, a rising U.S. dollar and increasing U.S. crude output that has shaken investors faith in the ability of OPEC to rebalance the market
2017-05 08
OPEC in driver’s seat as ‘Fast and Furious’ oil stock draw eludes Bloated global crude oil inventories are declining but not as quickly as OPEC expected, adding to pressure on the producer group to extend supply cuts, according to a CNBC poll of energy strategists,
2017-05 05
April Oil output Decrease Averages 258,600 Bpd--Russian Energy Ministry Average oil production in April has decreased by 258,600 barrels per day(bpd) in Russia and constituted 300,790 bpd as of May 1, the Russian Energy Ministry said Wednesday. The average decline in prod
2017-05 03
U.S. Oil Inventories Decline Less Than Expected U.S. Crude oil inventories decreased less than expected for the week ended April 28, while gasoline supplies rose moderately, according to data released Wednesday by the Energy Information Administrat
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