Saudi Arabia has a response to the global surplus of oil: Raise output to near-record levels, and then pump even more.
Growth in Iraq’s oil production capacity may slow as lower crude prices hurt the ability of OPEC’s number two producer to pay international oil companies for work there, officials from BP Plc and OAO Lukoil said.
HOUSTON -- On the opening day of IHS CERAWeek, Sen. Lisa Murkowski (R-Alaska), Chairman of the U.S. Senate Energy and Natural Resources Committee, told attendees at the annual energy conference that “now is the prime time to make lasting improvements” in U.S. Energy Policy.
NEW YORK (Bloomberg) -- Oil rose to the highest level in almost four months on speculation that slowing production will ease a supply glut.
Saudi Arabia led a surge in OPEC crude oil production in March.
NEW YORK (Bloomberg) -- Oil surged to the highest level of the year, as a break in the U.S. shale boom signaled a potential easing of the biggest supply glut since 1930.
OPEC production climbed by the most in almost four years as Saudi Arabia, Iraq and Libya boosted output amid a stronger outlook for global oil demand, according to the International Energy Agency.
NEW YORK (Bloomberg) -- Oil rose to a one-week high, amid speculation U.S. production growth is slowing.
LONDON (Bloomberg) -- In the heady days of the commodity boom, oil-rich nations accumulated billions of dollars in reserves they invested in U.S. debt and other securities. They also occasionally bought trophy assets, such as Manhattan skyscrapers, luxury homes in London or Paris Saint-Germain Football Club.
OPEC is making a mistake by seeking to preserve its share of global crude sales amid a global production glut instead of trimming output to prop up prices, Oman’s oil minister said.
The decline in oil prices is “temporary,” and crude is steadying at $55–60/bbl amid stronger global demand, an adviser to Saudi Arabia’s oil minister said.
NEW YORK (Bloomberg) -- Oil posted its biggest one-day slump in two months after U.S. crude inventories jumped the most in 14 years.
A final nuclear deal with Iran and the lifting of oil export sanctions from the OPEC member could lead the U.S. Energy Information Administration to lower its oil price forecast for next year by as much as $15/bbl.
The U.S. remained the world's top producer of petroleum and natural gas hydrocarbons in 2014, according to U.S. Energy Information Administration (EIA) estimates.
Price vs. value of crude oil and designer handbags
Bashneft International, the operator of Bashneft’s overseas upstream projects, has completed field seismic surveys at Iraq’s Block 12 as part of the geological exploration program approved by the nation’s oil ministry.
LONDON (Bloomberg) -- Outside the boardroom of BP Plc’s headquarters on London’s swanky St. James’s Square, a display case houses the geological data from Masjid-i-Solaiman, Iran’s first oil well.
Saudi Arabia is seeking to protect its share of Asia’s oil market by keeping crude prices competitive with those of other suppliers, according to energy consultants Wood Mackenzie Ltd.
Oil climbed to the highest in more than two weeks in London as Saudi Arabia and its allies bombed rebel targets in Yemen, which is near the center of global energy trade.
Schlumberger Oilfield Holdings Ltd., a wholly owned subsidiary of Schlumberger Ltd., has agreed to enter a guilty plea and to pay a $232,708,356 penalty to the U.S. for conspiring to violate the International Emergency Economic Powers Act by willfully facilitating illegal transactions and engaging in trade with Iran and Sudan.