Baker Hughes said Monday it will report a $15 billion impairment charge, larger than the company’s current market capitalization value, as the decimated oilfield services sector adjusts to demand collapse Continue Reading
The U.S. is only in the FIRST STAGE of the country’s oil demand destruction. Since the nationwide shutdown announced by the U.S. Government in mid-March, domestic oil demand has fallen Continue Reading
With crude prices plummeting to 20 year lows and a local industry in shambles, Texas oil regulators are contemplating the unthinkable : cutting statewide oil production for the first time Continue Reading
The EIA expects U.S. shale oil production to drop next month to 8.526 million barrels per day in the seven most prolific shale basins in the United States, according to Continue Reading
With crude prices plummeting to 20-year lows and tens of thousands of oil workers already laid off, the Texas agency that oversees the oil and gas industry will meet Tuesday Continue Reading
By many accounts, EIA crude oil forecasts appear tame compared to what other independent analysts are predicting, and the deal-no-deal that has so far come out of Thursday’s virtual ‘OPEC’ Continue Reading
President Donald Trump said the “big Oil Deal” sealed on Sunday will save hundreds of thousands of American jobs. But the agreement he brokered depends on a sharp downturn in Continue Reading
Ever since the oil shocks of the 1970s, the idea of energy independence, which in its grandest incarnation meant freedom from the world’s oil-rich trouble spots, has been a dream Continue Reading
The world’s largest oil producers were closing in on a deal to rescue crude markets from a coronavirus-induced collapse after U.S. President Donald Trump stepped in to broker a truce. An Continue Reading
The US and the G20 are preparing to back plans for the largest oil supply agreement in history, throwing their weight behind production cuts by Opec and Russia and offering Continue Reading
