Oil industry asks Trump about drilling offshore
Despite general White House support for the oil and gas sector, a trade group said more than 90 percent of the reserves offshore remain off limits to producers. In his Continue Reading
Oil Majors’ Costs Have Risen 66% Since 2011
The oil majors reported poor earnings for the fourth quarter of last year, but many oil executives struck an optimistic tone about the road ahead. Oil prices have stabilized and Continue Reading
U.S. oil output fell 91,000 bpd in Dec to 8.783 million bpd: EIA
U.S. oil production in December fell 91,000 barrels per day to 8.783 million bpd, according to data from the U.S. Energy Information Administration released on Tuesday. Oil companies pared activity Continue Reading
Shell Approves New Gulf Of Mexico Project, First Since 2015
Royal Dutch Shell has given the go-ahead to develop its Kaikias deepwater field in the Gulf of Mexico, the first such project the oil and gas company has approved in Continue Reading
Rig company Seadrill teeters on the brink
Rig company Seadrill Ltd., based in Norway, said it was looking at restructuring options after noting it didn’t expect improvements in lease rates this year. Energy companies are spending more Continue Reading
Shell Shuns New Oil-Sands Projects as Low Prices Force Cost Control
Royal Dutch Shell Plc is unlikely to take on new oil-sands projects as it maintains a grip on costs after crude’s crash forced competitors to write down Canadian reserves. While Continue Reading
U.S. Shale Surge Threatens OPEC Strategy
Could U.S. Oil Production Derail OPEC Deal? OPEC’s Nov. 30 output agreement to cut production by 1.2 million barrels a day may have put a floor under the oil price, Continue Reading
Russia sees U.S. oil production as a lid on oil prices
Gains in oil production from the United States should establish a ceiling over crude oil prices on the global market, the head of Russia’s Lukoil said Monday. Russia is coordinating Continue Reading
Have The Majors Given Up On Canada’s Oil Sands
Canada’s oil sands could struggle to rebound, with potentially billions of barrels of oil being kept underground permanently. Canada’s oil sands are incredibly expensive, some of the costliest sources of Continue Reading
What Will It Take For Oil To Breakout?
Oil prices gained some ground this week on the drawdown in gasoline stocks in the U.S., which the markets interpreted as a sign that the glut could be easing. However, Continue Reading