Saudi Oil Price Hike Throws Asian Lifeline to U.S. Shale
Saudi Arabia's decision to jack up the price of its July exports to Asia may have opened the door for U.S. crude oil producers to boost sales to the region that consumes more oil than anywhere else in the world.State-controlled producer Saudi Aramco hoisted its official selling prices (OSPs) to all regions for July-loading cargoes…
ConocoPhillips Profit Slides
ConocoPhillips missed Wall Street estimates for quarterly profit on Tuesday as it spent more than expected and took a hit from lower crude prices due to fears of a slowing global economy.The OPEC and Russia have put a lid on production, but that has not translated into higher…
Oil Rises After Saudi Pledge, Declining U.S. Inventories
Oil prices rose on Wednesday after top exporter Saudi Arabia said it would cut crude exports and deliver an even deeper cut to its production, and after an industry group reported a surprise decline in U.S. oil inventories.Brent crude, the global benchmark, was up $1.07, or 1.7 percent, at $63.49 a barrel at 9:55 a.m.
IEA: "mission accomplished" for OPEC as Oil Stocks Shrink
IEA says stocks could reach five-year average by May; OPEC still planning to extend supply cuts into 2019. OPEC and its allies appear to have accomplished their mission of bringing global oil stocks to desired levels, the International Energy Agency said on Friday, signalling…
OPEC: Oil Markets Tightening Even as U.S. Shale Booms
The global oil stocks surplus is close to evaporating, OPEC said on Thursday, citing healthy energy demand and its own supply cuts while revising up its forecast for production from rivals who have benefited from higher oil prices. U.S. shale oil output has been booming over…
U.S. Crude Exports to Asia Slump as WTI Outperforms
Exports of U.S. crude oil to Asia appear to be starting to struggle under the weight of a narrowing discount for its domestic benchmark crude to international grades and efforts by other suppliers to maintain competitiveness. Vessel-tracking and port data suggest Asian imports of U.S.
Petchem Demand, Tightening Sulphur Rules to Boost U.S. Crude
U.S. oil will expand its share of international markets as shifting demand makes light crude grades more attractive and as the nation doubles its export capacity, the International Energy Agency (IEA) said on Monday. The IEA said in its five-year outlook that U.S. shale oil output would surge…
Unrest Spurs Oil to Highest Level Since 2015
Oil rose further above $68 a barrel on Thursday to the highest since May 2015, supported by unrest in Iran that has raised concerns about supply risks, cold weather in the United States which is boosting demand and OPEC-led output cuts. Six days of anti-government protests…
Unafraid Investors Pour Cash into U.S. Shale
Financiers keep pouring cash into the shale oil sector, providing producers with a path to keep U.S. output rising through the middle of the next decade. The United States is on track to deliver up to 80 percent of the world's oil production gains through 2025, the International Energy Agency estimates…
Oil Climbs, But Headed for Weekly Loss
OPEC to meet on Nov. 30 to discuss policy. Oil prices climbed on Friday but were still heading for their first week of losses in six, weighed down by Russian hesitation for extending a global pact to cut output and curb oversupply. Benchmark Brent crude oil was up 76 cents at $62.13 a barrel by 1219 GMT…
Oil Hits Eight-Month High as Inventories Drop
Brent hits highest since January; major producers confirm global inventories falling. Oil prices rose on Monday to their highest in eight months after major producers said at a meeting in Vienna the global market was well on its way towards rebalancing. The November Brent…
Oil Climbs as Demand Absorbs Glut
OPEC-shale "tug of war" keeps market fairly range-bound. Oil rose on Tuesday as demand soaked up some of the surplus supplies from OPEC and the United States, but traders said the market was trading in a tight range and showed few signs of big short term moves. Benchmark Brent crude was up 70 cents at $49.12 a barrel by 1150 GMT…
US Shale Oil Output up for 8th Month at 5.6 Mln BPD -EIA
U.S. shale oil production is forecast to rise for the eighth consecutive month, climbing 112,000 barrels per day (bpd) to 5.585 million bpd in August, the U.S. Energy Department said in a report on Monday. The increase comes amid market concerns that rising shale output will…
Oil Rises with U.S. Demand, but Glut Weighs
U.S. crude stocks fall 5.8 mln barrels to 503.7 mln; but Global markets well supplied as OPEC exports rise. Oil rose on Thursday, recovering some ground after a surprisingly upbeat picture of U.S. demand halted the previous day's steep slide, although the prospect of oversupply…
Oil Edges up Again, but U.S. Supplies Worry
U.S. drilling activity continues to rise; OPEC's supply cuts undermined by higher U.S. output. Oil edged up for a third straight session on Monday, climbing off last week's seven-month lows but with gains capped by the relentless rise in U.S. supply and bloated global inventories. Investors in U.S.
Oil at 11-day Low on U.S. Shale Projections
U.S. shale production set to rise to 5.19 mln bpd in May; OPEC to meet May 25 to consider output cut extension. Oil prices hit their lowest in 11 days on Tuesday on news that U.S. shale oil output in May is expected to post the biggest monthly increase in more than two years, fuelling concerns that U.S.
Oil Slides as U.S. Pumps More
Brent, WTI prices drop about 1 percent. U.S. rig count gains for 13th consecutive week. Crude oil slid lower on Monday on signs that the United States is continuing to add output, largely counteracting strong economic growth in China and OPEC efforts to cut production. Benchmark…
Weaker Dollar Lifts Oil, Supplies Weigh
Saudi Arabia says OPEC cuts could be extended; non-OPEC states have not reduced in line with commitments. Oil prices rose on Friday, helped by a weaker dollar, as investors weighed the impact of OPEC production cuts against rising U.S. shale oil output and persistently high inventories.
US Drillers Add the Most Oil Rigs since April 2013
U.S. energy companies this week added the most oil rigs in nearly four years, extending an eight-month recovery as drillers take advantage of a deal by OPEC to cut supplies that has boosted prices over $50 a barrel since early December. Drillers added 29 oil rigs in the week to Jan.
Oil Rallies as IEA Sees Tighter Market
IEA says oil market tightening slowly as demand rises. Oil prices recovered from a one-week low on Thursday as the International Energy Agency said oil markets were tightening even before cuts agreed by OPEC and other producers took effect. Oil prices have gyrated this year…
