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Oil Price Plunge Analyzed In New WB Policy Research Note

WASHINGTON, March 5, 2015 – Rapid expansion of oil supply from unconventional sources, a significant change in OPEC’s policy stance, and weak global demand are driving the recent plunge in oil prices, according to a new paper by the World Bank. These underlying forces are buoyed by a strengthening U.S. dollar and the fact that […]

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The Newest Commodity: Oil Storage Space

U.S. crude-oil storage tanks are filling rapidly, with inventories posting their largest gain in nearly 14 years last week. The cost to store oil is also rising, as tank space becomes scarce in some regions. Gulf Coast storage is at an all-time high of 219.9 million barrels, the U.S . Energy Information Administration said Wednesday, […]

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Bank of Canada says low rates will ‘mitigate’ shock of battered oil prices

OTTAWA — If Stephen Poloz got his messaging right, the Bank of Canada is putting further interest rate cuts solidly on the sidelines. The central bank governor on Wednesday sent his strongest signal yet that the economy needs more breathing space to absorb January’s surprise drop in lending costs, which Mr. Poloz characterized at the […]

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Oil at $95 a Barrel Discovered in SEC Rules on Reserves

(Bloomberg) — There’s one place in the world where oil is still $95 a barrel. On paper. The U.S. Securities and Exchange Commission requires drillers to calculate the value of their oil reserves every year using average prices from the first trading days in each of the previous 12 months. Because oil didn’t start its […]

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Northwest Oil Terminal Plan Would Mean Jobs — And More Oil Trains

America’s oil boom is going through some growing pains. But despite the recent dip in oil prices, some segments of the industry are focused on long-term growth. In southwestern Washington state, oil companies want to build the largest oil-by-rail terminal in the country at the Port of Vancouver, on the banks of the Columbia River. […]

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North Sea oil and gas ‘facing triple threat’

Chancellor George Osborne is facing renewed calls to reform North Sea oil and gas taxation as experts warn of an economic “triple whammy” for the industry. David Glen, head of tax at PricewaterhouseCoopers (PwC) in Scotland, said there is a “real danger” plunging oil prices could result in investment becoming uneconomic, leading to diminishing field […]

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Libya oil fields of Bahi and Mabruk ‘seized by militants’

4 March 2015 Last updated at 06:02 ET Islamist militants are reported to have seized two oil fields in central Libya, as rival groups fight for control of the country. Forces guarding the Bahi and Mabruk sites retreated after running out of ammunition. It is not clear which group seized the oil fields. Libya’s internationally […]

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Exxon CEO: Get used to lower oil prices

NEW YORK — Exxon Mobil CEO Rex Tillerson expects the price of oil to remain low over the next two years because of ample global supplies and relatively weak economic growth. “People kinda need to settle in for a while,” Tillerson said at the company’s annual investor conference in New York. In a presentation to […]

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Russia Billionaire Draws on Red Army Service to Predict $100 Oil

(Bloomberg) — When Leonid Fedun first studied the oil market in 1978, he was a young officer in the Red Army asked to research the impact of prices on NATO forces. More than three decades later, the billionaire shareholder in Russia’s second-largest oil company is still at it. Fedun, 58 and vice president of OAO […]

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L-Shaped Oil Recovery Flattens V-Shaped Market Optimists

(Bloomberg) — Get ready for an L-shaped oil recovery. A growing consensus is emerging from the likes of BP Plc, the International Energy Agency, shale wildcatters and even the Saudis that a near-term recovery to $100-a-barrel crude isn’t in the cards. Instead, expect a range of $50 to $60 for at least the next few […]