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NYMEX-US crude holds gains after China cuts rate, OPEC eyed

FUNDAMENTALS * U.S. crude for January delivery was little changed at $76.50 per barrel by 2347 GMT. The contract gained 93 cents on Friday and posted its first weekly gain in eight. * Brent January crude was also nearly flat at $80.29 a barrel, after rising by $1.03 in the prior session. * Friday’s surprise […]

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Is It Time for the US to Lift Its Restrictions on Oil Exports?

It’s a whole new oil world for the U.S. After decades of declining domestic oil production, the country is in the middle of an unexpected boom. Driven by new technology that reaches previously inaccessible reserves, production has soared by millions of barrels a day. This surge has been a key factor driving oil prices down. […]

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All eyes on oil: What will OPEC do this week?

NEW YORK (CNNMoney) While Americans are chomping down on turkey and pie this week, everyone involved in the energy world will be closely watching the Thanksgiving Day meeting of the OPEC in Vienna, Austria. Oil prices have tumbled dramatically in recent weeks. Oil now trades below $80 a barrel and most Americans can buy gas […]

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Crude Oil Ends Weeks-Long Decline on China Rate Cut

Crude-oil futures rose on 21 November, and finished higher for the week, after China’s central bank unexpectedly cut interest rates in a bid to boost growth in the world’s second-biggest oil consumer. North Sea oil also drew support from speculation that oil cartel Opec will agree to cut production next week at a meeting in […]

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Sun sets on Opec dominance in new era of lower oil prices

Even worse, some experts warn that a prolonged period of lower oil prices could reshape the entire political map of the Middle East, triggering a new wave of political uprisings in petrodollar sheikhdoms in the Persian Gulf, which depend on the income from crude to underwrite their high levels of public spending and support less […]

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Blast on Gulf of Mexico platform leaves 1 dead, 3 injured

An explosion off the US coast in the Gulf of Mexico on an oil and gas platform has killed one worker and injured three others. The blast occurred on the Echo Platform just before 3pm about 12 miles (19km) off the coast of Louisiana, according to the Bureau of Safety and Environmental Enforcement (BSEE), as […]

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Russia and Saudi Arabia against ‘politicized’ oil prices – Lavrov

Moscow and Riyadh both want to see oil prices react to market forces, and not to geopolitical muscle flexing, Russian Foreign Minister Sergey Lavrov, said Friday. “Saudi Arabia and Russia believe that pricing should be market-oriented and let supply and demand play the decisive role. We and our Saudi partners are against shifting markets as […]

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Living With the Aftermath of the BP Oil Spill

Living With the Aftermath of the BP Oil Spill by Ed Rampell – November 21, 2014 During a congressional hearing with oil industry honchos following the Deepwater Horizon disaster, Exxon Mobil chairman and CEO Rex Tillerson made a startling — and hair-raising — candid admission: “When these things happen we are not well equipped to […]

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Texas Still Tops For Global Natural Gas, Oil Investment, Says Survey

Texas remains the most attractive place in the world for oil and natural gas investment, with Alberta holding the No. 2 position, the Fraser Institute reported Thursday. The annual Global Petroleum Survey by the Canada-based research institute this year ranked 156 jurisdictions worldwide on their relative attractiveness for investment. A total of 710 industry executives […]

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Venezuela offers to cut oil output along with OPEC

Caracas (AFP) – Venezuela is ready to cut its own oil production as a way to boost falling prices if OPEC agrees to curb output, Foreign Minister Rafael Ramirez said Thursday. Ramirez, who served as oil minister for 12 years until September and as longtime president of the state oil firm PDVSA, said the fair […]