Archive | Oil News RSS feed for this section

Texas flood: U.S. Oil Exports Pour Into Markets Worldwide

NEW YORK/LONDON/SINGAPORE (Reuters) – In the two years since Washington lifted a 40-year ban on oil exports, tankers filled with U.S. crude have landed in more than 30 countries, ranging from massive economies like China and India to tiny Togo. The repeal has unleashed a flood of U.S. shale oil, undercutting global crude prices, eroding […]

Read more

Permian Seen Second to Saudis for Spare Oil-Output Capacity

The U.S.’s Permian Basin is looking like Saudi Arabia, with as much as 1 million barrels of spare oil capacity ready to go into production, according to Nansen Saleri, former head of reservoir management at Saudi Aramco, the world’s largest crude exporter. Oil producers in the Permian Basin have at least a combined 500,000 barrels […]

Read more

The U.S. Oil Boom Is Attracting Canadian Drillers

Canadian oil and gas drillers are moving their rigs to the United States in response to greater demand for their service there and an investment climate at home that is, according to industry insiders, only making their lives harder. In a recent story for The Globe and Mail, Dan Healing quotes a few executives from […]

Read more

Oil Rises 1.8% To $65.61, Setting New 3-Year Closing High After 10th Straight Drop In US Crude Stockpiles

U.S. crude prices topped $65 a barrel for the first time since December 2014. Oil prices turned higher after the U.S. government reported the tenth straight weekly drop in U.S. crude stockpiles. U.S. crude prices topped $65 a barrel for the first time in more than three years on Wednesday after government data showed the […]

Read more

U.S. Oil Prices May Climb to $80 This Year

WTI prices haven’t settled at $80 since Halloween 2014 Tightening global supplies and rising demand for crude oil helped prices for the commodity start the year with a bang—hitting their highest levels in more than three years—and many analysts believe the market has the fuel it needs to continue the rally to as high as […]

Read more

Nostra Terra Oil and Gas Secures US$5mln Funding Deal

“We’re excited to be working with such a strong energy lender as Washington Federal that endorses our plans to grow production, cash flow, and the size of the facility.”   Nostra Terra Oil and Gas Company plc (LON:NTOG) shares edged higher on Monday after the company announced that it received approval for a new US$5mln […]

Read more

New Mexico Moves Up in Oil & Gas Rankings

        ALBUQUERQUE — Thanks to more barrels of oil being pumped monthly from the Permian Basin, New Mexico is among the nation’s top producing states. Industry officials in New Mexico on Wednesday celebrated the latest figures released by the U.S. Energy Information Agency, saying investment by energy companies in the state worth […]

Read more

Schlumberger Buys Weatherford’s US Fracturing Assets

Weatherford has sold its US pressure pumping and pump-down perforating assets to Schlumberger for $430 million in cash, abruptly ending a planned joint venture that was to begin operations on 1 January. The parties agreed to revised deal terms that reflect an asset sale, abandoning the previously announced OneStim joint venture that had received US […]

Read more

Oil Prices Post Strongest January Opening Since 2014

Oil prices posted their strongest opening to a year since 2014 on Jan. 2, with crude rising to mid-2015 highs amid large anti-government rallies in Iran and ongoing supply cuts led by OPEC and Russia. U.S. West Texas Intermediate (WTI) crude futures traded flat at around $60.40 by 6 a.m. CST (12 GMT) after hitting […]

Read more

US shale recovery will leave OPEC with a difficult 2018, IEA says

The IEA said that there were signs that the rise in U.S. crude oil supply was likely to continue into 2018 and upset rivals who are cutting back. U.S. oil producers are staging a dramatic comeback amid a recovering oil price that has allowed many of them to restart operations. Preliminary weekly data suggests that […]

Read more

Atlas Sand Company Announces Plan to Locally Supply the Permian Basin….

Atlas Sand Company Announces Plan to Locally Supply the Permian Basin with 12 Million Tons per Year of High-Quality Frac Sand AUSTIN, Texas, Dec. 19, 2017 /PRNewswire/ — Atlas Sand Company, LLC (“Atlas,” “Atlas Sand,” or the “Company”) is pleased to announce its plan to locally supply the Permian Basin with 12 million tons per year of high-quality […]

Read more

US Shale Oil Drillers Set to Kick Off the New Year with Big Production Gains

Crude oil production from seven major shale regions is set to grow by 94,000 barrels a day in January, the Energy Information Administration forecast. Total output from those regions is seen topping 6.4 million barrels a day next month. RBC’s Helima Croft: US shale production is going to come back in 2018 America’s shale drillers […]

Read more