Tag Archives: oil prices

The Oil And Gas Boom Sends U.S. GDP Soaring

Higher oil prices this year boosted U.S. oil production, and the U.S. oil industry played a large part in America’s impressive second quarter economic growth—the fastest growth since the third quarter of 2014. Real U.S. gross domestic product (GDP) rose at an annual rate of 4.1 percent in the second quarter of 2018, according to […]

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Oil Majors Double Down On Refining

The oil majors are increasingly betting their futures on a mix of downstream enterprises. Refineries, processing, petrochemical facilities and retail gasoline stations are gaining in importance, while upstream spending stalls. The WSJ reports that BP has plans to open 1,000 retail gasoline stations in Mexico and India over the next three years while ExxonMobil has […]

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$100 Oil is Back on the Table as OPEC Stays Strong on Tightening Production Limits

Oil prices will rise to $100 per barrel if Saudi Arabia gets its way. Only a week ago, news surfaced that Saudi officials were quietly hoping to push oil prices up to $80 per barrel, which would help boost the valuation of Saudi Aramco IPO. But why not $100 per barrel? Reuters reports that Riyadh […]

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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 […]

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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 […]

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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 […]

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How an Oil and Gas Giant Outmaneuvered Low Oil Prices

Italian oil and gas company Eni has transformed under a leader determined to reduce costs without cutting jobs—instead including employees in the turnaround mission. Transforming a business that must reduce costs doesn’t always have to mean pain for employees—even if that business is a multinational energy company hit hard by dropping oil prices. In this interview, […]

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Industry Experts and Major Energy Firms are Set to Present at the 2017 Bakken Oil Conference

                  Produced by BBI International and North American Shale magazine, the annual Bakken Conference & Expo will provide attendees with a comprehensive overview of the Bakken’s current state. BISMARCK, ND – BBI International announced this week the agenda for the annual Bakken Conference & Expo, North Dakota’s largest […]

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Oil Price Commentary: A Positive Week Ahead for Oil Price

Last Week Oil Market Data: Crude Oil Price Movement: Oil prices moved higher last week on support from OPEC production cut extension, decline in U.S. crude oil production and draw-down in U.S. crude oil and gasoline stockpiles. Brent crude and WTI closed the week up by more than 5 percent to around $53.80/bbl and $50.85/bbl […]

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Oil Prices Tank After API Reports 2nd Biggest Crude Build In U.S. History

U.S. crude oil inventories increased by a whopping 14.227 million barrels, according to this week’s American Petroleum Institute (API) inventory report published on Tuesday afternoon, pressing down further on already falling prices. The build is the second largest build in U.S. history, according to Zerohedge. Analysts were anticipating a much more conservative crude oil inventory […]

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Drill, Baby, Drill — U.S. Oil Industry Expected to Boost Spending

The oil industry is expected to boost spending for the first time in three years after slashing almost half a million jobs globally during the downturn, according to industry consultant Graves & Co. More than three quarters of the 440,131 oil jobs eliminated around the world through the end of 2016 came from the oilfield […]

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2017: ‘The Permian’s year’ Oil workers anticipate continued recovery in standout region

    Around February, when oil prices bottomed at about $26 a barrel, Silverado Contracting on Highway 385 found themselves with less than half the 20 workers who turned dirt during the boom. Kevin Shifflet, the yard manager for the company on Highway 385, said they struggled to find 40 hours worth of work in […]

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