The oil industry has its first weekly advance since November and US crude oil stock fell to the lowest level in more than 2 years. Oil is balanced for a second yearly gain as the Organization of Petroleum Exporting Countries (OPEC) and its partners cut supplies to take of a global surplus. Ineos, a privately …
One strike in the oil exploration business is great but a second strike for this company in the same oil rich Kern County, California, field is extraordinary. Petro River Oil (PTRC) made that second strike and has been just as successful in Osage County Ok, with 2 additional strikes. Kern County leads the state in …
A new forecast for the oil and gas industry is slightly more upbeat than it was three months ago, but warns the “lofty levels of activity” reported pre-recession “are likely a thing of the past.” The Petroleum Services Association of Canada, in its latest outlook, said 7,200 wells are expected to be drilled across the …
The natural gas futures contract that trades on the New York Mercantile Exchange (NYMEX) division of the Chicago Mercantile Exchange is a reflection of the price of the energy commodity for delivery at Erath, Louisiana. Natural gas trades at different prices all over the United States, but the NYMEX price is the benchmark for consumers, …
HANOI, Vietnam — A former Vietnamese oil executive has surrendered to police after a year on the run amid a crackdown on corruption by the country’s communist authorities. Trinh Xuan Thanh, 51, disappeared in July last year after he was accused of mismanagement at a subsidiary of national oil and gas giant, PetroVietnam, resulting in losses …
Oil futures traded modestly lower on Tuesday, threatening to halt a string of gains at five, as traders paused following a brisk run-up above $50 a barrel by the U.S. benchmark fed by encouraging signs that efforts to tamp down output are taking hold. On the New York Mercantile Exchange, light, sweet crude futures for …
U.S. oil and gas drillers have cleaned up their balance sheets over the last year, but some analysts worry they are growing production at the expense of financial discipline. Drillers look healthier today after slashing capital spending, putting dollars behind their most productive land and securing discounts from the companies that help them extract oil …
BEIJING (Reuters) – China’s Foreign Ministry has urged a halt to oil drilling in a disputed part of the South China Sea, where Spanish oil company Repsol had been operating in cooperation with Vietnam. Drilling began in mid-June in Vietnam’s Block 136/3, which is licensed to Vietnam’s state oil firm, Spain’s Repsol and Mubadala Development …
SINGAPORE, July 24 (Reuters) – Global oil demand could peak as early as 2024 if there are more efficiency gains in vehicles, greater market penetration by electric cars, lower economic growth and higher fuel prices, Goldman Sachs said in a research note on refining on Monday. Economic expansion in emerging markets – led by India …
Oil prices rose to a seven-week high on Tuesday after Saudi Arabia pledged to curb exports next month and OPEC called on several members to boost compliance with output cuts to help rein in oversupply and tackle flagging prices. U.S. West Texas Intermediate (WTI) futures climbed $1.55, or 3.3 percent, to end Tuesday’s session at $47.89, …