Crescent Petroleum’s CEO, Majid Jafar recently spoke at the World Economic Forum where he shared his thoughts on oil prices in the upcoming year. As reported by CNBC, Jafar stated that “…over the next few years, because of the huge under investment we have had over the last few years, the concern is as global growth continues …
Oil prices rose as much as 5 percent on Friday, lifted by fresh hopes over a proposed freeze in oil production and firm economic indicators from the United States and Germany that cast a positive light on growth in fuel demand. Russia’s oil production could fall in April, sources said, while the country’s energy minister …
U.S. crude closed lower in choppy trade, but still recorded weekly gains, as supply disruptions in Iraq and Nigeria provided supported. Pipeline outages in Iraq and Nigeria have removed more than 800,000 barrels of crude oil per day from the market for at least the next two weeks. The disruptions should offset recent increases to …
U.S. oil prices have been trading in seesaw fashion throughout most of the week, with bears pushing crude into the low $32 per barrel price range. Recent government data now shows stockpiles of the precious commodity rising to more than 3.5 million barrels this past week, a new high on the verge of surpassing 510 …
In 1964, Alaska was struck by a 9.2-magnitude earthquake that lasted 5 ½ minutes. More than 130 people were killed. The massive quake triggered tsunamis in coastal communities, including my hometown of Valdez. More than 30 of my friends and neighbors were killed that Good Friday afternoon. I was 12 and I remember everything as …
Oil prices seesawed in choppy trade on Wednesday, with U.S. crude slipping and Brent paring gains as worries about a global supply glut offset data showing a surprise drop in U.S. crude stockpiles. Oil prices rallied early, up for the first time in five days, on talk that major producers might try to tackle a …
Oil prices fell as much as 7 percent on Monday, dipping below $30 as investors’ focus returned to the market’s oversupply amid news that Iraq’s output reached a record last month. U.S. crude settled down $1.85, or 5.75 percent, at $30.34 a barrel, and later fell further to $29.71 per barrel. Brent crude, the global …
Warren Buffett is finding something to buy amid the oil market wreckage. In the days before crude fell below $30 for the first time in 12 years, Buffett’s Berkshire Hathaway was picking some shares of oil giantPhillips 66 as that stock hit three-month lows. In three days of purchases just revealed in an SEC filing, …