More Economics & Oil Market News

EIA: OPEC’s net oil export revenues declined 11% in 2014

Members of the Organization of Petroleum Exporting Countries, excluding Iran, earned $730 billion in net oil export revenues during 2014, according to estimates from the US Energy Information Administration.

E&P companies tapping equity markets

North American exploration and production companies tapped equity markets deeply in this year’s first quarter to address financial problems created by the plunge in crude oil prices.

WoodMac: US record crude stocks set to decline

US crude oil stocks have grown over 30 million bbl each month so far this year, leading to a series of record highs and most recently reaching an estimated 471 million bbl of crude on Mar. 27, yet Wood Mackenzie analysts calculate the US has about 200 million bbl of unused crude storage capacity.

MARKET WATCH: Oil prices end first quarter lower

Crude oil prices on the New York and London markets each fell by more than $1/bbl on Mar. 31 while traders and analysts monitored US-Iran nuclear talks and awaited the government’s weekly inventory report on US oil and product supply levels, which showed another gain in crude oil levels.

Analyst: Cost key variable in crude-price scenarios

With Saudi Arabia reluctant to cut production, crude oil prices over the next decade depend greatly on producers’ costs, says a veteran observer of oil markets and the Middle East.

MARKET WATCH: Crude prices continue decline as possible Iranian nuclear deal looms

Crude oil prices fell modestly in New York and London on Mar. 30 and in early trading Mar. 31 as investors anticipated a resolution to Iranian nuclear talks.

Bakken crude derailments spur rail safety concern

Recent derailments of trains carrying Bakken crude oil prompted elected officials across various states to request that federal regulators expedite efforts addressing the safety of moving crude oil by rail.

Report tracks Saudi market defense in Asia

Saudi Arabia’s defense of it share of the crude oil market is most intense in Asia, where its dominance has been challenged by other exporters, points out a report by Wood Mackenzie.

MARKET WATCH: Crude prices fall more than $2 on Iranian nuclear talks

Crude oil prices on the New York and London markets dropped more than $2/bbl on Mar. 27 and fell further during early trading on Mar. 30 as the US dollar slid and nuclear talks with Iran continued. The Friday declines ended a rally amid Saudi airstrikes in Yemen that sent New York crude to a one-month high.

MARKET WATCH: Crude prices surge again amid tensions in Yemen

Crude oil prices in New York and London jumped again on Mar. 26 after Saudi Arabia and its allies launched airstrikes in Yemen to neutralize Iranian-backed Shiite Houthi rebels. However, crude prices fell in early trading on Mar. 27 as nuclear talks with Iran progressed. An agreement could ease oil sanctions on the nation. 

Schlumberger subsidiary pleads guilty to violating US sanctions

Schlumberger Oilfield Holdings Ltd. (SOHL) agreed to plead guilty and pay a fine of more than $232.7 million for conspiring to violate the International Emergency Economic Powers Act (IEEPA) by willfully facilitating illegal transactions and engaging in trade with Iran and Sudan, the US Department of Justice announced on Mar. 25.

Analysts: Oil industry dealing with downturn better than years’ past

Investment bankers and analysts entrenched in the oil and gas industry say US companies have so far staved off the major negative impacts of the current industry downturn better than previous downturns by acting more proactively and aggressively.

Canadian oil industry jobs, revenues plunge

The Canadian oil industry will shed nearly 8,000 jobs this year as revenues fall by $43 billion (Can.) in response to the plunge in oil prices, predicts the Conference Board of Canada.

MARKET WATCH: Oil prices surge on Saudi airstrikes in Yemen

US light, sweet crude oil prices settled more than $1 higher on the New York market in Mar. 25 trading and then surged in early Mar. 26 trading on reports that Saudi Arabia and its allies launched airstrikes in Yemen, which analysts said renewed concerns about possible oil supply disruptions.

PIRA: US shale oil production to slightly decline during second quarter

US shale oil production will flatten and slightly decline during the second quarter, PIRA Energy Group of New York said in an Energy Market Recap.

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