Home / Author Archives: Ben Karkela (page 70)

Author Archives: Ben Karkela

UAE energy minister refuses to discuss tentative oil cap

UAE energy minister refuses to discuss tentative oil cap

DUBAI, United Arab Emirates (AP) — Dodging reporters’ questions, the United Arab Emirates’ energy minister refused Wednesday to discuss a proposed cap to crude oil production agreed to by four oil-producing countries the day before, raising new questions about the proposal aimed at stabilizing global prices. Minister Suhail Mohamed al-Mazrouei’s stance suggests regional rivalries also may be in play, as ...

Read More »

Norway’s economy shrinks in Q4, hit by low oil prices

HELSINKI (AP) — The Norwegian statistics bureau says the economy shrank 1.2 percent in the last quarter of 2015, dragged down by poor performance in oil-based industries, while full-year growth at 1 percent was the lowest since 2009. Statistics Norway says the economy grew 0.1 percent in the fourth quarter, up from a flat performance in the previous quarter. The ...

Read More »

Measure twice, cut once: How Integrated Energy Services maximizes asset value

Measure twice, cut once: How Integrated Energy Services maximizes asset value

In the current economic climate, minimizing risk in the upstream oil and gas industry has become more important than ever, particularly in the refracturing process. Integrated Energy Services helps businesses reduce their refrac risk substantially. The Austin-based company provides advisory services to oil and gas producers working in conventional and unconventional reservoirs. Refracturing is one way to increase profit and ...

Read More »

Ohio gas prices up slightly to start work week

COLUMBUS, Ohio (AP) — Gas prices are up slightly to start the shortened work week. The state average reported in Tuesday’s survey from auto club AAA, the Oil Price Information Service and WEX Inc. was about $1.55, up about 7 cents from last week. The Ohio average is still 18 cents lower than last month and 73 cents lower than ...

Read More »

Russia, Saudis tentatively offer to freeze oil production levels

Russia, Saudis tentatively offer to freeze oil production levels

DUBAI, United Arab Emirates — Russia’s energy minister said Tuesday that his country has agreed with OPEC members Saudi Arabia, Qatar and Venezuela to freeze oil production levels if other producers do the same. The ministry quoted Energy Minister Alexander Novak announcing the decision following an unexpected, closed-door meeting involving the four countries in the Qatari capital, Doha. The meeting ...

Read More »

Shale boom leads US to first annual trade surplus with OPEC

In 2015, the United States recorded an annual trade surplus with the Organization of the Petroleum Exporting Countries. For the first time ever in trading with OPEC, exports exceeded imports. The United States finished $6.6 billion in the black, according to the U.S. Bureau of Economic Analysis data. More than $72 billion worth of goods were exported to OPEC countries, ...

Read More »

Energy Recovery CEO talks innovation, oil markets (VIDEO)

Energy Recovery CEO talks innovation, oil markets (VIDEO)

Joel Gay, president and CEO of Energy Recovery, spoke about navigating the rocky oil market with Yahoo! Finance on Friday. Energy Recovery’s products, including the Vorteq hydraulic pumping system, allow oil and gas operators to reduce inefficiencies and increase profits. The Vorteq system is designed to isolate hydraulic fracturing pumps from abrasive proppants that cause pump failure. Last year, Schlumberger ...

Read More »

Latest suit over coastal damage adds to oil company woes

Latest suit over coastal damage adds to oil company woes

NEW ORLEANS (AP) — Cameron Parish in southwestern Louisiana has joined the list of those suing the oil and gas industry over damage to the state’s badly eroding coast. The parish filed a series of suits Monday with defendants — including major oil companies — numbering close to 200. Industry associations immediately condemned the suits as an unwarranted attack on ...

Read More »