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Tag Archives: global oversupply

U.S. shale oil firms brace for more pain as crude resumes slide

HOUSTON/WILLISTON, N.D – With the prospect of another plunge in crude prices <CLc1><LCOc1> looming after two months of stability, U.S. shale oil producers may face another round of spending cuts to conserve cash and survive the downturn. A deeper retrenchment would have far-reaching effects. Additional cutbacks would further gut the already-hemorrhaging oilfield services industry and may heighten expectations for a ...

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OPEC comes cleaner on how much oil its members pump

LONDON – OPEC members’ own versions of their oil output were for years greeted with such skepticism that the group resorted to publishing what others thought they were producing. That gave rise to a mini-industry of OPEC watchers, tapping secretive sources to track every barrel. Output was hotly contested when the group squabbled over member quotas, which have since been ...

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As support wanes, U.S. oil prices resume sprint lower

NEW YORK – A four-day drop in U.S. oil prices has shattered a month of relative stability and raised the specter of another sustained move lower as rocketing production and swelling inventories re-emerge as dominant market forces. Hammered by oversupply, U.S. oil prices fell 60 percent from $107 a barrel in June to below $44 a barrel in January before ...

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IEA sees renewed pressure on oil prices as glut worsens

LONDON – Oil prices might have stabilized only temporarily because the global oil glut is worsening and U.S. production shows no sign of slowing, the International Energy Agency said on Friday. The West’s energy watchdog said the United States may soon run out of spare capacity to store crude, which would put additional downward pressure on prices. That process would ...

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Exxon CEO: Get used to lower oil prices

NEW YORK — ExxonMobil CEO Rex Tillerson expects the price of oil to remain low over the next two years because of ample global supplies and relatively weak economic growth. Speaking at the company’s annual investor meeting in New York, Tillerson cautioned that geopolitical turmoil could unexpectedly send prices higher. But he said that if tensions calm, much more oil ...

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Oil falls sharply after U.S. crude inventories rise

LONDON – Brent crude oil prices slipped below $59 a barrel on Thursday after another big weekly build in U.S. crude inventories and a possible rise in Saudi output stoked worries about oversupply. U.S. crude stocks rose by 14.3 million barrels last week, data from industry group the American Petroleum Institute (API) showed after Wednesday’s settlement, compared with analysts’ expectations ...

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