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Tag Archives: oil price slump

US stocks slide again as China woes lead to global selling

NEW YORK — U.S. stocks are moving sharply lower as worries intensify about China’s economy and dropping oil prices. China’s main stock index plunged again Thursday as its currency weakened, triggering the second automatic halt in trading this week. China’s market regulator later said it would suspend the trading halts. The price of oil sank to its lowest level in ...

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Declining prices hit energy-producing states hard

CHEYENNE, Wyo. — While other states were tightening their belts during the dark days of the Great Recession, Wyoming was socking away billions of dollars in energy revenues in the bank, building new schools and funding an endowment that offers college scholarships to its high school grads. But with the recent slide in energy prices, fuel-rich states like Wyoming and ...

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OPEC likely won’t move to boost oil price amid infighting

VIENNA — Cheap oil that could get even cheaper: That’s the challenge OPEC ministers face as they try to cut their losses at a time when supply is outstripping demand. But their hands appear tied. Ahead of their meeting Friday, there is recognition that the 12-member Organization of the Petroleum Exporting Countries will be unable to nudge up prices, at ...

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Russian oil production remains at post-Soviet high in April

MOSCOW – Russian oil and gas condensate production, among the world’s largest, remained at a post-Soviet record level of 10.71 million barrels per day in April, underpinned by a recent recovery in oil prices, Energy Ministry data showed on Saturday. Global oil prices jumped 21 percent in April to over $66 a barrel due to slowing drilling activity and increasing ...

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O&G survey: How companies are managing the downturn

A recent survey conducted by Citadel Advisory Group, an investment banking firm which provides services for the oil and gas industry, asked questions in an attempt to determine how clients providing services for the O&G industry are faring amidst the current market climate. The Bakken Magazine reports that the survey, open from February 4th through the 16th, asked owners and ...

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Oil prices affect Wyoming, Colorado college students

classroom

LARAMIE, Wyo. — The downturn in oil prices has some petroleum engineering students at Wyoming and Colorado colleges rethinking their career choice. A year ago, petroleum engineering students were anticipating six-figure starting salaries for a bachelor’s degree. But now that the oil price slide has turned to an oil price slump, jobs in the field are suddenly drying up. Evan ...

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Oil price slide expected to boost earnings for many euro firms

Euro

LONDON – An oil price slump to multi-year lows, along with a weakening euro, is expected to boost most euro zone firms’ earnings, even though economic growth is slowing and the energy sector itself will get squeezed. The benefits of cheaper commodities, lower input costs and export-boosting currency moves for firms are expected to lift European companies’ earnings by 25 ...

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Oil price crash claims first U.S. LNG project casualty

MILAN – Excelerate Energy’s Texan liquefied natural gas terminal plan has become the first victim of an oil price slump threatening the economics of U.S. LNG export projects. A halving in the oil price since June has upended assumptions by developers that cheap U.S. LNG would muscle into high-value Asian energy markets, which relied on oil prices staying high to ...

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