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Tag Archives: oil production

Facts and figures show the impact of low oil prices

Lonely gas station with palm tree

The impact of sharply lower oil prices is being felt around the globe. Oil-dependent countries are trying to mend busted budgets. Oil companies are cutting production and workers. While consumers in some countries enjoy lower gas prices, elsewhere consumers are paying higher food prices due to declines in the local currency. Some facts and figures to explain the regional impact: ...

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Iran to boost oil output by 500,000 barrels

Iran map

TEHRAN, Iran — Iran is aiming to increase its oil production by 500,000 barrels per day now that sanctions have been lifted under a landmark nuclear deal with world powers, a top official said. In comments posted on the Oil Ministry’s website Monday, Deputy Oil Minister Roknoddin Javadi said Iran is determined to retake its share of the oil market, ...

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U.S. oil ‘strippers’ maneuver to keep pumping amid crude slump

HOUSTON – U.S. “stripper well” operators, the nation’s smallest oil producers seen as most likely to succumb to the crude price slump, are hanging in tough, reducing the chances of near-term production cuts needed to rebalance the domestic oil market. The conventional wisdom is that “strippers” would be the first to fold in the face of oil’s slide below $40 given ...

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Cheaper oil buoys consumers, hammers producers

DALLAS — Oil prices have been lower for longer than expected. Now, with OPEC’s decision to keep pumping at current levels, analysts expect oil to remain relatively cheap well into 2016 and maybe longer. That, of course, is good news for consumers and fuel-guzzling industries like airlines, but oil producers are being squeezed and thousands of workers in the oil ...

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Challenging times continue for oil and gas companies

“Lower for longer” are the words being used to describe the oil and natural gas economic outlook for 2016, creating another whack at West Virginia’s energy sector. U.S. natural gas production could decline in 2016 for the first time in a decade, driven by low oil prices after 10 years of gangbusters growth from shale plays. To understand the decline ...

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