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Tag Archives: U.S. shale oil

Saudi oil minister says market should handle low prices

Saudi Arabia's Minister of Petroleum & Mineral Resources Ali Al-Naimi speaks at the annual IHS CERAWeek global energy conference Tuesday, Feb. 23, 2016, in Houston. (AP Photo/Pat Sullivan)

HOUSTON (AP) — Saudi Arabia’s oil minister says production cuts to boost oil prices won’t work, and that instead the market should be allowed to work even if that forces some operators out of business. Ali Al-Naimi said Tuesday that cutting production would mean low-cost producers like Saudi Arabia would be subsidizing higher-cost ones — an apparent reference to U.S. ...

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North Slope companies to keep up spending

Repsol, alaskan oil, The Trans-Alaska Pipeline System was designed and constructed to move oil from the North Slope of Alaska to the northern most ice- free port- Valdez, Alaska

What lies ahead for Alaska’s oil and gas industry in 2016? The overwhelming unknown is the price of crude oil, and whether it will continue to go down, stabilize or creep upward as has been predicted. What is causing the slump is well known. There’s too much oil supply on the market and on the demand side, the economic slowdown ...

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Phillips 66 working on major refinery upgrade

Phillips 66 is spending several hundred million dollars on improvements to its Billings refinery. The project will generate hundreds of construction jobs for the Billings area over the next year and is part a trend in which companies are investing millions in Billings area refineries. The Vacuum Improvement Project is underway and will continue into 2017. Company officials said an ...

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OPEC points to larger 2016 oil surplus as group’s output hits multi-year high

The logo of the Organization of the Petroleum Exporting Countries (OPEC) is pictured at its headquarters in Vienna, Austria, August 21, 2015. REUTERS/Heinz-Peter Bader

LONDON – OPEC pumped more oil in November than in any month since late 2008 and forecast little increase in demand for its crude next year, pointing to a larger supply surplus even as low prices hurt rival producers. The Organization of the Petroleum Exporting Countries in a report also forecast supply from non-member countries will fall more sharply next ...

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Stein’s law says oil prices will rise: Kemp

(John Kemp is a Reuters market analyst. The views expressed are his own) LONDON – “If something cannot go on forever, it will stop,” according to Herbert Stein, former chief economist to U.S. President Richard Nixon (“What I think: essays on economics, politics and life” 1998). Stein’s law is one of the most simple but important statements in economic theory, ...

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Expert: Gas prices likely to hold steady

CHAMPAIGN — Ten years ago, other nations held many of the cards that controlled the prices you and I pay as the gas pump. Then came the shale revolution. The development of technology that allows oil to be extracted from organic-rich fine-grained sedimentary rock has caused oil prices to collapse and has changed the world’s oil marketplace from a seller’s ...

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Venezuela says ‘informal’ OPEC chat planned before December meeting

CARACAS – Oil ministers of OPEC nations will hold “candid, informal” talks on Dec. 3, a day before the group’s formally scheduled meeting in Vienna, Venezuela’s oil minister said on Wednesday, adding the idea was suggested by Saudi Arabia. “It’s an informal meeting where we’re going to speak in a very frank way about the market situation, and we’re going ...

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U.S. shale producers see big budget cuts for 2016

HOUSTON/NEW YORK – U.S. shale oil producers, having slashed fat from 2015 budgets after a 50-percent drop in crude prices, risk cutting to the bone next year as they pare spending further and get ready for a prolonged downturn. Top shale companies including Devon Energy Corp, Continental Resources Inc and Marathon Oil Corp this week released preliminary 2016 plans for ...

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