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Global oil production cash negative at current prices

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3.4 Million barrels per day (b/d) of oil produced globally is produced at cash negative number, according to an analysis by Wood Mackenzie. This has resulted in an unexpectedly low rate of stopped production of less than 100,00 b/d globally. Companies continue to pump oil despite these low rates in hopes oil prices will rebound. Restart costs and covering fixed ...

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Proposed federal rule costly for Gulf oil operations

Proposed federal rule costly for Gulf oil operations

Exploratory drilling in the Gulf of Mexico could decline by 55 percent under a proposed federal rule, according to a new study. The proposed Well Control Rule addresses recommendations made after the Deepwater Horizon oil spill. It tightens standards on blowout preventers and puts more controls on how companies drill and monitor wells on the ocean floor. A study by ...

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Oil prices edge up as U.S. drilling declines

SINGAPORE РOil prices edged up in early trading in Asia on Monday as U.S. drilling slowed and analysts estimated that $1.5 trillion worth of planned American production was uneconomical at prices of $50 per barrel or lower. Crude oil prices have plunged almost 60 percent since June 2014, when soaring global production started to clash with slowing demand. This includes ...

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Eagle Ford continues to pull billions in investments

These days, petroleum prices are a calamity at best, but according to a new projected capital analysis, energy companies will spend $20 billion in the Eagle Ford Shale this year. The new projections come from a recent study from research firm Wood Mackenzie. Last week, the firm stated that even with severe reductions in activity, the Eagle Ford remains resilient ...

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Editorial: The Keystone XL pipeline: No surrender

The Keystone XL oil pipeline is back in the news as the State Department completes its final review of the Canada-to-Texas project and the company behind it urges approval by the Obama administration. When last we visited this no-brainer for economic growth and increased energy independence, President Obama vetoed legislation to approve Keystone, saying he objected to Congress’ “interference,” before ...

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Oil prices around $60 as demand balances glut

LONDON – Crude oil prices steadied on Thursday as strong demand for oil products helped to balance a global overhang of crude oil for immediate delivery. North Sea Brent crude oil traded within a fairly narrow range as investors eyed a weak physical crude market in the Atlantic basin amid reports of stronger demand for gasoline and diesel in the ...

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