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Tag Archives: oil glut

Quiet hurricane season leaves oil oversupply

A quiet Atlantic hurricane season in the Gulf of Mexico ended Monday without a storm-induced price rise to lift crude oil from its slump. Tropical Storm Bill made landfall on Matagorda Island, Texas, on June 16. It was the only system to hit the Gulf of Mexico in 2015. Bill brought coastal flooding and gusty winds to the Texas coast ...

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Oil majors see low prices persisting for months ahead

ABU DHABI – The global oil glut is likely to take longer than expected to clear and may depress oil prices for many more months if not years despite steep investment cuts and project cancellations around the world, executives from oil majors said on Tuesday. The views from the top ranks of Exxon Mobil, BP and Total were given at ...

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Cove Point terminal on schedule to help relieve gas glut

Oil Exports

Shale gas producers squeezed by prices that hit new three-year lows this week can look to the sky above Lusby, Md., for a sign of coming relief. Dominion soon expects to have 50 cranes working there on its Cove Point liquefied natural gas export terminal, the company’s senior policy adviser for federal affairs, Bruce McKay, told industry leaders Wednesday in ...

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Economist: ConocoPhillips Alaska job cuts will hurt, but it could be worse


The announcement this week by ConocoPhillips that it may cut about 120 jobs in Alaska is bad news for the economy, but a state labor department official said Wednesday the damage could have been worse. Neal Fried, an economist for the Alaska Department of Labor and Workforce Development, said Alaskans should be nervous, but not panicked about ConocoPhillips’ 10-percent job ...

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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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Exclusive: Arab OPEC producers brace for oil-price weakness for rest of 2015

DUBAI/LONDON – A second oil price rout of 2015 has forced Arab OPEC members to cut their price expectations for this year, showing they are prepared to tolerate cheaper crude for longer to defend market share and curb rivals’ output. OPEC delegates, including those from core Gulf OPEC countries, see economic troubles in top energy consumer China as short term ...

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IEA sees oil glut persisting despite soaring demand

LONDON – World oil demand is expanding at its fastest pace in five years thanks to rebounding economic growth and low prices, but global oversupply will last through 2016, the West’s energy watchdog said on Wednesday. The International Energy Agency said in a monthly report that it was steeply raising its demand growth outlook for this year and 2016, and ...

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