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Tag Archives: oil glut

U.S. refiners find the oil market’s sweet spot: Kemp

(John Kemp is a Reuters market analyst. The views expressed are his own) LONDON – Low crude prices and strong demand for gasoline are creating near-perfect conditions for oil refineries across the United States, especially those geared towards maximizing gasoline production. Valero, the country’s largest independent refiner, made a gross margin of more than $13 on every barrel of oil ...

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Lost monetary value of energy industry could literally buy countries, according to Bloomberg data

To just survive the modern oil bust, companies have slashed $180 billion dollars in spending and erased over 176,000 jobs worldwide. The stats are staggering, and some oil firms believe that the crisis will have just as strong or more of an impact than the oil crash of the 1980s. While the dust still thickens in the economic airspace, Bloomberg ...

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Exxon adapts to light crude refining in Texas, could more follow?

Exxon Mobil will extend the capacity for processing light crude at its Beaumont, Texas, refinery in order to capitalize on U.S. production. United Press International reported that Exxon intends to increase production capacity by roughly 6 percent (20,000 barrels per day) in order to take in more crude produced by the regional shale sector. “This project will grow our capacity ...

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House leader Boehner to support axing U.S. oil export ban

WASHINGTON – U.S. House of Representatives Speaker John Boehner will for the first time express his support on Wednesday for repealing the 40-year-old ban on domestic crude oil exports, two industry sources said. Boehner is scheduled to hold a news conference on Wednesday on legislation the chamber will deal with after the August recess. U.S. oil producers hope Congress will ...

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OPEC chief expects oil prices to stabilize

MOSCOW — OPEC and Russia say they expect the global oil market to become more balanced and stable next year after the recent sharp drops. OPEC’S secretary general, Abdullah al-Badri, said after talks Thursday with Russian Energy Minister Alexander Novak that he didn’t anticipate a further drop in prices. OPEC decided in June not to cut production, in a bid ...

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Chevron pulls nearly 1,000 jobs in Houston

Chevron announced Tuesday that the company will lay off 1,500 oil and gas workers companywide, including over 900 positions in Houston. In a statement released to KPRC 2 News, Chevron said that due to cost reduction efforts approximately 950 positions will be reduced in Houston. Operations in San Ramon, California will experience a reduction of 500 jobs and internationally, 50 ...

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4 things to think about the Iran nuclear deal

The Western world is going insane with speculation over what eased sanctions in a new nuclear arms deal with Iran will mean. However, regardless if it is potential nuclear terrorism or further oil glut fueling fear, particular economic and political conditions will guide history from here. Numerous scenarios can be imagined from the new deal spearheaded by the United States. ...

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