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Tag Archives: u.s. shale production

OPEC-fueled oil glut to offset waning U.S. output

Slowing U.S. production is unlikely to offer much respite to low oil prices into next year as high OPEC output feeds a persistent supply glut, a Reuters survey showed on Friday. Benchmark North Sea Brent crude is expected to average $58.52 a barrel in 2016, marginally down from last month’s poll and above $55.94 seen so far this year, the ...

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Bad timing: Big Oil ramps up output just as prices sink

LONDON – After years of declining output, major oil companies have ramped up crude production this year, just as they are being battered by a plunge in prices due to already excessive supplies. Executives have taken pride in seeing billions worth of investments in new technologies and new fields in places such as Brazil, the North Sea and West Africa ...

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Occidental slips to Q3 loss, quits North Dakota oil patch

Occidental Petroleum Corp, the fourth-largest U.S. oil producer, swung to a significant net loss for the third quarter on Wednesday as it booked charges for dropping futures prices and halted projects while saying it was exiting North Dakota. The company, which also has operations in the Middle East and Colombia, showed a net loss of $2.61 billion, or $3.42 per ...

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Oil prices fall as glut worries worsen

LONDON – Oil prices fell on Tuesday, extending losses into a third week, on worries over a supply glut and with U.S. inventory data expected to show another increase in crude stocks. Brent for December delivery had fallen 30 cents to $47.24 a barrel by 1150 GMT, after settling the previous session down 45 cents. U.S. crude dropped 55 cents ...

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Oil edges higher but glut swells storage

LONDON – Oil edged higher on Monday as investors prepared for a week of important economic indicators, but prices remained range-bound on indications that the global storage was nearing capacity. Brent, the international benchmark, was up 21 cents at $48.20 a barrel at 0733 ET, 11 percent below this month’s high. U.S. crude futures traded up 26 cents at $44.86 ...

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Green incentives seen as key to lifting U.S. oil export ban

WILLISTON, N.D. – Legislation crawling its way through Congress that would end the U.S. ban on crude oil exports will succeed only if tied to renewable energy incentives, said Senator Heidi Heitkamp, a moderate Democrat working to convince others in her party to support ending the decades-old restrictions. Heitkamp, who represents oil giant North Dakota, said she is convinced her ...

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U.S. oil stockpiles jump for second week as imports climb

NEW YORK – U.S. crude stocks rose sharply a second straight week as rising imports more than offset a small increase in crude runs, while gasoline and distillate inventories both fell more than expected, data from the Energy Information Administration (EIA) showed on Wednesday. Crude inventories rose 8 million barrels to 476.6 million in the week to Oct. 16, more ...

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OPEC has stalled the shale revolution: Kemp

(John Kemp is a Reuters market analyst. The views expressed are his own) LONDON – The resilience of U.S. shale producers has surpassed all expectations as they have wrung extra efficiencies out of their operations and pulled rigs back to the most prolific sections of existing plays. The shale sector’s ability to cut costs and sustain their output in the ...

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