Daily News

Brazil opens door to oil production advances

New policies enacted by Brazilian energy regulators facilitate construction of the production infrastructure needed to crack into offshore oil, a report found. A compromise solution from the National Agency of Petroleum reduced fines for non-compliance and made it easier for companies to meet exploration and production contract requirements. Consultant group Wood Mackenzie said that means […]

Oil falls as OPEC nears deal to raise production

Oil prices fell on Thursday as crude exporters in OPEC appeared to be nearing a deal to increase production. Benchmark Brent crude LCOc1 dropped $1.76 a barrel, or 2.3 percent, to a low of $72.98 before recovering a little to $73.54, down $1.20, by 1215 GMT. U.S. light crude CLc1 was $1.00 lower at $64.71. […]

Colorado sees bottlenecks crimping oil production

Pipeline limitations near the U.S. inland storage hub in Cushing, Okla., create headwinds for growth in Colorado oil production, a state report found. Colorado crude oil production more than tripled since 2010 and now accounts for about 4 percent of the total U.S. crude oil production. Anadarko Petroleum, one of the larger operators in the […]

Exxon Mobil, Hess make another offshore Guyana discovery

Exxon Mobil and Hess Corp. said Wednesday they’ve made their eighth oil discovery in the developing offshore fields of Guyana in northeastern South America. The find at the new Longtail-1 exploration well represents the continuation of emerging oil development off the coast of the Latin American country, which is immediately east of Venezuela, where political […]

EU opens investigation into Qatar’s long-term LNG contracts

The European Commission on Thursday said it had opened an investigation into the free flow of LNG sold by Qatar Petroleum in Europe. The investigation will focus on whether agreements on the sale of liquefied natural gas (LNG) to European companies have restricted the free flow of gas in the European Economic Area. The Commission […]

OPEC works toward deal as Saudis propose plan for higher output

The odds of OPEC reaching an oil-production deal increased as Iran edged away from a threat to veto any agreement that would raise output and Saudi Arabia put forward a plan that would add about 600,000 barrels a day to the global market. At the end of a day of diplomatic back-and-forth in Vienna on […]

Unfracked oil wells growing as Permian pipeline scarcity worsens

Pipeline bottlenecks in North America’s biggest oil field are so pervasive that drillers are quitting new wells at a record pace. And it’s about to get a lot worse. The vast pipe networks that haul crude from the Permian Basin are almost completely full thanks to a production boom in the oil-rich area of West […]

Deep-Water Drilling Is Back

On a hot, sunny May afternoon, flying fish leap out of the Gulf of Mexico’s brilliant blue waters near the steel legs of a Chevron Corp. oil platform, pursued by deep-water predators. “Is that a shark chasing them?” asks barge supervisor Jamie Gobert, peering over a rail. “Think it’s yellowfin tuna or maybe dolphinfish,” says Emile […]

Oil edges higher ahead of supply data, OPEC production decision

Oil prices traded slightly higher Wednesday after seesawing for much of this week ahead of the much-anticipated OPEC meeting and amid Washington and Beijing’s ongoing trade threats. West Texas Intermediate crude for July delivery CLN8, +1.23%  added 4 cents, or less than 0.1%, to $65.13 a barrel. The U.S. benchmark crude contract shed 1.2% Tuesday, […]

Goldman: Expect Another Bull Run In Oil

The expected increase in oil production will not leave the market in a situation of oversupply, and in fact, barring no further action, the world could still be short of oil over the next year. There is no shortage of pitfalls for the bull run, with Trump’s expanding trade war, weaker demand and a potential […]