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Saudi's say Oil Price Too Low

In a surprise announcement on the price of oil from Saudi Arabia, the President of Saudi Aramco, Khalid al-Falih said "It's too low for everybody." He said that American shale oil production is important for the world's long-term energy future ...

Crude Oil Inventory

On Sunday, January 25, 2015 U. S. Energy Information Agency reported the weekly crude oil inventory increased by 10.1 MMbbls, over the previous week. The market reaction was to send crude oil prices down another 1.48% to $46.31 per barrel. ...

Brent Price Up

On Monday morning, the March Brent price rose to $49.13 as the market reacted to a smooth transition in Saudi Arabia, following the death of King Abdullah on Friday. West Texas Intermediate for March was priced at $45.94. "The Secretary-General ...

BP Freezes Employee Pay

BP, the world's third largest oil company, announced that it will freeze employee pay in an effort to cut costs in response to the plunging oil price. BP employs over 80,000 people worldwide.

Why Oil is Down

The international price of oil is denominated by the U. S. dollar. "When the dollar is strong, when it increases in value, oil becomes cheaper. World oil players are producing more oil than consumers are using, supply is up due ...

Lucius Field starts production in the GOM

Lucius field in the Gulf of Mexico started production in January 2015, as reported by partner ENI. The field operator is Anadarko. ENI holds an 8.5% share and expects to their share of the output to be 7,000 barrels of ...

What if OPEC is Wrong?

OPEC lost market share to unconventional oil producers in the U.S. early in 2014 and their response was to flood the market, greatly reduce the price of oil and put shale producers out of business.  The assumption is that fracking ...

OPEC Response on Oil Price

United Arab Emirates Energy Minister Suhail al-Mazrouei spoke in Abu Dhabi on Tuesday saying, "OPEC will no longer move to shore up crude prices." In November OPEC decided to maintain its production of 30 million barrels per day in spite ...

Supertankers used Take Advantage of Low Oil Prices

International trading firms are using some of the largest supertankers to stockpile oil with plans to park the vessels offshore for up to 12 months waiting for the price to rise. Vitol, Trafigura and Shell, and other "oil owners can ...

Good News on the Keystone Pipeline

The Nebraska Supreme Court ruled against the challenge halting construction, opening the way for the new Republican Congress to pass the Keystone Pipeline bill and try to force President Obama to sign it. The Keystone is a proposed 1,179 mile ...