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Oil Price Drops Again

After some hopeful news that OPEC producers Saudi Arabia and Venezuela had held talks on possible production cutback on the weekend; the market again fell below $30. WTI fell to $29.57 on Monday morning, down 68 cents from the closing ...

Refiners Predict Gasoline Market Will Grow in 2016

Refiners Valero Energy Corp and Phillips 66 both say they are pumping as much gasoline as they can this winter. Spokesman for Phillips 66, Greg Garland said, "Demand is robust, but we've actually exported fewer barrels this year than we ...

Pemex Platform Fire in GOM

Pemex spokesman said on Monday that the fire that killed three and injured seven workers on processing platform in Campeche Bay in the Gulf of Mexico on Sunday is now under control. Abkatun is the same platform where seven people ...

Iranian Output to Increase

Iran’s oil ministry news agency announced that the North Azadegan and Yadavaran oil fields are operational and will be inaugurated after Feb 26th following parliamentary elections. The nation’s production capacity will be increased by 160,000 barrels per day when the ...

Oil has Hit Bottom

Oil millionaire Boone Pickens speaks out on the price of oil in a CNBC interview on Monday, saying “Oil has bottomed out at $26.15.” Based on history, Pickens says with a bottom of $26 per barrel prices should double within ...

Continental Resources Strategy

In an interview last week with Forbes, Harold Hamm, CEO of Continental Resources said that while he is cutting capital spending in 2016, he refuses to lay off personnel. Capital spending has been cut 66% from last year to $920 ...

Impact as Rig Count Continues to Decline

The rig count was down for the sixth straight week at the end of January. According to Baker Hughes, the oil rig count on Jan 29 was 498 compared to 1,223 this time in 2015. This is the lowest rig ...

Impact of Continued Global Low Oil Price

Economists say that “While cheap oil is not a bad thing per se, it can trigger substantial economic disruptions. The United States is suffering job losses in the oil sector that ultimately outweigh the benefits of cheap energy.” Countries that depend on ...

Oil Predictions for 2016

The EIA reported on January 21st that weekly crude oil production in the U.S. rose by 8,000 bopd to 9.24 million barrels per day. In 2015 the monthly average was 9.6 MMbpd. Currently weekly U.S. crude oil production is 0.53% ...

Disagreement in OPEC Ranks

Rafael Correa, President to Ecuador, told reporters last week that his country is “tired of fighting with OPEC to decrease output and that Ecuador will continue to work as if the oil cartel “did not exist”. Ecuador, the smallest OPEC ...