Oil

Oil

Oil slides on Saudi discount announcement

Source: 
Bloomberg

Saudi Arabia’s announcement that it was cutting prices to customers in Asia and the U.S. was pushing oil prices down early Friday. West Texas Intermediate crude for January delivery dropped 65 cents to $66.16 a barrel in electronic trading on the Nymex, while in London Brent crude was trading under a four-year settlement low, losing 46 cents to $69.18, Bloomberg reports.

Oil

Injured workers sue over platform blast

Source: 
FuelFix

Two workers hurt in an explosion at an oil platform in the Gulf of Mexico in November have filed suit against its owner, Fieldwood Energy, and another company contracted to work at the site, alleging negligence, FuelFix reports.

Oil

US should have agreed to pipeline, Christie tells Canada

CALGARY, Alberta (AP) — The Keystone XL pipeline from Canada should have been approved a long time ago and the U.S. regulatory process has gone overboard, New Jersey Gov. Chris Christie said Thursday.

Christie made the remarks during a news conference in Calgary, Alberta while on his second foreign trip in recent months, which has given him the chance to build a foreign policy platform and demonstrate his policy chops as he considers a run for president in 2016.

Oil

Christie says oil pipeline should've been approved

CALGARY, Alberta (AP) — New Jersey Gov. Chris Christie says the controversial Keystone XL pipeline should have been approved a long time ago and the regulatory process has gone overboard.

Christie made the remarks in Calgary, Alberta while on his second foreign trip in recent months, which has given him the chance to build a foreign policy platform and demonstrate his policy chops as he considers a run for president in 2016.

Oil

Enbridge restructuring appeals to investors

Source: 
Reuters

Enbridge share prices jumped Thursday after the Canadian pipeline operator said it would transfer some pipeline ownership to subsidiary Enbridge Income Fund, enabling the company to boost dividends and growth, Reuters reports.

Oil

Saudi price cut pressures oil, Brent below $70

Source: 
Reuters

News that Saudi Arabia is cutting the price of its oil to customers in the U.S. and Asia, alongside reports that Libya’s El Sharara field might resume production after a one-month stoppage, sent prices down again Thursday. U.S. benchmark crude dropped 57 cents to settle at $66.81 a barrel on the Nymex, while in London Brent was 28 cents lower at the end of the trading day, to $69.64, Reuters reports.

Oil

Billion barrel milestone for Eagle Ford

Source: 
FuelFix

Sometime in November the Eagle Ford Shale formation produced its billionth barrel, according to Wood Mackenzie analysts, who note that more than two thirds of the crude and condensate came in the past two years, FuelFix reports.

Oil

Growth in crude reserves slowing, Bakken increases most: EIA

Source: 
Platts

The pace of growth in U.S. crude reserves began to slow last year and will drop in 2014 because of the fall in prices, according to the Energy Information Administration’s annual analysis, which showed that production in the Bakken region continues to surge while Alaska’s reserves were shrinking, Platts reports.

Oil

Guilty plea from ex-BP claims adjuster on wire fraud charges

Source: 
The Times-Picayune

Charlie English, who worked as a claims adjuster following BP’s 2010 Gulf oil spill, has pleaded guilty to wire fraud charges, admitting he filed $257,400 worth of false claims and kept $30,000 of the money, The Times-Picayune reports.

Puerto Rico Senate votes to raise oil excise tax

SAN JUAN, Puerto Rico (AP) — Puerto Rico's Senate has approved a measure to increase the excise tax on a barrel of crude oil by 68 percent to help raise revenue to back $2.9 billion in bonds.

The bill had earlier passed the lower house of the state legislature, but the Senate added amendments, which now must be worked out in a conference committee.

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