Chevron Corp. is warning that its 1st quarter oil and gas production will drop compared to a year ago, blaming bad weather, and its earnings will dip compared to the 4th quarter, The Wall Street Journal reports.
MOSCOW (AP) — A senior Russian diplomat on Wednesday angrily rejected U.S. warnings against striking an oil-for-goods contract with Iran, saying that Moscow wouldn't be intimidated by threats.
Deputy Foreign Minister Sergey Ryabkov said in remarks carried by the state RIA Novosti news agency that an increase in Russian-Iranian trade is a "natural process that doesn't involve any elements of political or economic challenge to anyone."
Russian business daily Kommersant has reported that Moscow plans to buy 500,000 barrels of Iranian oil a day, a deal that would shatter an export limit defined by an interim nuclear agreement world powers and Iran reached last year.
The price of oil fell from a five-week high Thursday after China reported weak monthly trade data and a report showed a big increase in U.S. crude supplies.
Benchmark crude for May delivery was down 31 cents to $103.29 at 0525 GMT in electronic trading on the New York Mercantile Exchange. The contract rose $1.04 to settle at $103.60 on Wednesday amid unrest in eastern Ukraine after gaining more than $2 the day before. The last time it finished above $103 was on March 4.
Brent crude, a benchmark for international oil prices, fell 42 cents to $107.53 a barrel on the ICE exchange in London.
Oil movement out of the Gulf Coast is failing to keep pace with the amounts of crude flowing in, according to figures by the Energy Information Administration, which found that stockpiles in the region for the week ending April 4 hit record levels, Bloomberg reports.
The Pipeline and Hazardous Materials Safety Administration has slapped pipeline operators with a record $9.78 million in penalties in more than 60 cases in 2013, one of the biggest levied against Exxon Mobil for a spill near Mayflower, Ark. last March, Bloomberg BNA reports.
In the wake of destructive oil train derailments, Sen. Heidi Heitkamp, D-N.D., is urging Senate appropriators to set aside more money for the Transportation Department's rail safety programs, in particular to pay for sufficient inspectors, The Hill reports.
Oil continues to wash up on some Louisiana beaches four years after the Deepwater Horizon sinking sent oil gushing into the Gulf of Mexico and a number of area residents remain angry and resentful despite BP paying out billions of dollars in compensation, Reuters reports.
Environmental Protection Administrator and Boston native Gina McCarthy and Energy Secretary Ernest Moniz will throw out the first pitches at the Red Sox game Tuesday, to mark Earth Day, The Hill reports.
A subsidiary of American Energy Partners, the company run by shale pioneer Aubrey McClendon, is renting seven rigs from his former firm Chesapeake Energy to drill for gas in the Utica Shale, Bloomberg reports.
The total U.S. rig count for the week remained at 1,831, according to oilfield services company Baker Hughes Inc., which said that oil rigs declined while gas and miscellaneous rigs increased, Bloomberg reports.
Vermont Yankee owner Entergy has applied to scrap the 10-mile emergency planning zone around it, because of the nuclear plant's closing by year's end, raising concerns from citizen groups, The Recorder reports.
Critics complain that proposals to increase security of the nation’s power grid, drafted by the industry in the wake of an attack on a California substation last year, won’t do enough to stop anyone intent on sabotage, The Wall Street Journal reports.