Oil

Oil

Brazil seek charges for 13 in Petrobras case

SAO PAULO (AP) — Brazil's Federal Police agency has asked prosecutors to file charges against 13 people suspected of involvement in the corruption scandal engulfing the state-owned oil company Petrobras.

Twelve suspects are executives of construction companies and one is a lobbyist.

Oil

Enbridge settles Michigan class-action lawsuit

BATTLE CREEK, Mich. (AP) — The Canadian company responsible for a 2010 oil spill in southwestern Michigan has agreed to pay about $6.8 million to settle a class-action lawsuit.

A federal judge must still approve the settlement reached last week by Enbridge Inc., based in Calgary, Alberta. The company has agreed to pay about $2.2 million to residents and land owners of properties within 1,000 feet of the Kalamazoo River. Those who lived within 200 feet of the river will split a total payment of $250,000 and those who lived further away from the river, will each receive several hundred dollars, depending on the proximity.

Oil

Airlines expect leap in profits as oil price drops

GENEVA (AP) — The global airline industry expects its profits to leap to a record high next year, boosted by a continued fall in jet fuel prices as well as strong passenger demand and cost cuts.

The International Air Transport Association said Wednesday it forecasts 2015 will bring $25 billion in net profit — well above the $19.9 billion this year and the $10.6 billion in 2013 and $6.1 billion made in 2012.

Oil

Iran: Fall in oil prices is Muslim 'treachery'

TEHRAN, Iran (AP) — Iran's President Hassan Rouhani says the sharp fall in oil prices is the result of "treachery," in an apparent reference to regional rival Saudi Arabia, which opposed production cuts to lift prices.

Rouhani told a Cabinet meeting Wednesday that the fall in prices is "politically motivated" and a "conspiracy against the interests of the region, the Muslim people and the Muslim world."

Oil

Oil falls on higher stockpiles, bearish outlook from EIA

Source: 
Reuters

A bearish short-term energy outlook from the Energy Information Administration and a prediction from the American Petroleum Institute that U.S. stockpiles increased last week saw oil prices drop early Wednesday. U.S. benchmark crude lost $1.07 to $62.75 a barrel in electronic trading on the Nymex, while in London Brent was 94 cents lower at $65.90, Reuters reports.

Oil

OPEC slashes 2015 forecast

Source: 
Bloomberg

Accounting for a drop in demand for its crude alongside strong production from elsewhere, OPEC has cut its 2015 projections, predicting it will need to produce 28.9 million barrels a day next year, the lowest level in a dozen years and a drop of 300,000 barrels from its last forecast, Bloomberg reports.

Oil

Six projects delayed as opponents target pipelines

Source: 
The Wall Street Journal

Opponents are fighting ten pipeline projects proposed in the U.S. and Canada – half involving Alberta’s oil sands crude -- and the battles have forced delays to six of them, most prominently TransCanada’s Keystone XL, The Wall Street Journal reports.

Oil

BP sets restructuring cost at $1 billion

Source: 
The Wall Street Journal

Moves to simplify and readjust BP’s structure – which are serving the company well, according to CEO Bob Dudley – will cost the company $1 billion in restructuring charges even though they will save money in the long run, The Wall Street Journal reports.

Oil

Another round in BP’s court fight with feds over spill fines

Source: 
FuelFix

The latest legal arguments between lawyers for BP and U.S. attorneys center on whether the Environmental Protection Agency and the Coast Guard are within their rights to adjust per barrel pollution fines upward for inflation, with a total of some $11 billion at stake, FuelFix reports.

Oil

North Dakota regulators impose oil shipment rules

BISMARCK, N.D. (AP) — North Dakota regulators set new rules Tuesday that will require oil companies that are sending out millions of gallons of crude a week by rail to reduce the oil's volatility before it's loaded onto train cars.

The rules, developed over several months, have been criticized by North Dakota's oil industry, which says the commodity is being unfairly singled out and warns that the new standards could slow production and increase costs.

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