Oil

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Oil slide means budget crunch for some OPEC members

Source: 
The Wall Street Journal

The smaller Gulf states may be able to manage financially with crude prices below $90 a barrel, but OPEC members like Iran, Iraq and Venezuela could start to see budget deficits mounting, The Wall Street Journal reports.

Oil

California reactivates firefighting airplanes

SACRAMENTO, Calif. (AP) — California officials reactivated the state's 22 firefighting air tankers on Friday, days after one of the aircraft crashed in Yosemite National Park, killing the pilot.

California Department of Forestry and Fire Protection spokeswoman Janet Upton said the agency lifted the safety stand-down for the twin-engine S-2T airplanes after federal investigators approved letting the planes fly.

Oil

US rig count up 8 to 1,930

HOUSTON (AP) — The number of rigs exploring for oil and natural gas in the U.S. increased by eight this week to 1,930, according to oilfield services company Baker Hughes Inc.

The Houston firm said Friday in its weekly report that 1,609 rigs were exploring for oil and 320 for gas. One was listed as miscellaneous. A year ago there were 1,743 active rigs.

Oil

Massive oil selloff continues

Source: 
Bloomberg

There’s been no letup in the plunge in oil prices, which slid further into bear market territory early Friday as demand growth slows and output continues to expand. West Texas Intermediate crude was down 1.3 percent to $84.62 a barrel in electronic trading on the Nymex, while in London November Brent tumbled 2.2 percent, or $1.94 a barrel, to $88.11, near a four-year low, Bloomberg reports.

Oil

Shale drillers could feel pinch of lower oil prices

Source: 
The Wall Street Journal

Operators in areas where it’s more expensive, like the fringes of the Bakken shale, could cut back production as falling oil prices make it unprofitable to drill, experts have told The Wall Street Journal.

Oil

Venezuela in talks to give more foreign control over oil

Source: 
The New York Times

Under President Nicolas Maduro, Venezuela is quietly negotiating to give its foreign partners more say over oil operations in the country, hoping to boost production that has been languishing with the state-owned Petroleos de Venezuela in the driver’s seat, people familiar with the issue have told The New York Times.

Public still divided on possible oil exports: Reuters poll

A new survey shows Americans are evenly divided about lifting the ban on most crude oil exports, but opposition soars if it means higher domestic gasoline prices.

The results indicate the oil industry faces a potential public backlash if pump prices rise following the lifting of the 1970s-era ban, which it has sought to overturn to put booming shale oil output on the world market.

Oil

As market sinks, dragged by energy sector, investors brace for turbulence

NEW YORK (AP) — The stock market had its worst day of the year Thursday, just 24 hours after recording its best.

The Dow Jones industrial average plunged 334 points as falling energy stocks and worries about the global economy sent investors fleeing out of the market. The blue-chip index rose 275 points the day before.

Oil

WTI joins Brent in bear market as oil slides further

Source: 
Bloomberg

A global economic slowdown alongside growing oil supply has triggered the recent plunge in prices, an analyst told Bloomberg Thursday. West Texas Intermediate crude for November delivery dove 1.8 percent, or $1.54, to settle at $85.77 a barrel on the Nymex, while in London Brent dropped $1.33 to $90.05.

Oil

Tribunal orders Venezuela to pay Exxon $1.6 billion

Source: 
Reuters

Venezuela should pay Exxon Mobil Corp. around $1.6 billion for nationalizing the company’s oil facilities in the country back in 2007, a World Bank tribunal has ordered, far less than the firm had asked for, Reuters reports.

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