OPEC secretary-general Abdalla Salem el-Badri said the cartel is not panicking about falling oil prices, but other officials indicated OPEC would likely have to take action should prices fall below $70 per barrel, The Wall Street Journal reports.
Oil climbed Wednesday as on early reports of a pipeline fire in Saudi Arabia -- although it apparently carried diesel -- and word that output had stopped at a Libyan oilfield, as well as data showing a smaller-than-expected gain in Cushing stockpiles. West Texas Intermediate crude for December delivery increased $1.49 to settle at $78.68 a barrel on the Nymex, while in London Brent inched up just 13 cents to $82.95, Bloomberg reports.
VIENNA (AP) — Saudi Arabia showed little concern for fellow OPEC members by unilaterally cutting its oil prices to the U.S. this week, a move that casts doubts on the cartel's credibility and its ability to find a common plan to stabilize the slumping energy market.
And while OPEC struggles to find consensus, oil prices risk remaining low — or falling further — to the benefit of consumers and businesses in the U.S. and worldwide.
Skepticism about OPEC’s willingness to cut production was continuing to drag oil prices down early Wednesday. West Texas Intermediate crude for December delivery dropped 73 cents to $76.46 a barrel in electronic trading on the Nymex, while in London Brent was trading 55 cents lower at $82.27, Bloomberg reports.
LONDON (AP) — Oil prices slumped to multi-year lows on Tuesday after Saudi Arabia cut the price of oil sold to the U.S., a move that is shaking an already volatile market but will likely give the world economy an unexpected stimulus.
The 25 percent or so slide in oil prices since the summer could boost consumer spending and business investment in many economies around the world as fuel bills fall.
NEW YORK (AP) — The ongoing slump in oil prices weighed on stocks again Tuesday, pushing energy companies to another day of big losses. Disappointing earnings outlooks from a range of companies, including Priceline and Michael Kors, also dragged down the market.
Oil has fallen sharply in recent weeks as global supplies rise while demand for fuel trails expectations. The latest decline was prompted by reports that Saudi Arabia is cutting the price of oil that it supplies to the U.S. as it attempts to maintain its market share as U.S. production booms.
Oil demand hasn’t disappeared, and the supply glut will start drying up if the pace of shale drilling slows, Halliburton CEO Dave Lesar told FuelFix in an interview, predicting that oil prices will stabilize in a range between $80 and $100 a barrel.
Oil was continuing to slump early Tuesday, pressured by a strong dollar and following Saudi Arabia’s announcement that it was cutting its prices in the U.S. market. Benchmark U.S. crude for December delivery dropped $2.15 to $76.63 a barrel in electronic trading on the Nymex, while in London Brent crude plunged $2.25 to $82.53, a slight rebound after hitting a four-year low earlier in intraday trading, Reuters reports.
Saudi Arabia’s move to lower its prices for oil to U.S. customers sent benchmarks tumbling again Monday. West Texas Intermediate crude for December delivery dove to its lowest settlement in more than two years, dropping $1.76 to $78.78 a barrel on the Nymex, while in London Brent ended $1.08 lower at $84.78, Bloomberg reports.
The GOP chorus denouncing the Environmental Protection Agency move to lower the ozone standard was joined by House Majority Leader Rep. Kevin McCarthy, R-Calif., senior figures on the House Energy and Commerce Committee, as well as Sen. John Thune, R-S.D., who is chairman of the Republican Senate caucus, The Hill reports.
Ahead of the OPEC meeting in Vienna, oil prices recovered Wednesday from earlier drops triggered by word of a greater-than-expected increase in U.S. crude inventories as well as a comment from Saudi Arabia's oil minister that there would be no need for a production cut. West Texas Intermediate crude for January delivery slipped just 3 cents to $74.06 a barrel on the Nymex, while in London Brent was 5 cents lower to $78.28, Bloomberg reports.
Freeport LNG has closed on financing deals – from Japanese sources -- for two of three planned liquefaction trains at its export facility, and should begin construction on its plant in Quintana, Texas this week, with operation projected to start in 2018, FuelFix reports.
Uranium prices are on track for an 18 percent increase in 2014, which would be the first annual gain for the energy commodity in four years and make it the best performing category in the sector, Bloomberg reports.
Nearly all of the claims dealt with through the settlement process after the 2010 BP Gulf of Mexico spill were handled correctly, according to a third party audit released Tuesday by claims administrator Patrick Juneau, The Times-Picayune reports.
The legal fight over the Environmental Protection Agency’s Waters of the U.S. rule could revolve around what’s meant by the words “adjacent” and “neighboring,” as well as how the regulation defines a flood plain, E&E reports.
After a shareholder lawsuit filed to stop the $2.86 billion merger announced in June between C&J Energy Services and the fracking business of Nabors Industries, a judge in Delaware Tuesday ordered a 30-day suspension to allow for competing offers, but C&J said it would appeal, FuelFix reports.
Oncor’s proposal to install battery storage across the grid in Texas is coming in for criticism from a state lawmaker – Republican State Sen. Troy Fraser said his support for the $5.2 billion project came before he realized an increase in transmission rates would be part of the package, The Dallas Morning News reports.
Speaking about the failure of Google’s renewable energy project RE<C, two engineers, writing in IEE Spectrum recently, said trying to fight climate change using only existing technologies like wind and solar energy won’t work, Fox News reports.