ABU DHABI, United Arab Emirates (AP) — The energy minister for the United Arab Emirates said Tuesday his country is concerned about the balance in the oil market but added that OPEC does not plan to shift its strategy to shore up falling crude prices.
Oil prices have lost well over half their value since late June, with benchmark U.S. prices now trading below $45 a barrel.
RIYADH, Saudi Arabia (AP) — Venezuelan President Nicolás Maduro met Sunday with Saudi Arabia's Crown Prince Salman, a day after talks with Iran's supreme leader focused on the slump in global oil prices.
The official Saudi Press Agency reported that the leaders discussed areas of cooperation between the two OPEC-member countries and ways to promote bilateral ties. The brief statement did not elaborate, though it said Saudi Oil Minister Ali Naimi and Venezuelan Oil Minister Asdrubal Chavez were also at the meeting.
Crude production in Iraq jumped to a record 2.94 million barrels a day in December as an agreement hammered out between Kurdish officials and the central government in Baghdad begins to have an impact, Platts reports.
ABU DHABI, United Arab Emirates (AP) — Saudi Arabia's oil chief on Sunday dismissed allegations that his kingdom conspired to bring down oil prices in order to harm other countries and told a summit of Arab energy leaders that he was confident the market would stabilize.
The kingdom, which is dependent on oil revenues, is able to weather lower oil prices due to large reserves built up over the years. Non-OPEC member Russia and other nations like Iraq, Iran and Venezuela need prices substantially above present levels to meet budget goals and want to drive prices up.
DOHA, Qatar (AP) — Qatar's energy minister says OPEC is monitoring the drop in oil prices closely following a months-long slide that has left crude trading at its lowest point in more than five years.
Energy and Industry Minister Mohammed bin Saleh al-Sada told reporters in Doha on Tuesday that OPEC is "watching the market closely," but he gave no indication the bloc would change course on current output.
TRIPOLI, Libya (AP) — The minister of oil in Libya's Tripoli-based government says the country's largest oil shipping terminal has been shut down due to clashes between rival militias.
Mashallah al-Zawi said foreign workers in the Sidra terminal have been evacuated to the eastern town of Ajdabiya. He also said the National Oil Corporation has declared a force majeure in Sidra and another port to the east, Ras Lanuf, because of the clashes. Both are controlled by eastern militias loyal to Libya's rival elected government, based in the eastern city of Tobruk.
Even as the Obama administration is shutting some doors to drilling in Alaska, it plans to open up the Atlantic, with an announcement expected from the Interior Department soon, sources tell National Journal.
The industry practice of drillers using a trade secret designation to avoid disclosing which chemicals they use in fracking will get new restrictions, under a legal settlement agreed in Wyoming between environmental groups, state regulators and oilfield services company Halliburton, the Casper Star-Tribune reports.
The capital and exploration budget for Hess Corp. will drop by 16 percent to $4.7 billion in its 2015 outlay, the company said, adding that the number of rigs it plans to operate will drop by nearly half to an average of 9.5, FuelFix reports.
Oil gained in trading early Monday but failed to shoot up substantially despite a prediction from OPEC’s Secretary General that prices could end up as high as $200 a barrel. West Texas Intermediate crude for March delivery rose 13 cents to $45.28 a barrel in electronic trading on the Nymex, while in London Brent increased 27 cents to $48.43, Bloomberg reports.
The drop in rig count that has followed the slide in oil prices won’t dent U.S. crude production too much in 2015, assuming that prices begin to recover in the later part of the year, according to statistics from the Energy Information Administration, The Hill reports.
Companies may be cutting back their exploration and drilling this year as a result of the drop in oil and gas prices, but those who are well positioned will likely be looking to pick off rivals instead, which could lead to an upsurge in mergers and acquisitions, the Pittsburgh Post-Gazette reports.
Former BP executive David Rainey has seen his request to have the U.S. Supreme Court hear his appeal in an obstruction of Congress case rejected: He stands accused of lying to lawmakers about the severity of the Deepwater Horizon disaster in 2010, Reuters reports.
The coal trade in January will be affected by winter weather, as a trade association official told Platts that at least one barge in Lake Superior was unable to load its cargo as a result of icing, and others were likely delayed.
Having spent $305 million five years ago to purchase the San Francisco-based solar company Recurrent Energy, Sharp Corp. reportedly has found a buyer for the unit above the initial purchase price, sources tell Bloomberg.
In a fresh tilt at net metering, Hawaii Electric has applied to the state’s Public Utilities Commission to phase out the existing program of issuing credits to customers with solar panels who supply electricity back to the grid, as the utility claims they are not paying their fair share of grid maintenance, E&E reports.