Blog
Oil declined on concerns that a coronavirus outbreak in Asia could spread and curtail demand in a market that’s already contending with plentiful supplies. Futures slipped 0.8% to trade near $58 a barrel in New York. Goldman Sachs Group Inc. said prices could slip about $3 a barrel if an outbreak plays out in the
U.S. shale oil fracking has already peaked and is in a period of sustained contraction, according to two major providers of services to the industry. That view from Halliburton Co. and Schlumberger Ltd. signals an eventual deceleration in U.S. oil production, which is currently at record highs. Slower output growth would have global ramifications, given
In the U.S. Energy Information Administration’s January Short-Term Energy Outlook, EIA forecasts that the Brent crude oil spot price will average $65 per barrel (b) in 2020 and $68/b in 2021 and that the West Texas Intermediate (WTI) spot price will average $59/b in 2020 and $62/b in 2021. EIA expects that crude oil prices
U.S. efforts to rein in OPEC’s influence over global oil markets are losing momentum as the Trump administration takes a wait-and-see approach to energy prices. While supporters of a bill that would open OPEC to possible U.S. antitrust action thought they’d found a cheerleader in Donald Trump, the current view within the White House is
McDermott International Inc. will file for bankruptcy after the engineering and construction company reached an agreement with creditors to tackle debt acquired through a botched acquisition. The Houston-based company said that it has the support of two-thirds of the holders of its funded debt in a pact that will eliminate more than $4.6 billion of
Saudi Aramco is still considering listing shares abroad, the kingdom’s Finance Minister Mohammed Al-Jadaan said. “It’s still on the cards, we made that very clear,” Al-Jadaan told Bloomberg TV in an interview in Davos. “We will consider it, but I don’t think it’s going to be anytime soon.” Aramco raised $29.4 billion in the world’s
Wood has secured a two-year extension to its in-Kingdom and out-of-Kingdom contracts with Saudi Aramco’s subsidiary, Aramco Overseas Company for its unconventional gas program, extending awards originally secured in 2014. Wood’s project execution teams will continue to work closely with Saudi Aramco to develop innovative engineering design and implementation strategies to deliver the program’s primary
The U.S. embassy in Libya called Tuesday for an immediate resumption of oil production, increasing pressure on eastern strongman Khalifa Haftar, who has disrupted output in a show of defiance to world leaders pushing to end the North African country’s civil conflict. Haftar stopped the production at virtually all of the nation’s oil fields on
BP handed more power to a new generation of executives, announcing that Chief Financial Officer Brian Gilvary will join his boss Bob Dudley in retiring this year. Murray Auchincloss, currently the finance chief of BP’s oil and gas production division, will succeed Gilvary. The energy giant already announced last year that Bernard Looney, who runs
Siccar Point Energy Ltd., the North Sea oil producer backed by Blackstone Group Inc., has received final bids from suitors including Chrysaor Holdings Ltd. and Equinor ASA, people with knowledge of the matter said. Canada’s Suncor Energy Inc., Chinese oil major Cnooc Ltd. and a company backed by private equity firm HitecVision AS also submitted