TEHRAN, Iran (AP) — Iran plans to increase oil production by 500,000 barrels per day now that sanctions have been lifted under a landmark nuclear deal with world powers. Deputy Oil Minister Roknoddin Javadi says Iran is determined to retake its market share, which plunged after the crippling sanctions were imposed in 2012. His comments were posted on the ministry’s website Monday. The U.N. nuclear agency certified Saturday that Iran has met all of its commitments under last summer’s [Read more]
Oil keeps falling. And falling. How low can it go?
DALLAS (AP) — The price of oil keeps falling. And falling. And falling. It has to stop somewhere, right? Even after trending down for a year and a half, U.S. crude has fallen another 17 percent since the start of the year and is now probing depths not seen since 2003. “All you can do is forecast direction, and the direction of price is still down,” says Larry Goldstein of the Energy Policy Research Foundation, who predicted a decline in oil in 2014. On Tuesday the price fell another 3 [Read more]
Oil company BP cutting 4,000 jobs by end of 2017 amid sharp drops in the price of crude
LONDON - Oil company BP is cutting some 4,000 jobs in exploration and production over the next two years amid sharp drops in the price of crude. The cuts in BP's upstream business globally will include the loss of some 600 jobs in the North Sea. The cost-cutting announced Tuesday comes as the price of oil dropped to a 12 year-low near $31 a barrel. Part of the decline is due to concern over a drop in demand in China, which is depressing commodity prices worldwide. Company officials [Read more]
California governor declares state of emergency over huge gas leak in Los Angeles neighbourhood
LOS ANGELES - California Gov. Jerry Brown declared a state of emergency Wednesday over a massive natural-gas leak that has been spewing fumes into a Los Angeles neighbourhood for months.In a statement, Brown said he acted based on the requests of local residents in the community of Porter Ranch and the "prolonged and continuing" nature of the gas blowout at the underground storage facility.The well, owned by Southern California Gas Co., has been gushing up to 1,200 tons of methane daily, along [Read more]
Rising tension between Saudi Arabia and Iran isn’t enough to stop the slide in oil prices
DALLAS - A persistent glut of oil is trumping Middle Eastern tension, extending the slump in oil markets into the new year.The price of oil fell 30 per cent last year, following a 50 per cent plunge in 2014. At below $36 a barrel on Tuesday, the price is down more than 2 per cent early in 2016. Even the breakoff of diplomatic relations between Saudi Arabia and Iran, two big oil-producing countries, failed to halt the slide.Oil prices are likely to remain about where they are until either [Read more]
South Dakota regulators again approve portion of Keystone XL pipeline
PIERRE, S.D. - Regulators in South Dakota have again approved the portion of the embattled Keystone XL oil pipeline that would go through the state.The Public Utilities Commission's decision Tuesday still requires TransCanada Corp. to get a presidential permit for the project.President Barack Obama blocked the pipeline in November, but an attorney for the company has said TransCanada remains committed to the project, which could be revived under the next president.The state authorized the [Read more]
Saudi Arabia posts $98B budget deficit as lower oil prices cut into government revenue
RIYADH, Saudi Arabia - Saudi Arabia said Monday that this year's budget deficit amounted to $98 billion (367 billion riyals) as lower oil prices cut into the government's main source of revenue, prompting the kingdom to scale back spending for the coming year.For the third consecutive year, the kingdom said it will post a budget shortfall in 2016, projecting a deficit of $87 billion (327 billion riyals).The government said it projects expenditures of $224 billion (840 billion riyals) in 2016, [Read more]
US rig count declined by 9 this week to 700; year-ago total was 1,840
HOUSTON - Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. declined by nine this week to 700.The Houston firm said Wednesday 538 rigs sought oil and 162 explored for natural gas amid depressed energy prices. A year ago, 1,840 rigs were active.Among major oil- and gas-producing states, North Dakota and Wyoming each declined by three, Arkansas and Louisiana were down two, and Alaska, Colorado and Texas dropped one apiece.Oklahoma [Read more]
Shell plans to shed 2,800 jobs after buying BG Group
LONDON (AP) — Royal Dutch Shell says it expects to cut 2,800 jobs once it completes its takeover of rival BG Group. The losses amount to about 3 percent of the combined workforce, and come on top of Shell’s previously announced plan to shed 7,500 staff and contractor positions. Shell agreed to buy British rival BG Group for $71 billion, or 47 billion pounds, in April. The deal will boost Shell’s oil and gas reserves by 25 percent and give it a bigger presence in the fast-growing liquefied [Read more]
Oil price extends drop as International Energy Agency forecasts weaker demand next year
PARIS - The price of oil is falling further after the International Energy Agency forecast a decline in demand.The U.S. benchmark rate was down 21 cents on Friday at $36.55 a barrel, its lowest since early 2009, when the global economy was sinking into recession.The IEA said in a monthly report that growth in demand for oil will ease next year to 1.2 million barrels per day, from 1.8 million barrels a day this year.Production is increasing, further weighing on prices, largely due to OPEC [Read more]
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