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U.S. oil output to soar to 26-year high in 2014
US oil production will jump 23 percent over the next two years to a quarter-century high by 2014, reducing demand for foreign supplies from the world’s largest oil importer, according to a new official forecast. The government’s Energy Information Agency said that booming production from shale and other “tight oil”…
Oil prices fall on ‘fiscal cliff’ concerns
Crude oil prices dropped Thursday in thin trading and on uncertainty about whether a deal to avert the US “fiscal cliff” of tax hikes and spending cuts could be reached by a year-end deadline, analysts said. New York’s main contract, light sweet crude for delivery in February, shed 12 cents…
Oil prices climb $2 on escalating Israel-Gaza violence
NEW YORK — Oil prices leaped Monday as violence intensified in the Israel-Gaza conflict, sparking fresh concern about supplies from the crude-rich Middle East. The market also found support from prospects that top oil consumer the United States will avoid the so-called “fiscal cliff” of automatic tax increases and spending…
Middle East oil companies targeted in cyber war
Middle Eastern oil and gas companies have been targeted in massive attacks on their computer networks in an increasingly open cyber war where a new virus was discovered just this past week. The United States and Israel, believed to behind the first cyber sabotage campaign that targeted Iran’s nuclear programme,…
Oil prices climb on persistent Middle East tensions
NEW YORK — Global oil prices climbed Thursday on the back of geopolitical jitters surrounding Syria, but a rise in US inventories moderated the price gains in US trade. In New York, the main contract, WTI light sweet crude for delivery in November, rose to $92.07 a barrel, up 82…
Global oil refining industry shifts to Middle East
As high oil prices and improved efficiency force refineries in the US and Europe towards closure, the industry is shifting toward the Middle East and Asia in a move fuelled by a thirst for energy among emerging economies. China and India in particular are driving the demand, with multiple refineries…
Oil prices rise on U.S. stimulus hopes
Oil prices rose Monday on hopes of more US financial stimulus aimed at boosting the world’s biggest economy, a prospect that was helping to offset disappointing Chinese data, analysts said. Brent North Sea crude for delivery in October gained 73 cents to $114.98 a barrel in London morning trade. New…
Oil prices dip amid Mideast, eurozone worries
NEW YORK — Oil prices eased slightly in cautious trade Monday as investors kept a close eye on Middle East tensions and the eurozone’s economic uncertainties. New York’s main contract, West Texas Intermediate (WTI) light sweet crude for delivery in September, closed at $95.97 a barrel, dipping four cents from…
Losses send BP into a tailspin
British energy giant BP said Tuesday that it plunged into a second-quarter net loss, hit by lower output, falling oil prices and a near $5.0-billion (4.1-billion-euro) write-down on the value of assets. BP made a loss after tax of $1.39 billion in the three months to June, compared with net…
Shell net profit drops by half on lower oil prices
Energy giant Royal Dutch Shell said Thursday that second-quarter net profits tumbled 53 percent to $4.063 billion on the back of sliding world oil prices and slack demand. Adjusted net profits, stripping out movements in the value of inventories and other non-operating items, slid almost 13 percent to $5.72 billion…
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