Tag: us oil

• Tuesday, April 21st 2020 - 10:16 UTC

  US oil price on Monday turned negative for the first time in history

  

  The price of US oil has turned negative for the first time in history. That means oil producers are paying buyers to take the commodity off their hands over fears that storage capacity could run out in May.

• Thursday, June 13th 2019 - 08:56 UTC

  Oil prices tumble to their lowest in five months: unexpected US crude stockpiles

  

  Oil prices tumbled 4% on Wednesday to their lowest settlements in nearly five months, weakened by another unexpected rise in U.S. crude stockpiles and by a dimming outlook for global oil demand.

• Wednesday, June 12th 2019 - 08:40 UTC

  US beats expectations: net oil exporter on a monthly basis starting November

  

  The US will become a net oil exporter for the first time on a monthly basis in November, with crude and refined product exports exceeding imports by 220,000 b/d, the Energy Information Administration said on Tuesday.

• Friday, May 3rd 2019 - 09:14 UTC

  Chevron completes purchase of controversial Petrobras refinery in Houston

  

  Chevron Corp completed a US$ 350 million purchase of a refinery in the Houston suburb of Pasadena, Texas, from Brazil’s Petrobras, Chevron said in a statement. The sale was agreed to in January, but Chevron put the transfer of the 112,229-barrel-per-day plant’s ownership on hold on April 2, telling Petrobras it had to prove the refinery would operate as promised.

• Tuesday, January 29th 2019 - 09:03 UTC

  US tightening the noose: Venezuelan oil proceeds will be withheld from Maduro's government

  

  The US has imposed sanctions on Venezuela's state-owned oil firm PDVSA and urged the country's military to accept a peaceful transfer of power. National Security Adviser John Bolton said President Nicolás Maduro and his allies could “no longer loot the assets of the Venezuelan people”. Efforts by the opposition to unseat Mr Maduro have increased in recent days.

• Tuesday, May 8th 2018 - 08:14 UTC

  Oil rises to US$ 70 a barrel, ahead of Trump's Tuesday decision on sanctions to Iran

  

  Oil prices rose for the fourth straight day on Monday to hit levels not seen since late 2014, boosted by the latest trouble for Venezuelan oil company PDVSA and the possibility that the United States could re-impose sanctions on Iran.

• Saturday, April 28th 2018 - 11:10 UTC

  US oil company wins arbitration and Venezuela's PDVSA must pay US$ 2.04bn

  

  An international arbitration court has ordered Venezuela’s oil company PDVSA to pay ConocoPhillips US$ 2.04 billion for early dissolution of two joint ventures for producing oil in the OPEC-member country, the U.S. firm said.

• Wednesday, March 7th 2018 - 09:36 UTC

  US shale oil output surge set to influence world market in next five years

  

  United States shale oil output is set to surge over the next five years as drillers recover rapidly from a three-year slump, the International Energy Agency said, sharply upgrading its previous growth forecasts. A landmark deal in 2017 between OPEC and other oil producers including Russia to curb output in order to battle a global glut materially improved the outlook for other producers as oil prices rose sharply throughout the year, the IEA said.

• Monday, March 5th 2018 - 08:25 UTC

  Beware: OPEC and US shale industry scheduled to meet and share dinner in Houston

  

  Oil prices rose early on Monday ahead of a meeting between OPEC and U.S. shale firms in Houston, raising expectations that oil producers would discuss further how to clear a global oil glut. Oil ministers from the Organization of the Petroleum Exporting Countries (OPEC) and other global oil players are set to gather in Houston as CERAWeek, the largest energy industry conference, begins on Monday.

• Sunday, March 4th 2018 - 15:58 UTC

  Oil Market Fears: War, Default And Nuclear Weapons

  

  The U.S. is one of the few areas of the world in which there is an energy investment boom underway, a development that could smooth out the uncertainties of geopolitical events around the world. At the same time, outside of the U.S., there is a deterioration of stability in many oil-producing regions, aggravating risks for both oil companies and the oil market, according to a new report.