News
Petrobras, Shell fire up pre-salt oil field off Brazil
A first-of-its-kind vessel owned by Petrobras and Shell has begun pumping oil off Brazil in one of the world’s most lucrative deep-water basins. Shell said Friday the companies fired up their first cloned offshore vessel...
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Oil prices tank as OPEC deal on output cuts disappoints traders
Oil prices tanked early Thursday after OPEC reached an agreement to cap oil production for another nine months at the same level that couldn’t fix the oversupplied oil market this year. The U.S. oil benchmark...
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Energy Dept. nominee questions legality of Trump’s proposal for oil reserve
Dan Brouillette, Rick Perry’s pick to be his number two at the Department of Energy, questioned the Trump administration’s proposal to sell off oil from the Strategic Petroleum Reserve to help balance the federal budget...
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Permian drilling productivity will see first-ever decline in June, EIA says
Oil fields in West Texas are teeming with drilling rigs after crude prices shot up to $50 a barrel this year. But the Energy Department believes a key metric of drilling productivity is about to...
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Market Currents: Extension reflects OPEC’s shortcomings
As OPEC’s latest meeting concludes in Vienna, just a glimpse at the charts below helps explain why the cartel’s production cut deal has been extended for another nine months: it hasn’t worked so far. For...
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