Oil producers group OPEC can ride out a slump in oil prices and keep output unchanged, its head said on Sunday, arguing market weakness did not reflect supply and demand fundamentals and could have been driven by speculators.
Tags: Shale oil
Oil price gets below $39 for first time since 2009, China economic slowdown to blame?
When oil prices went below $42 per barrel, there were analysts that predicted it might even go as low as $15. It seems like this may soon happen as oil price continues to down, presently at $39.
U.S. oil rig count hits lowest since April 2011: Baker Hughes
The number of U.S. drilling rigs in use fell sharply in the week to Friday, almost doubling the cuts of the past two weeks and hitting the lowest since April 2011, a survey showed.
Oil climbs to $61 on Mideast supply concerns
Brent crude oil rose to around $61 a barrel on Friday as fighting in Libya and Iraq stoked output worries, while traders kept a close eye on Iran nuclear talks that could eventually bring more supply to world markets.
Lower gasoline prices dampen U.S. consumer inflation
U.S. consumer prices fell over the past year for the first time since 2009 as gasoline prices continued to tumble, which could allow a cautious Federal Reserve more room to hold off on raising interest rates.
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U.S. energy firms are swiftly shifting drilling rigs away from less productive areas and hunkering down in sweet spots of North Dakota and Texas shale oil fields as they try to lift output and cut costs in response to the toughest crude market in years.
Plunging oil prices sparked a drop of almost 40 percent in new well permits issued across the United States in November, in a sudden pause in the growth of the U.S. shale oil and gas boom that started around 2007.
Crude oil markets jumped as much as 5 percent on Monday, rebounding from five-year lows with their biggest daily gain since 2012, on fears that the high U.S. shale output blamed for the global oil glut may be shrinking.
Saudi Arabia's oil minister told fellow OPEC members they must combat the U.S. shale oil boom, arguing against cutting crude output in order to depress prices and undermine the profitability of North American producers.
Rosetta purchases oil shale acreage from Comstock. Rosetta Resources Inc, the oil and natural gas producer, would be investing in Comstock Resources Inc's acreage located in West Texas Permian Basin.
Sinopec gets sweetheart deal according to analysts. The US$1. 02 billion deal entered into China Petrochemical for Chesapeake Energy Corp shale oilfield interests is just one third of its actual value.
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