Brent prices for 2017 ended trading above $50 per barrel on Wednesday for the first time since mid-December following the largest and most sustained rally in prices since the oil slump started.
The average for the 12 futures contr
For leading US shale oil producers, $40 is the new $70.
Less than a year ago major shale firms were saying they needed oil above $60 a barrel to produce more; now some say they will settle for far less in decid
Oil production in the US will reach a record high by 2021 as efficiency gains help domestic producers to combat the low prices that are likely to force hefty output cuts this year and next, the International Energy Agency (IEA) said.
Oil rose after the world's oil consumer body said it expected US shale production to fall this year and next, potentially easing a glut that has driven prices to their lowest in more than a decade.
The global oil market will begin rebalancing in 2017 when US output declines further under pressure from low oil prices before resuming growth again later in the decade to reach an all-time high by 2021, the International Energy Agency (IEA) sai
Within weeks, two low-profile legal disputes may determine whether an unprecedented wave of bankruptcies expected to hit US oil and gas producers this year will imperil the $500 billion pipeline sector as well.
In the two court fi
Saudi officials insist the kingdom's oil production strategy is not aimed at putting US shale producers out of business, a message that has been repeated to visiting US policymakers.
The United States remai
Less than two months into the year, the top US shale oil companies have already cut their budget for 2016 a second time as the relentless drop in oil prices continues to erode their cash flow.
With oil prices firmly wedged in the
The world is witnessing a shift in the energy market, driven by geopolitics and oilfield discoveries, from a time of great demand and scarcity to one of abundance in supply and weaker demand, said a global industry expert.
Oil prices rose on Tuesday after the head of Opec forecast a more balanced market next year and the US energy department said domestic output is likely to fall further, though gains were limited as the overall picture of a market in glut remains