Tag: Low Oil Prices
Venezuela in talks with China for grace period in oil-for-loans deal – sources
Under Hugo Chavez, Venezuela borrowed over $50 billion from China By Corina Pons, Alexandra Ulmer and Marianna Parraga CARACAS/HOUSTON, June 14 (Reuters) – Venezuela is in talks with China to obtain a grace period in its oil-for-loans deal that would improve the OPEC nation’s capacity to make bond payments amid an economic crisis, sources briefed […]
China stockpiling oil, further boosting tanker market
Oil demand in China remains firm in second half By Jonathan Saul ATHENS, June 6 (Reuters) – Moves by China to stockpile oil are providing a further boost to the tanker shipping market which is already buoyant due to global bargain-hunting caused by lower crude prices, shipowners said on Monday. Rates for supertankers transporting 2-million-barrel […]
Warren Resources files for Chapter 11 bankruptcy
Warren Resources operates in California, Pennsylvania By Tom Hals WILMINGTON, Del., June 2 (Reuters) – Warren Resources Inc , an exploration and production company with operations in California and Pennsylvania, filed for bankruptcy protection on Thursday, according to a court filing. The filing comes as a severe downturn in oil prices has forced scores of energy […]
In the North Dakota oil patch, a humbling comedown
North Dakota oil patch hub stricken by low oil prices By Ernest Scheyder WILLISTON, N.D., May 18 (Reuters) – Dave Van Assche didn’t fret too much when oil prices started to slide in late 2014. The postal services business he had built over three short years was thriving, catering to the tens of thousands of people […]
Norwegian oil investments to fall further in 2017 – survey
Norwegian oil investments to fall further in 2017 – survey OSLO, May 26 (Reuters) – Investment in the Norwegian oil and gas sector, a cornerstone of the country’s economy, will continue to fall next year as weak crude prices curb oil firms’ spending, a survey conducted by Statistics Norway (SSB) showed on Thursday. Norway’s offshore sector […]
Linn Energy files for Chapter 11 bankruptcy in oil bust
Linn Energy has agreement with senior creditors to recapitalize company By Tom Hals and Tracy Rucinski May 11 (Reuters) – Oil-and-gas producer Linn Energy LLC filed for Chapter 11 bankruptcy on Wednesday, becoming one of the biggest victims of global commodity rout, and said it had an agreement with senior creditors to recapitalize the company. Under […]
New Saudi oil minister is believer in reform and low oil price
Khalid al-Falih named new Saudi oil minister By Dmitry Zhdannikov and Rania El Gamal LONDON/DUBAI, May 7 (Reuters) – It was January 2016 and oil prices had crashed to their lowest in more than a decade. Saudi Arabia’s health minister, Khalid al-Falih, a favourite to take over the oil ministry from his mentor Ali […]
Hess would add Bakken rigs when oil nears $60 per barrel
Hess reported smaller-than-expected Q1 loss By Ernest Scheyder April 27 (Reuters) – Hess Corp said on Wednesday it would add drilling rigs in North Dakota’s Bakken shale basin, its largest area of operations, if oil prices approach $60 per barrel, a level executives believe offers the best chance to return to profitability. The update came after […]
U.S. regional banks brace for losses from energy loans
U.S. regional banks brace for losses from energy loans By Sweta Singh and Sruthi Shankar April 22 (Reuters) – The five U.S. regional banks most exposed to the energy sector set aside millions of dollars more in the first quarter to cover potential losses from bad energy loans. Overall, provisions for bad loans at Comerica […]
Oil prices, energy stocks slip in Friday morning trading
Oil prices slip ahead of OPEC meeting on Sunday NEW YORK — On Friday morning, U.S. stocks took small losses as energy companies slipped along with oil prices. As of 10:10 a.m. Eastern time, the Dow Jones industrial average fell 28 points to 17,898 and the Standard & Poor’s 500 index lost four points to […]
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