Home / Tag Archives: Oil price

Tag Archives: Oil price

OPEC must enact cuts for sustained oil price rise, IEA says

oil field, Kuwait, oil spill

PARIS (AP) — The International Energy Agency is urging OPEC countries to swiftly deliver on promised production cuts if they want to see a sustained increase in oil prices that will also help shore up their economies. In its monthly report Tuesday, the global watchdog said production from the Organization of the Petroleum Exporting Countries hit a record high in ...

Read More »

France’s Total profit falls 30 percent due to oil price drop

In this Feb.5, 2013 file photo, the logo of the French oil giant Total SA is seen at the entrance of the company headquarters in the La Defense business district, west of Paris. The French company said Thursday Feb.11, 2016 that profit adjusted for changes in the value of inventories and one-time items dropped to $2.1 billion from $2.8 billion in the same period a year earlier.(AP Photo/Jacques Brinon, File)

PARIS (AP) — French energy company Total SA says its net income fell 30 percent in the second quarter to $2.09 billion due to the impact of lower oil prices. The Paris-based company said its sales for the April-June period were $37.22 billion, down from $44.72 billion in the year-earlier period. Chairman and CEO Patrick Pouyanne said the company will ...

Read More »

New Mexico permanent funds shrink amid energy bust

SANTA FE, N.M. (AP) — Rainy day funds overseen by the state of New Mexico have been drawn down by almost 2 percent during the past year as spending on public education and infrastructure projects outpaces investment income and revenues linked to the oil and natural gas industries. The New Mexico State Investment Council said Monday that assets declined by ...

Read More »

Freeport-McMoRan skids as 2Q sales fall short of estimates

PHOENIX (AP) — Freeport-McMoRan stock slumped Tuesday after the mining company reported weaker-than-expected revenue for the second quarter as the price of copper and oil plunged and gold sales tumbled. Freeport-McMoRan sold 156,000 ounces of gold, less than half as much as it sold a year ago. Meanwhile its average selling price for oil fell 18 percent compared to the ...

Read More »

Stocks end mixed as crude oil dives and safety stocks fall

oil stock, crude price

NEW YORK (AP) — U.S. stocks swerved between gains and losses Thursday and wound up with a muddled finish as the price of oil plunged. Investors also sold utility and phone company stocks. They have favored those companies all year, especially in the wake of Britain’s vote to leave the European Union last month. Stocks started higher, building on gains ...

Read More »

Waiting for recovery–when will the oil glut disappear?

crude oil storage, oil glut

They’re tired phrases. Oil slump. Oil glut. Rig count down. Oil price dips. It seems as though every time the oil industry hits the news, one of those phrases are used. But life for those of us who work in the oil and gas industry consists of the here and now, and although the the view of the computer screen reporting the ...

Read More »

Oil closes near $50 as US stocks claw back half ground lost after “Brexit” vote

oil price, Brexit

U.S. stocks were on track to close sharply higher in late-afternoon trading Wednesday, echoing strong gains in global markets as investor worries about Britain’s vote to leave the European Union eased. Traders also got encouraging data on U.S. consumer spending. Energy companies led the rally as the price of crude oil closed higher. Health care, industrials and financials stocks were ...

Read More »

Crude, energy stocks fall again

wall street, financial markets, oil price

U.S. stocks indexes headed sharply lower in afternoon trading Monday as investors grappled with the fallout of Britain’s vote to leave the European Union. European stock markets extended their losses from Friday. The British pound, which last week plunged to its lowest level since 1985, continued to fall as traders expected the British economy would take a hit. On Wall ...

Read More »

Oil price unlikely to rise much further, global agency says

oil overflow barrel

LONDON (AP) — The price of oil is unlikely to rise much further after rallying almost 90 percent since January, as the global market shows signs of stabilizing, the International Energy Agency said Tuesday. The Paris-based agency, which advises the world’s top oil consuming nations, nudged up its estimate for global oil demand this year in its monthly report. It ...

Read More »

UN chief wants clean energy investments doubled by 2020

UNITED NATIONS — The U.N. secretary-general on Wednesday challenged investors around the world to at least double their investments in clean energy by 2020, saying that “we must begin the shift away from fossil fuels immediately.” Ban Ki-moon told an investor summit on climate risk that increasing investment in clean energy is critical in following up on the landmark agreement ...

Read More »