crude oil

Government, Business, Fuel

US Holds Steady on Outlook for Domestic Oil Production Rising Despite Lower Prices

Oil drilling Luke Sharrett/Bloomberg News

The U.S. government left its forecast for domestic crude production unchanged for 2019 even with prices averaging almost $11 a barrel lower than its previous estimate.

Stephen Cunningham | Bloomberg News
December 11, 2018
Government, Business, Fuel

Louisiana Offshore Port Ships Most Oil Ever on Supertankers

Oil Rig An oil rig off the coast of Louisiana. (Luke Sharrett/Bloomberg News)

The Louisiana Offshore Oil Port is pushing out the most crude it’s shipped in any one month since the terminal began supertanker exports in February.

Sheela Tobben | Bloomberg News
December 10, 2018
Government, Business, Fuel

US Becomes Net Oil Exporter for First Time in 75 Years

Texas Oil Field Matthew Busch/Bloomberg News

America turned into a net oil exporter the week of Nov. 26, breaking 75 years of continued dependence on foreign oil and marking a pivotal — even if likely brief — moment toward what President Donald Trump has branded as “energy independence.”

Javier Blas | Bloomberg News
December 6, 2018
Government, Fuel

Iraq Resumes Kirkuk Oil Exports After Yearlong Pause

Baba Gurgur oil processing plant Fires flare off the gas from crude oil at Iraq's oldest oil processing plant in Baba Gurgur, outside of Kirkuk. (Nabil al-Jurani/AP)

BAGHDAD — Iraq began piping oil from its fields around the disputed city of Kirkuk on Nov. 16, more than a year after exports were halted over troubles with the autonomous Kurdish administration north of the country.

November 16, 2018
Government, Business, Fuel

Oil Trades Near Six-Month Low as Fears of a Shortage Subside

Oil drilling Ali Mohammadi/Bloomberg News

Oil traded near a six-month low as the prospects of a tight global market at the end of the year further receded after the U.S. softened the restart of sanctions against Iran.

Grant Smith | Bloomberg News
November 5, 2018
Government, Business, Fuel

Canadian Producers Turn to Oil Trucks as Supply Glut Grows

Tanker Truck Randy L. Rasmussen/Associated Press

Tanker trucks laden with oil are journeying almost 500 miles to pipeline and rail terminals. It’s a phenomenon that Ken Boettcher, president of Three Star Trucking Ltd. in Alida, Saskatchewan, started to see three or four months ago when oil shippers around Kindersley, near the Alberta border, began requesting trucks to move their crude, in some cases, as far south as North Dakota.

Robert Tuttle | Bloomberg News
October 31, 2018
Business, Fuel

BP Breaks From Peers to Unleash Cash Bet on Oil Staying High

BP Matthew Lloyd/Bloomberg News

BP is gearing up to leave European competitors in the dust, at least when it comes to spending the oil industry’s enormous cash pile. While Total SA and Equinor ASA signaled last week they still are keeping a tight rein on spending, BP showed Oct, 30 it is prepared to take some risks.

Kelly Gilblom | Bloomberg News
October 30, 2018
Business, Fuel

Oil Falls Most in Eight Weeks as Investors Avoid Risky Assets

Oil refinery Jonathan Alcorn/Bloomberg News

Crude posted the biggest decline in eight weeks as a risk-off sentiment spread through global markets. Futures tumbled 3% in New York on Oct. 11. Investors eyed a sixth day of U.S. equity losses along with heightened volatility.

Jessica Summers | Bloomberg News
October 11, 2018
Business, Safety, Fuel

Fort Hills Mine Signals Path for Oil-Sands Revival in Alberta

Fort Hills Williams speaks during a grand opening event for the Suncor Fort Hills oil-sands extraction site near Fort McKay, Alberta. (Ben Nelms/Bloomberg News)

A colossal Canadian oil-sands project may be showing the way forward for an industry many thought would never see new investments.

Robert Tuttle | Bloomberg News
September 11, 2018
Government, Business, Fuel

Oil Demand Seen Peaking by 2023 While Climate Targets Are Missed

Trucks transporting oil exit a Valero facility Luke Sharrett/Bloomberg News

Within 20 years, oil use will have long since peaked, renewables and natural gas will account for about half of energy supply and the cost of keeping the lights on will plummet. But that still won’t be enough to meet climate goals, according to a forecast from energy and maritime services company DNV GL Group AS.

Kelly Gilblom | Bloomberg News
September 10, 2018