Who says that the U.S. oil supply picture is not getting in balance? Crude oil supply in the United States fell by 7.2 million barrels, down more than 50 million barrels since the end of March. It would have been more than 60 million barrels if it were not for the reclassification of oil released from the Strategic Petroleum Reserve. That puts supply at the lowest level this year and 7.1% below last year. U.S. crude production faltered last week, a sign that U.S. shale producers are getting wobbly. Y
The United States received failing scores for its efforts to prevent the laundering of criminal proceeds by shell companies, accountants and real estate agents, the Financial Action Task Force (FATF) said in a report released Thursday.
Royal Dutch Shell, the world's second-biggest publicly listed oil company, is studying acquisitions in the green energy sector, its CEO told Reuters, as it bows to shareholder demands for a strategy beyond fossil fuels.
Royal Dutch Shell earnings missed expectations by a billion dollars and the result may be more cutbacks in capital spending. That was a 72% drop in profits. The big miss follows disappointing results from BP as the Industry is feeling the effects from the collapse in refining margins, which was the savior of big oil after the crude oil price crash. With the falling production at Shell from disruptions of supply in Nigeria and Canada and a hit on its natural gas business, it’s clear that Shell and most other oil companies are going to make more cutbacks.
Crude oil prices are having a hard time trying to decide whether they should be focused on risks to supply or risks to demand. Early on Friday it appears that the risk to demand fears are outweighing risks to supply fears as the dollar rallies and economic concerns weigh.
Peak crude oil is back--at least for now! U.S. oil futures soared after the Energy Information Administration (EIA) acknowledged that U.S. oil output will fall despite earlier predictions to the contrary, only to fall back after the American Petroleum Institute reported a 12.2 million barrel increase in crude supply.
Royal Dutch Shell agreed to buy smaller rival BG Group for 47 billion pounds ($70.2 billion) in the first major energy industry merger in more than a decade, closing the gap on market leader U.S. ExxonMobil after a plunge in prices.