OPEC Cuts Would Kick In February 2017. Waiting to see what might happen to crude prices if a production cut is agreed on? An impact on prices would likely begin in earnest February next year.
Saudi Arabia (Maybe) Bracing For OPEC Impact? Saudi Arabia might find itself out in the cold as more than a third of production aims to be exempt from the potential production cut in the coming month.
Hess Has Hardships. “The Hess Truck’s back and it’s not better than ever,” as the company recorded a net loss for the quarter of $339 million.
Oil Prices Bring Down European Markets. Europe is feeling a bit of a pinch as oil prices fell slightly Wednesday as people just aren’t feeling that whole OPEC thing right now.
ISIS Saying “Goodbye, Oil?” While ISIS has shown itself to be highly adaptable, losing oil-rich territory means that the group continues to struggle with no longer having oil as its main source of income.
Chevron Pipelane Latest Nigerian Militant Target. The Avengers are at it again – this time by bombing an oil export pipeline operated by Chevron.
Oil Traders: OK Thanks To Shell, BP? Analysts say the oil trading market had a “nice ride in 2015,” as traders were able to “buy oil cheap, store it and sell the commodity at a profit later by locking in their income through derivatives.” I don’t think “nice ride” is how anyone else in the industry would describe the last year or so though…
Seaway Crude Pipeline Still Closed. An oil spill at a storage hub in Oklahoma still has a major pipeline offline and officials say they still don’t have a clear idea of when it will be back up.
BP Clair Back In The Game. Production resumed at BP’s Clair platform following a leak earlier this month, however technical issues still have not been taken care of.
Xcite Energy Not Excited Over Liquidation. Bondholders are aiming to liquidate the company’s North Sea assets following the company amassing a large amount of debt