It has taken 500 days and the sacrifice of almost a billion barrels in lost oil output for the global crude market to eradicate a deep supply surplus, but oil prices have now hit OPEC heavyweight Saudi Arabia’s desired level of $80 a barrel.
Oil prices firmed on Thursday, with Brent crude creeping ever closer to $80 per barrel, a level it has not seen since November 2014, as supplies tighten while demand remains strong.
U.S. net petroleum imports have fallen to the lowest level in more than half a century as a result of the shale revolution, which is profoundly changing the impact higher oil prices have on the economy.
Venezuela’s chief prosecutor on Friday said he was looking to extradite two prominent Venezuelan oil businessmen who are awaiting sentencing in Texas as part of a massive bribery scheme.
Despite U.S. President Donald Trump’s decision to pull out of the Joint Comprehensive Plan of Action (JCPOA), the deal itself won’t be scrapped as long as Iran and the other signatories: U.K., France, Russia, China, Germany and the European Union remain committed to it.
U.S. electric utilities are expected to shut hundreds more of their coal-fired power generators in the coming years, extending a long trend away from coal and toward natural gas that has cast a pall over the mining industry.
Environmental groups are suing the Trump administration for selling oil and gas leases on huge swaths of Western U.S. public lands while allegedly ignoring policies meant to protect an imperiled bird.
U.S. gas and electric utility CenterPoint Energy said on Monday it would buy rival Vectren Corp for about $6 billion, the latest in a string of mergers in the sector as power consumption in many parts of the country flattens.
U.S. regional gas and electric utility CenterPoint Energy Inc is nearing a deal to acquire peer Vectren Corp, three people familiar with the matter said on Sunday.
U.S. natural gas speculators boosted their net long positions for the first time in five weeks, betting prices will rise as exports increase and lingering cold weather cuts further into already low inventories.