oil production

Oil prices were trading lower Wednesday morning following a Department of Energy report that paints an encouraging outlook for U.S. oil production. The United States Oil Fund LP (ETF) (NYSE: USO) lost more than 1 percent after the Department of Energy said it expects U.S. oil production in 2018...

American oil companies are poised to export up to 800,000 barrels of oil per day in 2017 if President Trump fulfills his promises to ease restrictions and promote oil production. According to a Bloomberg report, the 800,000 barrels a day figure is larger than four OPEC members, including Libya...

After several years of bad news for oil investors, things are starting to look a bit more bullish for the U.S. oil industry. WTI crude oil prices jumped above $54/bbl on Monday following news that a group of non-OPEC oil producers will be joining OPEC and cutting crude oil output in an effort to...

The OPEC deal may have finally marked a buying opportunity in oilfield service stocks after a multi-year slump in the global oil market. Bernstein analyst Colin Davies now has a positive outlook for North American oil field services stocks and has initiated coverage on nine of the biggest names in...

With the "will they" or "won't they" dilemma now past following the greenlighting of OPEC's proposal to cut production quota, it is time to keep a tab on some of the stocks that can benefit from this news that is bullish for prices and in turn the companies. OPEC Finally Agrees On Cuts OPEC,...

OPEC has agreed to its first production cut in nearly eight years on Wednesday. Shares of the United States Oil Fund LP (ETF) (NYSE: USO) are up 8.75 percent in early Wednesday trading in response to the news. While investors await the official details, Benzinga took a look back at how the USO...

After months of negotiations and disputes, OPEC has reportedly agreed to its first crude oil production cut since 2008. At a meeting in Vienna, sources said OPEC has finalized a deal that is in line with a plan discussed in September to cut production from 33.6 million barrels per day (bpd) to...

There’s no question that OPEC’s recent talk of a crude oil production cut is good news for oil investors. However, the latest report from the organization suggests that the global oil industry is still a long way from balanced. A new OPEC report revealed some discouraging figures and...

Crude oil traded lower on Friday as the prospect of a freeze in output among major global producers turned grim. According to Bloomberg, Saudi Arabia pledged to freeze its oil output, but under a major condition – Iran and other major producers must promise to follow suit. OPEC and non-OPEC...

Shares of California Resources Corp. (NYSE: CRC) surged higher by more than 30 percent Tuesday morning. California Resources reported that it lost $0.20 per share in the fourth quarter on revenue of $566 million. Wall Street analysts were expecting the company to lose $0.24 per share on revenue of...

As of early 2013, according to the U.S. Energy Information Administration, there were 143 operable oil refineries in the U.S. – less than half the number there were in 1982. But that decline appears to be ending. The new oil boom in the Dakotas, Texas, Oklahoma and elsewhere is reportedly...

The Commerce Department reported on Tuesday that the U.S. trade deficit, the dollar-value difference between American imports and exports, shrank 12.9 percent to $34.3 billion in November. The figure beat analyst expectations of a deficit of $40.00 billion. The deficit figure from October was...

There is arguably no bigger industry in the world tan the oil industry and many of the top Fortune 500 companies are in the oil production business. Two of the biggest oil companies actually used to be one. Phillips 66 (NYSE: PSX) has long been a leader in the oil game but in early 2012 the...

Even though the demand is low and  inventories are full, the price for crude oil  is still high. That cannot be attributed to the effects of Quantitative Easing III, as the price for gold and silver have fallen. What has happened is that oil assets, in various forms, have replaced gold and silver...