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Domestic Oil Output On Track To Break 1970s Record Levels
Wednesday, June 7, 2017 - 9:42am | 329Oil 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...
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America's Oil Production Could Surpass Those Of 4 OPEC Producers In 2017
Thursday, February 2, 2017 - 12:23pm | 270American 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...
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Is Now The Perfect Time To Buy U.S. Oil Stocks?
Monday, December 12, 2016 - 2:25pm | 548After 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...
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Bernstein Initiates Coverage On 9 Oil Field Service Stocks
Friday, December 2, 2016 - 12:09pm | 382The 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...
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11 Of The Biggest Stock Winners From OPEC Meeting
Thursday, December 1, 2016 - 12:37pm | 724With 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,...
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What Happened The Last Time OPEC Cut Oil Production?
Wednesday, November 30, 2016 - 12:25pm | 357OPEC 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...
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OPEC Cuts Production: Everything You Need To Know
Wednesday, November 30, 2016 - 11:11am | 403After 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...
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OPEC Says Crude Oil Surplus Will Continue To Grow In 2017 Despite Potential Production Cut
Wednesday, October 12, 2016 - 1:53pm | 358There’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...
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Saudi Arabia Will Halt Oil Production Increases Only If Iran Follows Suit
Friday, April 1, 2016 - 1:54pm | 251Crude 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...
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California Resources Gains 30% Following Better-Than-Expected Q4, Encouraging Outlook Commentary
Tuesday, March 1, 2016 - 12:10pm | 377Shares 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...
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IEA: Oil Supply Glut To Widen In 2016
Tuesday, February 9, 2016 - 12:38pm | 165According to the International Energy Agency, the world is oversupplied with oil by around 1.5 million barrels per day and this glut is only expected to expand. The IEA estimated that in the near term the world will be oversupplied with 1.75 million barrels per day. The agency cited increased...
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U.S. Oil Refining Eyes Big Expansion Amid Shale Spike
Monday, March 3, 2014 - 3:01pm | 514As 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...
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U.S. Trade Deficit Narrows to Lowest Level Since 2009, Amid Rising Energy Production
Tuesday, January 7, 2014 - 5:04pm | 494The 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...
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Phillips 66 vs. ConocoPhillips: Which Is The Better Investment?
Monday, December 16, 2013 - 4:20pm | 587There 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...
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3 Reasons Why Oil is the New Safe Haven Asset
Thursday, October 31, 2013 - 5:06pm | 526Even 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...