Tag: oil production

Oil derricks are silhouetted against the rising sun at an oilfield in the Baku October 16, 2005. Saudi Oil Minister Ali al-Naimi said on Sunday that the rise in oil prices to a record high had been determined by market forces. REUTERS/DAVID MDZINARISHVILI

Saudi Arabia: Increase in Supply of Saudi Oil Will Raise Prices

It seems like only yesterday that the great hope of the oil market was that oil-producing nations, both inside and outside OPEC, would come together and cap production to bring prices back up. Now the chief executive of the Saudi national oil company says it will increase production, but he expects prices to start rising anyway.

In early January, the Islamic State group launched an offensive to seize oil terminals in Ras Lanuf and Al-Sidra along the Libyan coast

Islamic State Sees Sharp Drop In Its Revenue

The Jerusalem Post reports: Islamic State’s revenue has dropped almost 30 percent in the past year and the terrorist organization has resorted to imposing fines to make up the funds, new analysis released Sunday by IHS revealed. In mid-2015, Islamic

Oil jumpjack (Hasan Jamali / Associated Press)

Saudi Arabia Abandons Deal to Cut Oil Production

Saudi Arabia has scuttled talk of a deal with other big oil nations to cut production and “warned high-cost operators such as U.S. shale drillers to trim costs or go bust, in a stark message that triggered fresh pressure on crude prices,” as the Financial Times put it.

AP Photo

Obama to Visit Saudi King Salman After Curbing Domestic Oil Expansion

Barack Obama didn’t have time to travel to France in observance of the Charlie Hebdo massacre. He doesn’t have time to meet with Israeli PM Benjamin Netanyahu, either.But it seems Obama is willing to make time to visit Saudi Arabia — and bearing quite a gift in the process.

AP Photo

Texas Oil Giant to Lay Off 9,000 Workers Across Globe

HOUSTON, Texas – Nine thousand workers are set to be laid off by Texas-based oil giant Schlumberger. The oil tool services company said it must fire 9,000 workers because of plummeting crude oil prices and a slow-down in 2015 production and exploration. The employee reduction comprises about 7.5 percent of the company’s 120,000 global labor force.