February 2015

Monthly average crude oil prices continued to decline during November. The average domestic crude oil first purchase price fell $7.76 (9.8 percent), to $71.07 per barrel.

The US drilling rig count plunged 87 units, a decline that was again spurred mostly by oil rigs, to settle at 1,456 rigs working during the week ended Feb. 6, Baker Hughes Inc. reported.

Never mind dropping oil prices. U.S. producers are pushing harder than ever for the right to sell U.S. crude oil overseas.

The U.S. federal government, with thousands of facilities and vehicles in locations across the United States and abroad, is one of the largest energy consumers in the world, but that consumption is declining.

European natural gas will probably extend declines as lower prices for the liquefied fuel in Asia, the biggest buying region, mean more cargoes head to Europe, according to Vattenfall AB, the Nordic region’s largest utility.

Monthly average crude oil prices continued to decline during November. The average domestic crude oil first purchase price fell $7.76 (9.8 percent), to $71.07 per barrel.

Oil-price collapse may aggravate producing nations’ other problems

Crude oil prices on the New York market bounced up $2/bbl to settle slightly above $50/bbl Feb. 5. The positive momentum continued during early Jan. 6 trading in what has proved to be a turbulent week for oil prices.

Statoil reduces capital budget by $2 billion following 4Q losses

Maria das Gracas Foster, chief executive officer of Petroleo Brasileiro SA (Petrobras) since 2012, has resigned along with five other senior executives.