Usman Dantata

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Another 18,299 jobs were lost in February because of crashing oil prices

Layoffs in the energy sector totaled in February, according to the latest monthly report from staffing consultancy firm Challenger, Gray & Christmas.<p>"Oil exploration and extraction companies, as well as the companies that supply them, are definitely feeling the impact of the lowest oil prices since …

Crude Oil Price Forecast: 2018, 2019 and Long Term to 2030

Last updated:<p>Brent crude oil prices will average $63.4 per barrel in 2018 and decrease to $62.7 per barrel in 2019, according to the most recent …

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OPEC's Oil Price War Is Paying Off, But It's Far From Over

There's no reason to think OPEC won't keep the war against U.S. shale going for the foreseeable future.<p>The impact of OPEC's decision to keep oil …

Forget OPEC: America’s Oil Is Being Threatened From Within

So much oil, so little refining capacity.<p>The beleaguered U.S. oil industry has been battered by a global oversupply of oil that is outpacing demand …

US oil keeps booming despite low prices – for now

Idle drilling rigs, lay-offs, and low oil prices should mean less oil production, right?<p>Washington — Oil prices have collapsed, drilling rigs are …

Oil & Gas Industry

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Brent tumbles on Iran, Libya; U.S. crude up on spread play

NEW YORK (Reuters) - Brent crude tumbled more than 3 percent on Monday on speculation of a nuclear deal that could boost Iran’s oil exports, and U.S. crude rose by around 1 percent as traders bet the gap between the two would narrow.<p>A pump jack is seen at sunrise near Bakersfield, California …

Oil

Here’s What Will Send Oil Prices Back Up Again

Oil’s rapid decline since August of last year has been dramatic. To listen to some commentators you would also think it is unprecedented and …

Oil

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U.S. Will Never Gain Oil Market Crown, Says IEA Head

No matter how much oil the United States produces over the next few years, it will never become the next Saudi Arabia in the global oil market, …

Oil

Facing up to cheap oil: a tale of Latin America’s two Opec members

Last week Diezani Alison-Madueke, Nigeria’s oil minister and the president of Opec, called for an extraordinary meeting of the oil exporters’ cartel …

Oil

Where Cheap Oil Is Seriously Bad News

African countries slash spending on everything but their armed forces<p>by PETER DÖRRIE<p>Crude oil has hit rock-bottom prices, and several African …

Africa

OPEC is its own worst enemy

Just this past week the Nigerian oil minister, Diezani Alison-Madueke, said that OPEC could need to call an emergency meeting to discuss the persistently low price of oil. However, another member quickly piped up and said there was no need for an emergency meeting.<p>Nigeria's desire for a meeting …

Is the oil crash over?

Oil prices have rebounded by $16 a barrel since the low point was reached at $45 a month ago, and investors are already wondering whether the worst …

Oil

Oil back below $50 as OPEC hopes fade

Any hopes of a sustained rally in the price of oil disappeared Tuesday morning as doubts were raised over an anticipated cut in production from the …