Saudi Arabia to Scale Back on Record Crude Oil Output Levels
Crude prices erase early losses to rise by 1% or more after a report showing the fifth weekly decline in the US oil rig count renewed the debate over falling production in the world’s top oil consumer.
Oil is holding near $45 while the bad news keeps coming. For investor Jim Rogers, that’s usually a sign a rebound is near.
US energy firms cut 26 oil rigs in the latest week, the biggest reduction since April and the fifth straight weekly decline, data shows.
Somalia opposes a moratorium on oil deals that’s being discussed at the United Nations as a way of stabilizing one of the world’s most fragile states, Finance Minister Mohamed Adan says.
Encana and others envision a future with a more stable flow from wells, so that they don’t always have to keep drilling simply to maintain output.