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Tag Archives: oil slump

Oil unlikely to hit new 2015 lows – traders

LAUSANNE, Switzerland, April 21 – Oil prices could weaken again but they are unlikely to plumb new depths this year, leading commodities traders said on Tuesday, citing strengthening demand. Ian Taylor, head of the world’s largest oil trader, Vitol , told Reuters he thought global benchmark Brent crude oil, which tumbled 60 percent to just above $45 a barrel in ...

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Halliburton says has cut 9,000 jobs in wake of oil’s drop

HOUSTON (AP) — Halliburton has cut 9,000 jobs in about six months and is considering additional cost-cutting moves as falling oil prices reduce demand for its drilling help. That’s more than 10 percent of the Houston company’s workforce. Halliburton Co. executives disclosed the job cuts Monday on a conference call with investors. The company reported a loss of $643 million ...

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TxDOT ramps up during oil downturn

Texas Highway

EDITOR’S NOTE — This is the first in a continuing series of stories exploring this downturn and the challenges and opportunities this presents for West Texas. The oil and gas downturn could bring with it lower labor costs and lesser traffic that lend themselves to improving road infrastructure after years of heavy trucks tearing up pavement and the growing population ...

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No rigs lost last week in the Eagle Ford

The Eagle Ford Shale has seen a consistent reduction of operating rigs for roughly 3 and a half months. But, if you noticed late last week’s rig count update from Baker Hughes, you may have realized the silver lining of rig stabilization, where the Eagle Ford saw no declines in rig count. The San Antonio Business Journal reported that while ...

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US oil and natural gas rig count drops by 21 to 1,048

HOUSTON— Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. declined by 21 this week to 1,048 amid falling oil prices. Houston-based Baker Hughes said Friday 813 rigs were seeking oil and 233 exploring for natural gas. Two were listed as miscellaneous. A year ago, 1,809 rigs were active. ...

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Archer to cut nearly 1,000 jobs

Oilfield service company Archer Ltd. announced in its fourth-quarter and year-end earnings report that it will be cutting nearly 1,000 employees despite reporting a fourth-quarter revenue increase of 15 percent year over year. Archer, a Bermuda-based company, conducts its U.S. operations in Houston. The 1,000 employees being cut account for 11 percent of Archer’s workforce. Archer employed about 8,800 people ...

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Russian economy still at risk from oil, sanctions


MOSCOW – The Russian economy and rouble are still at risk from oil price volatility, Western sanctions and speculative behavior on the foreign exchange market, the central bank’s First Deputy Governor Ksenia Yudayeva said on Friday. “It’s premature to say that crisis trends in the economy have been overcome,” she told the Federation Council, Russia’s upper house of parliament. She ...

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Oil slump likely to benefit Chinese economy


BEIJING – The recent oil price plunge may increase Chinese GDP growth by 0.1 to 0.3 percentage points and keep inflation down, said economists. Dragged by a supply glut and US dollar appreciation, oil price will likely fluctuate between $40 and $60 a barrel this year and benefit Chinese economy with an increasing trade surplus, said Xie Yaxuan, chief researcher ...

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