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  • February 27, 2021 Long-time Republican takes over at helm of Lea County party
  • February 27, 2021 New Mexico governor signs bill to preserve abortion rights
  • February 26, 2021 Prison adds 192 COVID-19 cases on Friday
Home Tag Archives: oil prices

Tag Archives: oil prices

Leaders: $50 a barrel price a step in the right direction

By Hobbs News-Sun
January 11, 2021
in :  Local News
1,504

Oh what a difference a few months can make. In April 2020, West Texas Intermediate oil fell to an unheard of price of -$37.63. On Tuesday and Wednesday, WTI reached $50 per barrel. As of close on Wednesday, WTI crude on oilprice.com was $50.46. Buoyed by the announcement by Saudi Arabia it was cutting production by 1 million barrels per …

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OPEC, Russia to nudge up oil output after hit from pandemic

By Hobbs News-Sun
December 3, 2020
in :  Business
2,221

FRANKFURT, Germany (AP) — OPEC and allied countries including Russia agreed Thursday to increase oil production by 500,000 barrels a day from January and said they would meet monthly to decide further output levels, gingerly adding more crude to a global economy still suffering from the COVID-19 pandemic. The decision followed days of wrangling over whether to increase output early …

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OPEC leaders leave door open to more cuts as virus spikes

By Hobbs News-Sun
November 9, 2020
in :  Business
1,455

DUBAI, United Arab Emirates (AP) — Saudi Arabia’s energy minister said Monday that global energy producers have the ability to tweak an agreement on production cuts that could be extended through the end of 2022, signaling the anticipation of continued weakened demand for oil as the coronavirus pandemic peaks again in Europe and the United States “OPEC has been and …

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Trump tweets on oil prices

By Hobbs News-Sun
April 21, 2020
in :  National/World News
3,861

The historic drop in oil prices on Monday got President Trump’s attention. On Tuesday, Trump tweeted the following: 
“We will never let the great U.S. Oil & Gas Industry down. I have instructed the Secretary of Energy and Secretary of the Treasury to formulate a plan which will make funds available so that these very important companies and jobs will …

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Saudi-Russia oil fight melts markets, targets US oil patch

By Hobbs News-Sun
March 9, 2020
in :  Business
3,089

FRANKFURT, Germany (AP) — A clash of the oil titans – Saudi Arabia and Russia – is sending shock waves through energy markets, with wide-ranging implications for consumers and oil companies, including those in the No. 1 producing country, the United States. In the short term, oil prices fell by the most in one day since the 1991 Gulf War. …

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Oil prices plunge 20% as another virus-fueled trading week begins

By Hobbs News-Sun
March 8, 2020
in :  Business
4,698

NEW YORK (AP) — Oil prices are plunging as a dispute among producers could lead a global economy weakened by COVID-19 to be awash in an oversupply of crude. Brent crude, the international standard, lost $9.50, or 20.1%, to $35.77 per barrel, as of 7:58 p.m. Eastern time on Sunday after earlier touching its lowest price since 2016. Benchmark U.S. …

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Oil rises on tanker attack, but market now better ‘insured’

By Hobbs News-Sun
October 11, 2019
in :  National/World News
3,759

LONDON (AP) — Energy prices rose Friday after a missile strike on an Iranian tanker revived concerns about instability in the oil-rich region, though analysts say the global market is now more resilient to disruption to supplies. The international benchmark for oil rose 1.6% to $60.05 a barrel after Iranian officials said two missiles hit a tanker off the coast …

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Oil prices spike after Saudi oil attack as US blames Iran

By Hobbs News-Sun
September 16, 2019
in :  Business, National/World News
3,483

DUBAI, United Arab Emirates (AP) — Global energy prices spiked Monday by a percentage unseen since the 1991 Gulf War after a weekend attack on key oil facilities in Saudi Arabia caused the worst disruption to world supplies on record, further fueling heightened tensions between Iran and the U.S. American officials released satellite images of the damage at the heart …

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Exxon profits slide with natural gas prices weak

By Hobbs News-Sun
August 2, 2019
in :  Business
3,016

NEW YORK (AP) — Exxon Mobil brought in $69 billion in revenue in the second quarter, down from last year’s $73.5 billion. Some of the benefits of rising crude prices, up 22% this year, were offset by natural gas prices, which have fallen almost 24% over the same time frame. The nation’s largest oil company said Friday that its profit …

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Oil producers join forces and cut production again

By Hobbs News-Sun
December 7, 2018
in :  Business
2,034

VIENNA (AP) — Oil prices spiked sharply higher Friday as major oil producers, including the OPEC cartel, agreed to cut global oil production by 1.2 million barrels a day to reduce oversupply. Following two days of meetings, the Organization of the Petroleum Exporting Countries that includes the likes of Saudi Arabia and Iraq said they would cut 800,000 barrels per …

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