Oil tankers chartered for floating storage off Gulf Coast

LONDON (Dow Jones)--Two oil tankers have been booked for use as floating storage vessels off the U.S. Gulf Coast this month, shipping brokers told Dow Jones Newswires Monday. The use of floating storage became popular at the end of 2008 when the crude oil market flipped into contango, when the front-month futures contract is cheaper than the subsequent months. Such a trading … [Read more...]

U.S. and International Energy Agency Tapping Oil Reserves

WASHINGTON -(Dow Jones)- The U.S. government on Thursday said it would release 30 million barrels of oil from its strategic petroleum reserves as part of an effort to offset disruptions caused by unrest throughout the Middle East. Over the next 30 days, the U.S. government and its partners in the International Energy Agency will release 60 million barrels of oil onto the … [Read more...]

Global Drilling Boom: Oil and Gas Spending To Reach Record Level In 2011

HOUSTON (Dow Jones)--Oil and natural-gas companies are spending more than half a trillion dollars in the oil patch during 2011--a record level that signals the return of the global drilling boom that sputtered during the recession, Barclays Capital said Monday. The spending frenzy is driven in part by high oil prices, which recovered quickly from the financial crisis and in … [Read more...]

Who Has The Oil? A Map of World Oil Reserves.

"The United States consumes more than 20,000,000 barrels of oil per day but has less than 2 percent of the world's remaining oil" This map, produced by BP's Statistical Review division, shows countries based on known crude oil reserves. The larger the country, the more reserve capacity. The map also gives mariners working offshore an idea where jobs opportunities may arise … [Read more...]