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North Dakota

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  • BISMARCK, N.D., June 19- OPEC's decision this month to maintain existing oil output will fail to push rival producers out of the market because rising global crude demand should soon lift prices and boost drilling activity, North Dakota Governor Jack Dalrymple said. Since November, the Saudi Arabian-led cartel has held to a policy of unconstrained output, an...

  • Overall, drillers reduced the number of rigs by four this week, oil services company Baker Hughes Inc said in its closely followed report. The number of oil rigs in the Permian, the nation's biggest shale oil field located in West Texas and eastern New Mexico, climbed to 232 this week, up one from the lowest level in at least four years last week, according to Baker...

  • SEOUL, June 19- Oil prices were little changed in thin trade on Friday, with a forecast of higher output by U.S. shale oil producers this year adding to worries over demand and preventing the market from extending the previous session's gains. July crude had lost 5 cents to $60.40 a barrel as of 0428 GMT after closing up 53 cents on Thursday. Brent crude for August...

  • July crude shed 6 cents to $60.39 a barrel as of 0157 GMT after closing up 53 cents in the previous session. Brent crude for August fell 14 cents to $64.12 a barrel, having settled up 39 cents on Thursday. The potential for increased imports to the United States could also pressure U.S. oil prices.

  • U.S. crude futures for July shed 7 cents to $60.38 a barrel as of 0009 GMT after closing up 53 cents in the previous session. Brent crude for August fell 14 cents to $64.12 a barrel, having settled up 39 cents on Thursday. Saudi Arabia's Oil Minister Ali al-Naimi said after a meeting with Russian Energy Minister Alexander Novak he is optimistic about the coming...

  • INSTANT VIEW-Fed likely to raise rates later in year Wednesday, 17 Jun 2015 | 2:08 PM ET

    June 17- The U.S. economy is growing moderately after a winter swoon and likely strong enough to support an interest rate increase by the end of the year, U.S. Federal Reserve officials indicated on Wednesday. COMMENTS: WAYNE KAUFMAN, CHIEF MARKET ANALYST AT PHOENIX FINANCIAL SERVICES IN NEW YORK:.

  • COLUMN-North Dakota's oil production has peaked: Kemp Tuesday, 16 Jun 2015 | 8:14 AM ET

    LONDON, June 16- North Dakota's crude oil output has peaked, according to the latest production data published by the state government, as the slump in prices takes its toll. In the seven months between February and September 2014, output increased by 233,000 bpd, while in the seven months from September 2014 to April 2015, output actually edged down 18,000 bpd.

  • MINNEAPOLIS, June 12- By all rights wages should be soaring in Minnesota, a Midwestern state that boasts one of the best educated and well-paid workforces in the United States and where the unemployment rate stands at a 14- year low. But explain that to Bernie Hesse, projects director for the United Food and Commercial Workers Union. Retail workers, who account for...

  • U.S. fracking rules to face early legal test Thursday, 11 Jun 2015 | 4:30 PM ET

    The Interior Department rules, slated to take effect on June 24, would require companies to provide data on chemicals used in hydraulic fracturing, or fracking, and to take steps to prevent leakage from oil and gas wells on federally owned land. This is the "first tranche in this battle," said Dan Naatz, senior vice president for government relations at the...

  • June 11- Oil and natural gas producer Hess Corp said it would sell half of its Bakken midstream assets to private equity firm Global Infrastructure Partners for $2.68 billion to form a master limited partnership. Hess, which will retain control of the midstream assets' operations, expects the MLP's net income of $145 million to $155 million for the year ending...

  • June 11- Oil and natural gas producer Hess Corp said it will sell half of its Bakken midstream assets to Global Infrastructure Partners for $2.68 billion. The joint venture, valued at $5.35 billion, plans to file for an initial public offering, upon closing of the transaction, Hess said on Thursday. Hess said in July it plans to form a publicly traded master limited...

  • June 8- The Federal Reserve Bank of Minneapolis on Monday launched a search for a "strategic thought leader" to replace current president Narayana Kocherlakota, who is returning to academia after years of failing to persuade colleagues in the U.S. central bank to support more accommodative monetary policy. Kocherlakota, a university professor before...

  • June 8- Minneapolis Federal Reserve Bank President Narayana Kocherlakota said on Monday he was returning to academia, after years of failing to persuade colleagues in the U.S. central bank to support more accommodative monetary policy. Kocherlakota said in a statement he had accepted a job as a professor of economics at the University of Rochester, in New York...

  • WILLISTON, N.D., June 5- Oil executives in North Dakota, a center of the U.S. shale revolution, say OPEC made a questionable bet when it decided on Friday to stick with a policy that aims to push higher cost American producers out of the market by keeping output high. "High commodity prices hide a lot of inefficiencies in the system," said Tommy Nusz, chief executive of...

  • June 5- The U.S. drilling-rig count, which recorded its 26th straight weekly decline this week, is close to bottoming out ahead of a recovery in the second half of the year, mainly in the Permian and Eagle Ford shale plays in Texas, analysts said. At the end of this week, 868 oil and gas rigs were working in the United States, including 27 offshore, according to oilfield...

  • WILLISTON, N.D., June 3- North Dakota oil regulators ordered small, privately held Zavanna LLC to shut in oil wells near the confluence of the Missouri and Yellowstone rivers on Wednesday after more than 1.5 inches of rain raised flooding concerns. Other oil producers near the confluence, including Statoil, Exxon Mobil's XTO Energy and Oasis Petroleum, have the...

  • WASHINGTON, June 3- Democrats in the U.S. House of Representatives teamed up with their counterparts in the Senate on Wednesday to promote a banking regulatory relief bill they say is better than a broader version pushed by Republicans. House Financial Services Ranking Member Maxine Waters announced at a news conference that all of the Democrats on her panel...

  • WILLISTON, N.D., June 2- The former chairman of a North Dakota Indian nation that controls one-third of the state's oil output has formed a marijuana company to help tribes around the United States produce and distribute the drug. Tex "Red-Tipped Arrow" Hall, who until last fall led the Three Affiliated Tribes of the Mandan, Hidatsa and Arikara Nation, has formed...

  • LONDON, June 2- U.S. refineries are processing the lightest cocktail of crudes for almost a quarter of a century, as they run out of room to switch light imported oils with domestic shale production. In March, U.S. refineries processed crude with an average gravity of 31.95 degrees API, the lightest combination since April 1991, according to data from the U.S. Energy...

  • ABOARD THE EMPIRE BUILDER, May 28- Its passengers are mostly silver-haired retirees, oil-field workers and a few young families gazing out the windows of Amtrak's least-profitable and third-longest line, rumbling from Chicago through eight states and on to the American West Coast. A coach ticket between Spokane, Washington and Williston, capital of North...