“This period of low oil price is not a time to jeopardize Nigeria’s long term interests by showing Nigeria as a place not to be trusted, and projecting our business environment as unconducive,”
OPEC revenue has fallen in step with the steep decline in crude oil prices. The monthly average Brent spot price dropped from $112 per barrel in June 2014 to $38/b in December 2015. OPEC revenue is expected to fall further in 2016 to $341 billion before rising to $427 billion in 2017.
India will save about Rs 20,000 crore ($3bn) as it has renegotiated a long-term LNG import deal with Qatar, Prime Minister Narendra Modi said on Monday.
"With regard to the cooperation with Saudi Arabia, the dialogue between our two countries is developing in a tangible way, whether in the framework of a multi-party structure or on a bilateral level," Novak was quoted as saying.
The group exploited 10.32 million tons of crude oil and 6.56 billion cubic metres of gas in the first seven months.
Gazprom's sales volume to its core ‘Europe and other’ markets in 1Q grew by 49% to 58.1bn m³, an increase of 19bn m³ on 39.1bn m³ in January-March 2015. Sales to former Soviet countries declined by 15.5% (by 2bn m³) to 10.9bn m³, while those in Russia declined more modestly to 75.4bn m³, just 6% or 4.9bn m³ less than in 1Q 2015.
Employment in oil and natural gas production reached a high of 538,000 jobs in October 2014. Since then, oil and natural gas production employment declined 26%, a loss of more than 142,000 jobs through May 2016, based on the latest jobs data available. The total decrease in production jobs is nearly three times the 51,000 jobs lost over a 13-month period during the 2008–09 recession.
The deficit rose to $44.5 billion in June, 8.7 percent higher than a revised May deficit of $41 billion, the Commerce Department reported Friday. It was the biggest gap between what America sells abroad and what the country imports since a $44.6 billion deficit last August.
In common with other oil companies, the European trio are looking to divest non-core assets to help shore up their balance sheets and defend dividends at a time of mounting pressure from the prolonged weakness in oil prices.
Latin America should strengthen regional trade and financial linkages to boost growth and further the social achievements of the past 15 years.