LUKOIL WILL CUT $1.5 BLN
Russia's second-largest oil producer Lukoil aims at stabilizing its oil output this year, the company's CEO Vagit Alekperov said on the sidelines of the World Economic Forum in Davos, Switzerland. "Lukoil aims at stabilizing output throughout Russia in 2015," Alekperov said.
Lukoil will cut its 2015 investment program by $1.5 billion, Alekperov added. "I would say that a 10-15% cut in this year's investment program equals $1.5 billion," Alekperov said.
Russia's largest private oil firm Lukoil plans no personnel cuts, despite problems in the national economy, the CEO stressed. "We'll not cut our personnel but will not hire new people, even though we're commissioning fixed assets worth almost $5 billion in 2015 both in upstream (exploration and extraction) and downstream (refining and sales) operations," Alekperov said.
Speaking about oil prices, the Lukoil CEO said they will average $50 per barrel in Q1, and $65-70 per barrel in 2015.
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IEA - For the third consecutive year, global energy investment declined, to USD 1.8 trillion (United States dollars) in 2017 – a fall of 2% in real terms. The power generation sector accounted for most of this decline, due to fewer additions of coal, hydro and nuclear power capacity, which more than offset increased investment in solar photovoltaics.
EIA - Crude oil production from the major US onshore regions is forecast to increase 143,000 b/d month-over-month in July from 7,327 to 7,470 thousand barrels/day , gas production to increase 1,066 million cubic feet/day from 69,466 to 70,532 million cubic feet/day .
U.S. FRB - Industrial production rose 0.6 percent in June after declining 0.5 percent in May. For the second quarter as a whole, industrial production advanced at an annual rate of 6.0 percent, its third consecutive quarterly increase. Manufacturing output moved up 0.8 percent in June.
U.S. DT - The sum total in May of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net TIC inflow of $69.9 billion. Of this, net foreign private inflows were $58.8 billion, and net foreign official inflows were $11.1 billion.