December 2015

“The latest leg down in activity has led us to again evaluate our staffing levels against expected activity. Following which, we will further right-size the organization based on the activity outlook for 2016,” said Patrick Schorn, Schlumberger’s president of operations, at a speech on Tuesday in New York.

Saudi Arabia, which has so far resisted any market intervention to prop up oil prices, will propose the Organization of the Petroleum Exporting Countries (OPEC) cut output by 1 million barrels per day (bpd) next year, Energy Intelligence reported.

Depressed oil prices are likely to linger longer as analysts dropped their predictions further for next year, according to a Reuters poll, assuming OPEC will not cut output when it meets on Friday.

“Relatively low gas prices, combined with low oil prices, have slowed drilling in the Marcellus (Shale) so production from new wells is only offsetting the decline in old wells,” said EIA lead upstream analyst Dana Van Wagener.

U.S. oil production decreased on 259,000 barrels per day

"I will defend the position for the construction of Nord Stream II and (a) gas hub in Bulgaria - it is advantageous for the country and nobody can reproach me for that," Borisov told reporters.

LUKOIL EBITDA REACHED $10.5 BILLION IN THE NINE MONTHS OF 2015, LIQUID HYDROCARBONS PRODUCTION INCREASED BY 3.9%. FREE CASH FLOW REACHED $2.0 BILLION