BRITAIN LOSE 120,000 JOBS
As many as 120,000 oil workers will have lost their jobs in Britain by the end of the year compared to mid-2014 when oil prices started declining and unleashed sector-wide cost cuts, the industry's lobby group said on Friday.
Britain's oil industry and indirectly related jobs like supply chain and services are estimated to fall to 330,000 by the end of the year, down from 450,000 in 2014, Oil and Gas UK said in a report.
Major British oil industry employers like Royal Dutch Shell , BP and Chevron have all announced substantial job cuts in order to rein in costs as revenues have been hit hard by weak oil prices.
Shell announced an additional 475 job cuts in its UK and Ireland upstream business two weeks ago, part of a global drive to shed 12,500 roles between 2015 and the end of 2016.
"The total employment we will sustainably provide depends on the level of investment attracted into the basin," said Deirdre Michie, chief executive of Oil and Gas UK.
"If investment falls, then so will jobs."
Britain's North Sea, one of the oldest oil and gas basins, has been particularly strongly impacted by the market downturn as low revenue prospects are coupled with some of the world's highest exploration and production costs.
Around half of British oil jobs are located in Scotland and the Scottish government has set up a taskforce to help oil workers find employment elsewhere.
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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.