On July 14, the P5+1 (the five permanent members of the United Nations Security Council and Germany) and Iran announced an agreement that could result in relief from United States and European Union nuclear-related sanctions (which include some oil-related sanctions). If the agreement is implemented and sanctions relief occurs, it will put additional Iranian oil supplies on a global market that has already seen oil inventories rise significantly over the past year.
Net profit for the reporting period attributable to the shareholders of Gazprom Neft rose by 28.3% year-on-year to 112.4 RUB bln.
Global liquids production continues to outpace consumption, leading to strong inventory builds throughout the forecast period. Global oil inventory builds in the second quarter of 2015 averaged 2.7 million b/d, rising by 0.8 million b/d compared with the first quarter of the year. The pace of inventory builds is expected to slow in the second half of the year, to roughly 1.8 million b/d. In 2016, inventory builds are expected to slow to an average of 0.9 million b/d.
North Sea Brent crude oil prices will average $54 per barrel (b) in 2015 and $59/b in 2016.
Demand for oil is increasing at its fastest pace in five years, boosted by an oil-price drop below $50 a barrel, a top energy watchdog said Wednesday, as it sharply upgraded its consumption-growth forecast for the commodity.
U.S. crude oil production is projected to increase from an average of 8.7 million b/d in 2014 to 9.4 million b/d in 2015 and then decrease to 9.0 million b/d in 2016. The forecast is about 0.1 million b/d lower and 0.4 million b/d lower for 2015 and 2016. The decrease in the crude oil production forecast reflects a lower oil price outlook that will reduce expected oil-directed rig counts and drilling and well-completion activities throughout the forecast period.
Ten of the largest independent oil and gas producers in the United States reported total losses of almost $15 billion between April and June, compared with profits of almost $3.5 billion a year earlier.
Rosneft increased technical drilling volumes at the Company’s production assets by 27% in 7 months of 2015. Based on the January through July 2015 results the overall drilling progress accounted to 4.585 mln m, whilst during the same period of 2014 the figure was 3.605 mln m.
Crude oil prices will be mostly unchanged in the second half of 2015 and rise slowly in 2016
The Spratly Islands- at the heart of the dispute- are a collection of 750 islands, reefs, cays and atolls in the South China Sea. The region is rich in extensive natural gas and oil reserves and is recognized for the fishing opportunities it offers. The islands enjoy a strategic location in Northeast Asia’s most prominent maritime commerce routes; the waterway facilitates international sea-borne trade worth $5 trillion every year.