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2015, September, 10, 19:00:00
OIL PRICES: $54 IN 2015, $59 IN 2016
Brent crude oil prices will average $54/b in 2015 and $59/b in 2016. Forecast West Texas Intermediate (WTI) crude oil prices in 2015 and 2016 average $5/b lower than the Brent price. The current values of futures and options contracts for December 2015 delivery suggest the market expects WTI prices to range from $32/b to $73/b (at the 95% confidence interval) in December 2015.
2015, September, 10, 18:55:00
RUSSIAN UPGRADE: $50
Russia is overhauling its approach to crafting the budget next year to safeguard reserves, highlighting the challenges it faces in steering the recession-hit economy through a downturn in oil prices.
2015, September, 10, 18:50:00
SAUDI MAY REDUCE
In the first half of 2015, Saudi Arabia exported on average 4.4 million barrels per day (b/d) of crude oil to seven major trading partners in Asia, making up more than half of Saudi Arabia's total crude oil exports over that period. Even as global crude oil prices fell in 2014 and 2015, Saudi Arabia increased production and kept its export levels high, enabling it to maintain its market share in these countries. However, long-term trends within Saudi Arabia's energy sector may reduce its global crude oil market share.
2015, September, 10, 18:45:00
U.S. CUTS BUDGETS
Some of the largest U.S. shale oil producers have already begun slashing 2016 budgets, with some planning double-digit reductions starting next January, the latest sign low crude prices are forcing a radical adjustment in the industry.
2015, September, 9, 19:00:00
OPEC OIL DOWN
Oil production from the Organization of the Petroleum Exporting Countries (OPEC) totaled 31.26 million barrels per day (b/d) in August, down 140,000 b/d from the July level of 31.4 million b/d as several member countries, including Saudi Arabia, trimmed output, according to a just-released Platts survey of OPEC and oil industry officials and analysts.
2015, September, 9, 18:55:00
BACK TO RUSSIA
Together, these deals mean that Europe’s big energy companies want to return to business as usual with Russia, despite the continuing conflict in Ukraine and the EU’s continuing sanctions on Russia.
2015, September, 9, 18:50:00
HIGH RISKY PRICES
Low oil prices risk causing a lack of investment in conventional oil supply in non-OPEC countries, strengthening OPEC market power and creating additional uncertainty, the IEA's director for energy markets and security, Keisuke Sadamori, said Tuesday.
2015, September, 9, 18:35:00
CANADIAN OIL SANDS: THE WORST
Energy companies have been hurt by the swoon in crude prices this year, but Canadian Oil Sands is among the worst performing. The company’s stock has lost almost 40% of its value so far this year, compared with a 22% decline in the Toronto Stock Exchange energy index.
2015, September, 8, 18:17:00
DISINVESTMENT $250 BLN
Due to actual investments in production the volumes are still being added to the market, but the current cuts are starting to have an affect. In the next years the ongoing programs of investment shrinking - primarily from the transnational corporations - will certainly have their effect. As for now, the implementation of their long-term investment programs that started even before the current crisis has expressed in some production growth. But in 2014, the oil majors claimed to reduce the investment in production; in 2015, additional reductions by 10-20% and more were announced by such majors as BP, Shell, Chevron, Total. Overall cutback in global upstream investment was about $140 bln, and it is expected to reach $200-250 bln by 2016 year-end. Within 2-3 years, this will inevitably influence on the production and will have a long-term negative effect.