All publications by tag «OIL»
2017, January, 11, 19:00:00
OIL INVESTMENTS UP
Global capital spending by leading exploration and production companies will total $450bn in 2017, up 3 per cent compared to 2016 and ending two years of steep declines, according to Wood Mac forecasts published on Wednesday. Meanwhile, the number of final investment decisions by these 60 E&P companies — which range from large multinationals and independents to national oil groups — on new upstream projects will double to more than 20 in 2017, from nine last year.
2017, January, 11, 18:55:00
OIL JOBS UP
Oil companies are starting to hire back workers as they add rigs to the shale patch in North America to take advantage of oil prices above $50 a barrel. After unprecedented spending cuts over the past two years, explorers are forecast to boost capital expenditures by 7 percent this year.
2017, January, 11, 18:50:00
RUSSIA - OPEC ALLIANCE
Russia and 10 other non-OPEC nations joined forces with the Organization of Petroleum Exporting Countries on Dec. 10 to end a global glut that’s crashed oil prices and shaken energy-rich economies. The pact — the first between the two sides in 15 years — involves a reduction of 558,000 barrels a day from non-OPEC countries starting in January.
2017, January, 11, 18:40:00
U.S. DECLINE'S END
“Today’s report shows evidence that the consistent decline in oil and natural gas drilling could be coming to an end,” said Hazem Arafa, director of API’s statistics department.
2017, January, 11, 18:35:00
IRAQ PLANS 3.6 MBD
Iraq plans to raise crude exports from its southern port of Basra to an all-time high in February, keeping exports high even as OPEC production cuts take effect this month.
2017, January, 9, 19:05:00
OIL PRICES: ABOVE $56 AFRESH
Brent crude futures LCOc1, the international benchmark for oil prices, were trading at $56.84 per barrel at 0535 GMT (00.35 a.m. ET), down 26 cents from their last close.
U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were trading at $53.70 per barrel, down 29 cents.
2017, January, 9, 19:00:00
SAUDI CUTS OIL PRODUCTION: 486 TBD
Saudi Arabia has cut its crude-oil production by at least 486,000 barrels a day since October, said a person familiar with the kingdom’s output, bringing the world’s largest exporter of petroleum swiftly into line with OPEC’s deal to raise prices.
2017, January, 9, 18:55:00
RUSSIA CUTS 100 TBD
Russia cut its oil production in early January by around 100,000 barrels per day (bpd) from the previous month after an agreement with OPEC to cap global crude output, two sources from the energy sector told Reuters on Monday.
2017, January, 9, 18:50:00
SAUDI'S CHANGES PRICE: $2 TLN
Saudi officials are seeking to transform Saudi Aramco into the world’s most valuable publicly traded company, which they say is worth about $2tn.
2017, January, 9, 18:35:00
WORLDWIDE RIG COUNT DOWN 197
Baker Hughes Incorporated (NYSE:BHI) announced today that the international rig count for December 2016 was 929, up 4 from the 925 counted in November 2016, and down 166 from the 1,095 counted in December 2015. The international offshore rig count for December 2016 was 210, down 1 from the 211 counted in November 2016, and down 40 from the 250 counted in December 2015.