WAYS FOR U.S.
When US petrol prices halved in the autumn of 2008 it was the most timely and effective consumer stimulus of the whole financial crisis. Now the price of filling up a car is dropping again, but the US oil industry has changed so much, the effects are not quite as clear-cut.
The shale oil revolution means that the US is no longer just the world's top oil consumer – and thus a beneficiary of falling prices – but the top producer as well. Now when West Texas Intermediate falls from $95 to $75 a barrel, as it did during the past few months, economists have to factor in the hit to producers.
Their broad conclusion…
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US crude oil inventories for the week ended Mar. 15, excluding the Strategic Petroleum Reserve, decreased 9.6 million bbl from the previous week, data from the US Energy Information Administration showed.
Saudi Arabia will supply its clients with significantly less oil than they requested in April, extending deeper-than-agreed oil production cuts into a second month, a Saudi official familiar with the policy said.
Oil & Gas UK estimates exploration and production companies would have to spend about $265 billion between 2019-35 to realize industry’s expectations outlined in Vision 2035 on the UK Continental Shelf (UKCS).
U.S. FRB - Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. In support of these goals, the Committee decided to maintain the target range for the federal funds rate at 2-1/4 to 2-1/2 percent.