RUSSIA SANCTIONS HELP CHINA
U.S. and European companies dominate the global market in oil exploration and production, especially projects requiring complex engineering and reservoir management, but they will face increasing competition from China over the next decade.
Western majors like Exxon, BP, Chevron, Shell, Total, Statoil and ENI currently lead the international oil industry. The only serious rivals from outside the OECD are Petronas (Malaysia), Petrobras (Brazil) as well as CNPC and Sinopec (China).
Western firms are even more dominant in the services industry, where Halliburton, Schlumberger and Baker Hughes, plus smaller specialists,…
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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.