February 2015

The United States, in contrast, showed robust economic and employment growth in 2014, which is forecast to continue through 2015.

BHI: US rig count continues 11-week dive, loses 98 more units

Pemex cuts budget by $4 billion

Marathon revises down budget by 20%

An independent Dutch safety panel has found that the operators of Europe’s largest natural gas field, Royal Dutch Shell and Exxon Mobil, as well as the Dutch government, for years ignored the dangers posed by earthquakes in the field.

Oil tops $60 for first time in 2015, industry cutbacks support

Brent crude oil prices will average $58/bbl in 2015 and $75/bbl in 2016

Crude oil prices moved higher toward the end of January and into the first week of February.

“So, fundamentally, the crisis in oil prices in 2014 – is just a ripple on the water compared to the oversupply tsunami of 1985. The amount of excess capacity is five times less. Operating costs are 2-3 times higher. Instead of a deep drop in demand – a growth is recorded. The rate of decline in marginal production – is ten times higher. There is a clear unbalance between fundamental drivers and the observed price dynamics” - highlighted Rosneft Head.

Looking into 2015 we face a very challenging market.