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January 2016

January 2016
2016, January, 15, 20:15:00
OIL MAJORS CUT JOBS
Companies like BP, which said Tuesday it is cutting 4,000 jobs, are slimming down to cope with the slump in oil, whose price has plummeted to its lowest level in 12 years and is not expected to recover significantly for months, possibly years. California-based Chevron said last fall that it would eliminate 7,000 jobs, while rival Shell announced 6,500 layoffs.
January 2016
2016, January, 15, 20:10:00
U.S. OIL PRODUCTION (116) TBD
Crude oil production in February from seven major US shale plays is expected to fall 116,000 b/d to 4.83 million b/d. Production from the Eagle Ford is seen dropping 72,000 b/d during the month to 1.15 million b/d, followed by a 24,000-b/d loss in the Bakken to 1.1 million b/d and 23,000-b/d loss in the Niobrara to 371,000 b/d.
January 2016
2016, January, 15, 20:05:00
OIL COMPANIES ROUT
“Companies have to be prudent in the face of what’s happening,” says Daniel Yergin, vice-chairman of consultancy IHS. “It’s a wrenching period for the industry.”
January 2016
2016, January, 15, 20:00:00
LNG: BIGGER NO BETTER
Global LNG output is expected to rise by a third to about 330 million metric tons annually by 2018, according to Sanford C. Bernstein & Co. Most of the new fuel will come from the U.S. and Australia, which is poised to topple Qatar as the biggest supplier. Unlike Saudi Arabia, the largest oil shipper, Qatar won’t be fighting for market share at the expense of earnings.
January 2016
2016, January, 15, 19:55:00
IRAN NEEDS $20 BLN
Iran needs $20bn to develop the remaining phases of the South Pars gas field, energy minister Bijan Namdar Zanganeh said
January 2016
2016, January, 15, 19:50:00
CHINA'S OIL & GAS DEMAND WILL UP
Natural gas demand is expected to rise to 199 billion cubic meters in 2016, Zhu Fang, head of market information department at the China Petroleum and Chemical Industry Association told Reuters after a media briefing by the association on Tuesday in Beijing.
January 2016
2016, January, 15, 19:45:00
BP CUTS JOBS 5%
Oil companies including Royal Dutch Shell and Chevron have already slashed tens of thousands jobs globally to deal with a near 75 percent drop in oil prices since June 2014 that has seen earnings collapse.
January 2016
2016, January, 10, 18:30:00
GLOBAL GAS CHALLENGES
“The advent of [more sellers of] LNG is another challenge of the gas market,” Adeli said and noted that the U.S. has utilised modern technologies to produce gas from shale, so that the country has been turned from a gas importer to an exporter. Australia, another OECD country with no interest in joining organisations that could be seen as cartels, is already an LNG exporter and its output is rising sharply over the coming few years.
January 2016
2016, January, 10, 18:25:00
RUSSIAN OIL CHRISTMAS
Crude's collapse from $100 a barrel since mid-2014 has already pummeled Russia, which relies on energy for about half its budget revenues and 40 percent of its exports. The latest slide compounds the problems facing President Vladimir Putin ahead of elections in 2018.
January 2016
2016, January, 10, 18:20:00
CHINA WILL GROW SLOWLY
"We are certain the Chinese economy will grow only slowly and that the yuan will depreciate in 2016," said a senior trader with a Shanghai-based fund. "The biggest uncertainty we have is how much the yuan will depreciate, which could revalue metals in China and affect our bets."