TOUGH OIL TIMES
Beleaguered oil and gas executives gathered here for a global energy conference sounded a common message: Blood may be in the water, but it isn't ours.
Forced to reckon with a prolonged period of low energy prices, oil chiefs at the annual IHS CERAWeek energy gathering sought to portray themselves as steely survivors in an industry grappling with spending cuts and asset sales
Many executives counted how many previous crashes they had weathered. Some took solace in the musings of "Persian wise men" and philosophers from the 19th century.
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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.