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June 2016

June 2016
2016, June, 24, 18:15:00
GLOBAL DEFICIT $2 TLN
"Such huge outflows raise a question as to whether upstream business will generate enough cash, and where capex will figure in the priority order of companies," said Andrew Slaughter, executive director, Deloitte Center for Energy Solutions. "When we annualized operating cash flows of all the three company sets in 2015 for the next five years, assuming a $55/bbl average oil price, we see a total funding gap of up to $2 trillion from operations."
June 2016
2016, June, 24, 18:10:00
GLOBAL INVESTMENT DOWN $1 TLN
Global upstream development spending from 2015 to 2020 has declined 22%, or $740 billion, since fourth-quarter 2014. Including cuts to conventional exploration investment, the figure increases to just more than $1 trillion.
June 2016
2016, June, 24, 18:05:00
EUROPE'S GAS EQUILIBRIUM
BP’s energy outlook this year foresees a compound annual growth rate of gas demand at 1.8% until 2035. In the OECD, this growth results from the coal-to-gas transition in power generation. The US major ExxonMobil supports this view, forecasting gas will account for 30% of the power sector and will equal coal by 2040.
June 2016
2016, June, 24, 18:00:00
OIL CAN BE FROZEN
"We have seen a large amount of short positions being closed while long positions have been opened," Novak said in reference to speculative bets - shorts - in the market that prices will fall, and the opposite - longs - that they will rise.
June 2016
2016, June, 23, 18:35:00
THE BEST RUSSIAN GAS
It is absolutely compatible with the Energy Union. It will be sustainable, affordable and help security of supply, he said. It will increase liquidity in Europe but nobody will be forced to buy the gas, which will be priced against hubs.
June 2016
2016, June, 23, 18:30:00
THE BEST RUSSIAN PRICE
"We have such low production costs that we will always be able to cut the selling price by a dollar or two when it comes to fighting off a rival," said a senior source at Gazprom.
June 2016
2016, June, 23, 18:25:00
ROSNEFT: STABILITY & GROWTH
"We are glad that we've managed to maintain our positions on traditional markets, primarily in Europe," Sechin said pointing out to recent agreements with PKN Orlen to increase deliveries to Poland and the Czech Republic.
June 2016
2016, June, 23, 18:20:00
2017: SUPPLY & DEMAND BALANCE
Supply and demand for oil are coming back into balance, and the response of shale producers to rising prices will help determine how high crude can go, Christof Ruehl, the global head of research at Abu Dhabi Investment Authority, said Wednesday in an interview in Dubai. Ruehl’s view that the re-balancing will take until at least the middle of 2017 contrasts with the more optimistic outlook of some industry leaders and analysts who foresee demand nearing supply by the end of this year.
June 2016
2016, June, 23, 18:15:00
SAUDI'S OIL POLICIES
"The Kingdom's oil policies are rooted in responsibility, and Saudi Arabia is seeking to maintain that balance while also giving heed to moderate prices for producers and consumers,"
June 2016
2016, June, 23, 18:10:00
OPEC REVENUES DOWN 46%
With income falling, the 13 members of the Organization of the Petroleum Exporting Countries (OPEC) posted a combined current account deficit of $99.60 billion in 2015, compared with a surplus of $238.10 billion in 2014.