2016
![2016](/cache/2016/03/IRAN-45.3f557c42.jpg)
2016, March, 12, 11:15:00
IRAN NEED TECHNOLOGY
“We need contracts, tenders and technology,” he said, describing Iran as a “garden” in need of nourishment. “Money for the Iranian economy is like water.”
![2016](/cache/2016/03/INDIA-8.61a2f1f6.jpg)
2016, March, 12, 11:10:00
$40 BLN FOR INDIA
Government said on Thursday it hoped to unlock gas and oil resources worth almost $40 billion by simplifying licensing rules and offering price incentives to recover gas from difficult offshore fields.
![2016](/cache/2016/03/SCOTLAND-4.b1a459fe.jpg)
2016, March, 12, 11:05:00
SCOTTISH DEFICIT: 9.7% GDP
The data was revealed with the release of the Government Expenditure & Revenue Scotland (GERS) on March 9. According to that data, North Sea oil and gas revenue fell by 55% between the fiscal years 2013-2014 and 2014-2015. The revenue for 2014-2015 was just £2.25bn, less than half of the £4.8bn recorded in 2013-2014, and less than a quarter of the £10.9bn recorded in 2011-12.
![2016](/cache/2016/03/SHELL-21.b912239f.jpg)
2016, March, 12, 11:00:00
SHELL NET INCOME DOWN 87%
The International Energy Agency estimates that over $25 trillion of investment will be needed in oil and gas supply alone from 2015 to 2040. So the long-term investment case for oil and gas remains strong, despite the fall in oil prices over the last 18 months. The concern is that prices seen in late 2015 and early 2016 may be too low to spur investment in projects that are needed to ensure long-term supplies. Without sufficient investment,
the risk of demand exceeding supply will increase.
![2016](/cache/2016/03/OIL-221.dd722892.jpg)
2016, March, 10, 19:05:00
OIL PRICES: $34 - $40
Brent crude oil prices are forecast to average $34/b in 2016 and $40/b in 2017, $3/b and $10/b lower than forecast in last month's STEO, respectively. The lower forecast prices reflect oil production that has been more resilient than expected in a low-price environment and lower expectations for forecast oil demand growth.
![2016](/cache/2016/03/RUSSIA-57.9d87f7b6.jpg)
2016, March, 10, 19:05:00
RUSSIA WILL RETAIN OVER 30%
At low oil prices, customer choice rather than strategic Russian decision-making would allow Russia to retain over 30% of the roughly 490bn m³/yr European market and threaten US LNG export volumes.
![2016](/cache/2016/03/USA-170.ce151e9d.jpg)
2016, March, 10, 19:00:00
U.S. OIL PRODUCTION DOWN
U.S. monthly crude oil production in December 2015 continued to decline, as oil production reached its lowest level since November 2014. Production also declined from year-ago levels for the first time in more than four years. This continued production decline is the result of lower crude prices, which have declined more than 70% since the summer of 2014.
![2016](/cache/2016/03/CANADA-11.8cac1949.jpg)
2016, March, 10, 18:55:00
CANADA WILL LOSE
“Despite some mitigating factors, lower oil prices are, on the whole, not favorable for Canada,” the study says, suggesting, “For every Canadian-dollar gain in WTI price, Canadian GDP would gain almost $1.7 billion on average.”
![2016](/cache/2016/03/AUSTRALIA-4.1fbbc60e.jpg)
2016, March, 10, 18:50:00
AUSTRALIA HAS COLLAPSED
Petroleum exploration activity in Australia has collapsed in the wake of the plunge in global oil prices over the last 18 months, a period in which the country's crude production has fallen to its lowest level in 45 years, according to a report released Wednesday at an industry conference in Sydney.
![2016](/cache/2016/03/EON-2.113c97a7.jpg)
2016, March, 10, 18:45:00
E.ON LOSES €7 BLN
European utility company E.ON made a net loss of €7bn during 2015, it announced March 9, with underlying net income of €1.6bn. This was similar to 2014 but it also took an €8.8bn impairment charge mainly related to its struggling generation assets.