2016
![2016](/cache/2016/01/NORD-STREAM-13.ae042055.jpg)
2016, January, 17, 15:00:00
NORD STREAM DEVELOPING
Nord Stream-2 project would develop rapidly in 2016. The pipeline extension project continues to move ahead, despite opposition to from several European countries
![2016](/cache/2016/01/NORD-STREAM-14.f343357f.jpg)
2016, January, 17, 14:55:00
NORD STREAM'S EXTENSION
Russia's Gazprom and a group of European companies agreed on the project last year, raising protests mostly among central and southern European countries.
![2016](/cache/2016/01/RIG-4.b73f77a9.jpg)
2016, January, 17, 14:50:00
U.S. RIGS DOWN 14
U.S. Rig Count is down 14 rigs from last week to 650, with oil rigs down 1 to 515, and gas rigs down 13 to 135.
![2016](/cache/2016/01/OIL-175.44c6a1cb.jpg)
2016, January, 15, 20:30:00
OIL PRICES DOWN 4%
Brent crude futures plunged more than 4 percent to near 12-year lows on Friday as the market braced for increased Iranian oil exports, with the lifting of international sanctions possible within days.
![2016](/cache/2016/01/OIL-170.f3d11890.jpg)
2016, January, 15, 20:25:00
OIL PRICES 2016: $40
Forecast Brent crude oil prices average $40/b in 2016 and $50/b in 2017. Forecast West Texas Intermediate (WTI) crude oil prices average $2/b lower than Brent in 2016 and $3/b lower in 2017. However, the current values of futures and options contracts continue to suggest high uncertainty in the price outlook.
![2016](/cache/2016/01/usa-142.9b5cf8cd.jpg)
2016, January, 15, 20:20:00
WEAK US INDUSTRY
The slowdown has been rapid. As recently as a year ago, US manufacturing production was growing at an annual rate of 4.5 per cent, says Chad Moutray, chief economist for the National Association of Manufacturers. By November that had slowed to 0.9 per cent and this year Mr Moutray expects production to grow just 1.4 per cent.
![2016](/cache/2016/01/OIL-171.d5a4c562.jpg)
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.
![2016](/cache/2016/01/USA-141.516d145f.jpg)
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.
![2016](/cache/2016/01/OIL-176.328c2813.jpg)
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.”
![2016](/cache/2016/01/LNG-35.ed7b8f07.jpg)
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.