2016
![2016](/cache/2016/05/OIL-294.2203010e.jpg)
2016, May, 16, 21:00:00
OIL MARKET DEFICIT
Goldman Sachs said the market had ended almost two years of oversupply and flipped to a deficit.
![2016](/cache/2016/05/CHINA-56.faf5e7f3.jpg)
2016, May, 16, 20:55:00
CHINA: OIL DEMAND UP
China consumed about 10.62 million barrels per day (bpd) of oil in April, a record daily consumption volume, according to Reuters calculations based on preliminary government data published on Friday.
![2016](/cache/2016/05/OPEC-28.af843fc7.jpg)
2016, May, 16, 20:50:00
OPEC: OIL DEMAND UP
World oil demand in 2015 grew by around 1.54 mb/d, unchanged from last month’s report. Total oil consumption averaged 92.98 mb/d. In 2016, world oil demand is projected to rise by 1.20 mb/d to reach 94.18 mb/d, unchanged from last month’s projections, despite upward revisions to Other Asia, which were counterbalanced by downward revisions to Latin America and China.
![2016](/cache/2016/05/RUSSIA-81.426c43db.jpg)
2016, May, 16, 20:45:00
RUSSIA'S POSITIVE SIGNALS
Russia’s economy is closer to growth than at any time since it slid into recession and central bank Governor Elvira Nabiullina is focusing on what she says are “positive signals.”
![2016](/cache/2016/05/RUSSIA-76.cb3c5666.jpg)
2016, May, 16, 20:40:00
RUSSIA WILL RAISE
Several Russian officials say the government is considering raising income-tax levels and increasing value-added tax but that any changes would only take place after 2018—a presidential election year.
![2016](/cache/2016/05/OIL-285.e404f03a.jpg)
2016, May, 16, 20:35:00
MAJORS INVESTMENTS
“Markets fluctuate, but we know that science does not. You have to be patient. The cycle from discovery to deployment can take decades.”
![2016](/cache/2016/05/Saudi-52.fd1bde98.jpg)
2016, May, 16, 20:30:00
SAUDI WITHOUT REFORMS
Without any of those reforms, Saudi Arabia’s financial troubles would continue to intensify.
![2016](/cache/2016/05/OIL-282.630837a4.jpg)
2016, May, 15, 11:25:00
OIL DEMAND UP
The Paris-based agency said global oil stocks will experience a “dramatic reduction” in the second half of the year, but also warned that they will continue to increase in the first half of the year as Iran ramps up its production, adding to the nearly two years of oversupply.
![2016](/cache/2016/05/OIL-275.dc45965d.jpg)
2016, May, 15, 11:20:00
OIL PRICES UP TO $47
The July crude oil contract on the New York Mercantile Exchange gained $1.66 to $47.01/bbl.
The Brent crude contract for July on London’s ICE jumped $2.08 to $47.60/bbl. The August contract climbed $2.02 to $48.03/bbl.
![2016](/cache/2016/05/OIL-280.332b0aa9.jpg)
2016, May, 15, 11:15:00
RUSSIAN OIL UP
Russian oil and gas condensate production may reach 544.6 million tonnes this year, rising to 565 million tonnes in 2017.