News
2016, January, 19, 20:10:00
OPEC SEES MORE
Demand for OPEC's oil will rise to an average 31.65 million b/d in 2016, from 29.90 million b/d in 2015, the producer group said in its latest monthly report.
2016, January, 19, 20:00:00
GAS PRICES WILL UP
Although analysts are making cautious predictions in the short term, the EIA also indicates that prices in 2017 may be as high as $3.22/MMBtu, representing a major leap in prices for next year.
2016, January, 17, 15:30:00
OIL PRICES: ABOVE $31
US light, sweet crude oil prices for February delivery gained modestly on the New York market Jan. 14, closing at above $31/bbl while Brent prices on the London market closed just above $31/bbl within days of both benchmarks briefly dipping under $30/bbl.
2016, January, 17, 15:25:00
IRAQ OIL: 3.3 MBD
Iraq's exports from its southern region have been running at an average daily rate of 3.297 million barrels per day (bpd) so far this month, higher than December's average and unaffected by tribal clashes, an oil company executive said on Saturday.
2016, January, 17, 15:20:00
OIL MARKET BALANCE
The country's energy minister, who said in December that the global oil market could return to a balance by the end of 2016, as long as producers do not raise output from current levels, said on Thursday this may not now happen until early 2017.
2016, January, 17, 15:10:00
ROSNEFT INCREASES SHAREHOLDING
Russia’s OJSC Rosneft has entered a deal with BP PLC to dissolve their Ruhr Oel GMBH (ROG) joint venture as part of a plan by the companies to restructure their refining and petrochemical businesses in Germany.
2016, January, 17, 15:05:00
GAZPROM UP 21%
Russia’s OJSC Rosneft has entered a deal with BP PLC to dissolve their Ruhr Oel GMBH (ROG) joint venture as part of a plan by the companies to restructure their refining and petrochemical businesses in Germany.
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, 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, 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, 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, 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, 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, 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, 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.