Oil
![Oil](/cache/2016/01/BP-34.f23dded6.jpg)
2016, January, 15, 19:45:00
BP CUTS JOBS 5%
Oil companies including Royal Dutch Shell and Chevron have already slashed tens of thousands jobs globally to deal with a near 75 percent drop in oil prices since June 2014 that has seen earnings collapse.
![Oil](/cache/2016/01/RUSSIA-122.8d98470e.jpg)
2016, January, 10, 18:25:00
RUSSIAN OIL CHRISTMAS
Crude's collapse from $100 a barrel since mid-2014 has already pummeled Russia, which relies on energy for about half its budget revenues and 40 percent of its exports. The latest slide compounds the problems facing President Vladimir Putin ahead of elections in 2018.
![Oil](/cache/2016/01/IRAN-57.4f43c996.jpg)
2016, January, 10, 18:15:00
SAUDI - IRANIAN COMPETITION - 2
The escalating rivalry between Saudi Arabia and Iran is intensifying bilateral market competition, which some observers say eclipses in importance Saudi concern over expansion of supply from North America.
![Oil](/cache/2016/01/USA-238.6351a72a.jpg)
2016, January, 10, 18:00:00
U.S. RIGS DOWN 34
U.S. Rig Count is down 34 rigs from last week to 664, with oil rigs down 20 to 516, and gas rigs down 14 to 148.
![Oil](/cache/2016/01/CANADA-25.d7b73824.jpg)
2016, January, 10, 17:55:00
OIL SERVICE'S CAP
Even if E&P clients are able to negotiate more favorable terms for their debt, the industry’s overextended balance sheets will put a cap on activity — even if oil prices rise. On the producer side, companies will most likely de-lever before they drill should some extra cash come in the door. For OFS, building all the new equipment such as walking rigs and big frac spreads to meet strong client demand has some players in this sector significantly over-levered.
![Oil](/cache/2016/01/OIL-322.b3d469e2.jpg)
2016, January, 10, 17:50:00
OIL PRICES DOWN $33.75
Light, sweet crude prices for February delivery settled Jan. 7 below $34/bbl on the New York market, which was the lowest settlement for the front-month contract since February 2004. Brent crude oil for February also settled below $34/bbl on the London market Jan. 7.
![Oil](/cache/2016/01/MERGERS-1.1efcccae.jpg)
2016, January, 7, 21:00:00
OIL PRICES: M&A DOWN
More than $60 billion in unsolicited corporate takeover bids during 2015 were rejected, causing deal value to drop to a 10-year low. Aside from the Shell-BG deal, there were no corporate takeovers exceeding $5 billion. Fewer than 10 asset deals valued at greater than $1 billion occurred, following more than 30 annually during each of the previous 2 years.
![Oil](/cache/2016/01/OIL-320.d559170b.jpg)
2016, January, 7, 20:55:00
OIL PRICES: U.S. SHAKEN
Dow e-minis were down 380 points, or 2.26 percent, with 99,258 contracts changing hands at 8:13 a.m. ET (1313 GMT). S&P 500 e-minis were down 45 points, or 2.27 percent, with 578,860 contracts traded. Nasdaq 100 e-minis were down 130.25 points, or 2.93 percent, on volume of 108,831 contracts.
![Oil](/cache/2016/01/oil-319.b0b80ffb.jpg)
2016, January, 7, 20:50:00
2015: OIL PRODUCTION, CONSUMPTION, PRICES
Crude oil prices ended 2015 below $40 per barrel (b), the lowest level since early 2009. Spot prices for the international crude oil benchmark Brent averaged $52/b in 2015, 53% below the level in 2014 and 49% below the average price over 2010-14. Spot prices for West Texas Intermediate (WTI) crude oil were also down 53% in 2015 compared with 2014, averaging $49/b for the year.
![Oil](/cache/2016/01/IRAN-56.7880fc41.jpg)
2016, January, 7, 20:45:00
SUBTLE IRANIAN APPROACH
"We will be more subtle in our approach and may gradually increase output," Qamsari said. "I have to say that there is no room to push prices down any further, given the level where they are."
![Oil](/cache/2016/01/IRAN-55.a0566def.jpg)
2016, January, 7, 20:40:00
IRANIAN OIL & SANCTIONS
While Iran enjoys the world's fourth-largest proven crude oil reserves and the world's second-largest natural gas reserves, its production and export potential has remained largely unutilized as a result of the nuclear related sanctions. The sanctions have had a major impact on Iran's energy industry and have caused a number of cancellations or delays in its oil and gas upstream projects.
![Oil](/cache/2016/01/CHINA-70.bb0f83dd.jpg)
2016, January, 7, 20:35:00
CHINA'S UNDERGROUND
Underground sites are slated to hold about 130 million barrels, which would account for nearly a quarter of the 550 million-barrel SPR target set by Beijing for 2020, according to local media and analysts.
![Oil](/cache/2016/01/OIL-316.2f12f638.jpg)
2016, January, 5, 17:05:00
2016: THE NEXT GLOBAL RECESSION
West Texas Intermediate crude for February delivery declined to $36.58 a barrel on the New York Mercantile Exchange, after falling 0.8 percent Monday. U.S. crude inventories are forecast to keep supplies more than 130 million barrels above the five-year seasonal average, according to a Bloomberg survey before government data Wednesday.
![Oil](/cache/2016/01/OIL-313.5650ac38.jpg)
2016, January, 5, 17:00:00
2016: OIL & GAS INVESTMENTS DOWN TO $522 BLN
While tens of thousands of jobs have already been cut in 2015, more redundancies are expected this year as companies narrow their focus.
![Oil](/cache/2016/01/OIL-315.a1568d3e.jpg)
2016, January, 5, 16:55:00
2016: OIL RISKS & SPENDING
Moody’s last month also projected average prices of West Texas Intermediate crude at $40/bbl in 2016, $45/bbl in 2017, and $50/bbl in 2018. The 2016 price is down $8/bbl from the firm’s earlier forecast.