Oil
![Oil](/cache/2016/01/IRAN-52.ece82ef2.jpg)
2016, January, 5, 16:50:00
5 IRANIAN CONDITIONS: $185 BLN
Iran's deputy oil minister for commerce and international affairs, Hossein Zamaninia, said Tehran had identified nearly 50 oil and gas projects worth $185 billion that it hoped to sign by 2020.
![Oil](/cache/2016/01/IRAN-51.0750ca84.jpg)
2016, January, 5, 16:45:00
SAUDI-IRANIAN COMPETITION
Iran, which holds the world’s largest gas reserves, was aiming to double its gas production in the next 30 months and to raise its share of global cross-border gas trade from a minuscule one per cent at present to ten per cent at some unspecified future date. In production terms, this means increasing output from 172.6 bcm in 2014 (five per cent of the total world output) to around 350 bcm in 2018-19.
![Oil](/cache/2016/01/SAUDI-45.2b103b6b.jpg)
2016, January, 5, 16:40:00
SAUDI'S RESTRICTIONS UP
The changes come at a difficult time for the Saudi kingdom, which is still adjusting to last year's leadership transition while also facing pressure from regional rivals like Iran.
![Oil](/cache/2016/01/UK-24.ed616bd5.jpg)
2016, January, 5, 16:35:00
UK OIL & GAS UP 7%
“While the UK offshore oil and gas industry is having to adapt to the low oil price and driving greater efficiencies throughout its operations the fact is that the value of our product has more than halved," she said. "Times are really tough for this industry and for the people working in it. We will continue to see job losses as we move into 2016 and we must be thoughtful and supportive of our colleagues and their families who are being made redundant or who are at risk of being made redundant."
![Oil](/cache/2016/01/USA-237.9169bf53.jpg)
2016, January, 5, 16:30:00
U.S. RIGS DOWN 2
U.S. Rig Count is down 2 rigs from last week to 698, with oil rigs down 2 to 536, and gas rigs are unchanged from last week, at 162.
![Oil](/cache/2016/01/OIL-314.342fbf23.jpg)
2016, January, 5, 16:30:00
DRAMATIC U.S. OIL
With no growth and no profits, the US exploration and production industry is facing a gruelling year. The gap between strong and weak companies is likely to widen. Those that have lower-cost production and healthier balance sheets should be able to stay in business. Those that have good assets but big debts may have to sell their most valuable properties. Those that have neither attractive assets nor strong finances will be heading for bankruptcy.
![Oil](/cache/2016/01/OIL-312.c7fb2c12.jpg)
2016, January, 5, 16:25:00
2015: OIL & GAS PRICES
West Texas Intermediate (WTI) and Brent, two of the major crude oil benchmarks, account for about 69% of the weighting in the S&P GSCI Energy index. As a result, the energy index tends to follow major price movements in the crude oil market. With sustained, high crude oil production from countries like Saudi Arabia, Iraq, the United States, and Russia, global liquid fuel inventories rose significantly in 2015, resulting in crude oil prices falling to 11-year lows in December.
![Oil](/cache/2016/01/OIL-311.af0c68b4.jpg)
2016, January, 5, 16:20:00
OIL PRICES DOWN $36.99
Global benchmark Brent crude prices fell 23 cents to $36.99 a barrel at 0910 GMT. U.S. West Texas Intermediate (WTI) crude slipped 7 cents to $36.69 a barrel.
![Oil](/cache/2015/12/USA-132.32df0550.jpg)
2015, December, 31, 14:00:00
U.S. SLIPPED
The Dow Jones Industrial Average slipped 117.11 points, or 0.7%, to 17603.87. The S&P 500 fell 0.7% and the Nasdaq Composite lost 0.8%.
![Oil](/cache/2015/12/SAUDI-31.2fc8b5d3.jpg)
2015, December, 31, 13:55:00
SAUDI: GORILLA IN THE ROOM
“The 800-lb. gorilla in the room, and by that I mean Saudi Arabia, showed it’s power,” said John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund that focuses on energy. “They are on a mission to squeeze out the high-priced producers and aren’t done yet. Things could get very ugly in the second and third quarters for countries like Venezuela and Nigeria and for U.S. exploration companies.”
![Oil](/cache/2015/12/OIL-165.eedc8c07.jpg)
2015, December, 31, 13:45:00
BLEAK OIL PRICES
The immediate outlook for oil prices remains bleak, with some analysts like Goldman Sachs saying prices as low as $20 per barrel might be necessary to push enough production out of business and allow a rebalancing of the market.
![Oil](/cache/2015/12/OIL-166.5e1431b8.jpg)
2015, December, 31, 13:40:00
2016: OIL PRICES UPDOWN
The latest Reuters survey of 31 analysts showed an average price forecast for Brent for next year at $57.95 a barrel, more than $20 above current prompt market values.
![Oil](/cache/2015/12/OIL-164.6cac1c23.jpg)
2015, December, 31, 13:35:00
2016: OIL PRICE: $40
"Our estimate for next year is around $40 per barrel when estimating budget revenues. At $40 per barrel there is an understanding about how to act. Measures and proposals have been prepared."
![Oil](/cache/2015/12/OIL-161.f4703e25.jpg)
2015, December, 29, 20:00:00
2016: OIL MARKETS BALANCE
“We see the market balancing some time in 2016. We see demand ultimately exceeding supply...Prices in due course will respond,” he said.
![Oil](/cache/2015/12/OIL-162.19cc3b1c.jpg)
2015, December, 29, 19:55:00
2016 WILL BE WORSE
For oil and gas producers, 2016 will be a year of cost-cutting, restructuring, refinancing when it is possible, and in some cases bankruptcy when it is not. Merger and acquisition activity, which was sluggish this year because of disagreements over valuations, may pick up speed.