Oil
![Oil](/cache/2015/12/OIL-163.68ebef0d.jpg)
2015, December, 29, 19:45:00
SAUDI CUTS & RAISES
Government ran a record deficit of nearly 367 billion Saudi riyals ($98 billion) this year, or about 15% of gross domestic product, as low oil prices suppressed revenue, pushing it to cut planned spending by 14% in 2016 amid expectations that income from oil sales will remain under pressure.
![Oil](/cache/2015/12/IRAN-28.c84882eb.jpg)
2015, December, 28, 20:00:00
IRAN NEEDS $100 BLN
Iran needs $100 billion to rebuild its gas industry and has met with European energy giants, Azizollah Ramezani, International Affairs director at NIGC said in June.
![Oil](/cache/2015/12/LUKOIL-6.cb3e6dbf.jpg)
2015, December, 28, 19:45:00
LUKOIL SELLS ASSETS
"We’re facing challenges in a number of countries, including Ukraine where we were forced to sell our assets though they were among the best. We’ve sold our assets in Estonia. Today we listed for sale our assets in Lithuania and Latvia where there is rather serious anti-Russia sentiment that’s why the board of directors took the decision to leave those countries," Alekperov said.
![Oil](/cache/2015/12/INDIA-5.e1d7c36e.jpg)
2015, December, 25, 20:00:00
INDIA & RUSSIA: STRATEGIC PARTNERSHIP
Modi and Putin hailed what they termed a “strategic partnership” at their Kremlin meeting on Thursday and pledged to boost business ties, with the Indian leader signaling progress on defense projects to ensure his country upgrades its weapons capability.
![Oil](/cache/2015/12/OPEC-27.caf38ad1.jpg)
2015, December, 24, 19:45:00
OPEC: 2015: $55
Only a gentle recovery in oil prices is seen. OPEC's basket of crude oils is assumed in the report at $55 in 2015 and to rise by $5 a year to reach $80 by 2020.
![Oil](/cache/2015/12/USA-130.8f5fe414.jpg)
2015, December, 24, 19:25:00
U.S. RIGS DOWN 9
U.S. Rig Count is down 9 rigs from last week to 700, with oil rigs down 3 to 538, and gas rigs down 6 to 162.
![Oil](/cache/2015/12/OIL-157.7720dbf4.jpg)
2015, December, 23, 20:00:00
OPEC PREDICTS $95
Organization of the Petroleum Exporting Countries said it expects the price of its basket of crudes to rise to $70 a barrel in 2020 and $95 a barrel in 2040, compared with$30.74 a barrel on Monday.
![Oil](/cache/2015/12/OIL-160.db40e087.jpg)
2015, December, 23, 19:55:00
OPEC: OIL PRICE $80
OPEC assumes that prices will rise to average $80 a barrel in nominal terms in 2020, and $70.70 in real terms. Last year it had anticipated nominal prices of $110 and real levels of $95.40. That means the value of the group’s output in 2020 would be $218 billion less than estimated a year ago, when it first embarked on the policy to protect market share.
![Oil](/cache/2015/12/OIL-158.1034981a.jpg)
2015, December, 23, 19:50:00
OPEC: OIL DEMAND UP 97 MBD
Global energy demand is set to increase by almost 50% in the period to 2040, with the overall energy mix continuing to be led by fossil fuels at almost 78%
![Oil](/cache/2015/12/SHELL-15.8f22f61c.jpg)
2015, December, 23, 19:25:00
SHELL CUT PLAN BY $2 BLN
Shell has already taken action to cut costs and reduce spending this year by $12 billion, but Tuesday’s announcement of a $33 billion target for next year is $2 billion below the company’s previous guidance.
![Oil](/cache/2015/12/CONOCO-6.4fe54609.jpg)
2015, December, 22, 19:45:00
CONOCO SELLS RUSSIA
A spokesman for the US oil and gas producer confirmed it had sold its 50 per cent stake in the venture, which is focused on the far north-west of Russia. Rosneft, the Russian state oil company, also sold its stake in the asset last week, in a deal that valued the business at about $150m-$200m, according to one person familiar with the matter.
![Oil](/cache/2015/12/OIL-156.37a9e680.jpg)
2015, December, 21, 20:00:00
OPEC: BELOW $100
OPEC said it now assumes the price of the reference basket of crude oil produced by its members would be $70 a barrel in 2020, rising to $95 a barrel by 2040.
![Oil](/cache/2015/12/OPEC-26.adc4a64f.jpg)
2015, December, 21, 19:45:00
OPEC CAN'T CUT
"OPEC can't take a unilateral decision, for example, to cut production and others ... raise production. Either we all go to cut production to really defend prices or we have to wait and see,"
![Oil](/cache/2015/12/RUSSIA-47.e6e7befb.jpg)
2015, December, 21, 19:40:00
INDIA WANTS SIBERIA
The deal, which could be worth around $1 billion based on the valuation of a recent stake purchase, is expected to take final shape during Prime Minister Narendra Modi's visit to Moscow next week for summit talks with President Vladimir Putin, said the sources with direct knowledge of the situation.
![Oil](/cache/2015/12/USA-129.7e35c122.jpg)
2015, December, 21, 19:35:00
U.S. RIGS UNCHANGED
U.S. Rig Count is unchanged from last week at 709, with oil rigs up 17 to 541, and gas rigs down 17 to 168.