Prices
2016, May, 24, 20:00:00
OIL DISCOVERIES DOWN BY TWICE
The sharp drop in oil prices over the past two years has led companies including Exxon Mobil and Royal Dutch Shell to sharply reduce budgets, particularly for exploration, where spending fell in 2015 to around 95 billion from $168 billion two years earlier, according to Morgan Stanley.
2016, May, 24, 19:35:00
BP CHANGES STRATEGY
BP has the lowest amount of pre-FID (final investment decision) resource, which leads to the weakest future growth rates.
2016, May, 23, 21:00:00
OIL PRICES DOWN TO $48
Brent futures LCOc1 were down 18 cents at $48.54 a barrel as of 0421 GMT, after ending the previous session 9 cents down.
U.S. crude futures CLc1 fell 26 cents to $48.15 a barrel, having settled down 41 cents in the previous session.
2016, May, 19, 20:55:00
OIL PRICES UP TO $48
The Brent crude contract for July on London's ICE was up $1.14 to $48.97/bbl. The August contract gained $1.29 to $49.43/bbl. The June gas oil contract gained $11.50 to $430.25/tonne.
2016, May, 19, 20:45:00
U.S. BANKRUPTCY UP - 2
Many companies on the teetering on the brink of insolvency find themselves buried under high interest rates and lack of deployable capital due to low commodity prices. Many banks have cut oil company credit lines as part of the semi-annual review by lenders. But the combined $8.9 billion in debt between the eighteen companies still looms ever menacingly in the background.
2016, May, 19, 19:45:00
RUSSIAN OIL UPDOWN
Perhaps the biggest hurdle is Russia’s business climate. While frequently fodder for criticism, there’s progress. Russia has surged by 61 spots in the World Bank’s Ease of Doing Business Index since 2013 to 51st this year.
2016, May, 19, 19:30:00
OIL PRICE: $55
The head of Russian oil major Lukoil said on Wednesday that he sees oil prices rising above $50 per barrel by the end of the year, RIA news agency reported, citing his TV interview.
2016, May, 16, 21:05:00
IEA: OIL DEMAND UP
Global oil demand growth for 1Q16 was revised upwards to 1.4 mb/d, led higher by strong gains in India, China and, more surprisingly, Russia. For the year as a whole, growth will be around 1.2 mb/d, with demand reaching 95.9 mb/d.
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, 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, 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, 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, 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, May, 16, 20:30:00
SAUDI WITHOUT REFORMS
Without any of those reforms, Saudi Arabia’s financial troubles would continue to intensify.
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.