Oil price crash claims first U.S. LNG project casualty
Russia announced state aid for a major energy project on Wednesday under a drive to shore up strategic firms as well as public faith in its banking system during an economic crisis deepened by Western sanctions.
Dubai Shares Lead Gulf Declines as Oil Rout Extends Into 2015
Despite lower crude oil prices, U.S. crude oil production expected to grow in 2015
Last year was an ugly one for the U.S. energy sector, and while the first trading day of 2015 pointed to continued weakness in oil, investors are starting to look to when the sector might start to recover.
Ali al-Naimi, the oil minister of Saudi Arabia, was in no mood to address reporters at Opec’s November meeting, refusing to offer more than a few words after the cartel decided to hold output at 30m barrels a day.
U.S. oil and gas companies have been an engine of growth through much of an otherwise lackluster economic expansion, providing steady employment, solid wages and fierce competition for workers across wide swaths of the country.
OPEC will need to “step in” amid further declines in oil prices, which are fair at about $70 to $80 a barrel, according to the group’s second-biggest producer.
The Availability and Price of Petroleum and Petroleum Products Produced in Countries Other Than Iran
EIA estimates that members of the Organization of the Petroleum Exporting Countries (OPEC), excluding Iran, will earn about $700 billion in revenue from net oil exports in 2014, a 14% decrease from 2013 earnings and the lowest earnings for the group since 2010. OPEC earnings declined in 2014 largely for two reasons: decreases in the amount of OPEC oil exports and lower oil prices, with the 2014 average for Brent crude oil projected to be 8% below the average 2013 price.