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MercoPress, en Español

Montevideo, November 24th 2024 - 09:54 UTC

Tag: oil price

  • Friday, November 13th 2015 - 10:56 UTC

    WTI oil falls below US$ 42; millions of barrels held in ships at sea

    Traders and oil producers have filled flotillas of stationary supertankers and are waiting for oil prices to recover, or storage to be available on land

    Oil prices were testing fresh lows on Thursday, with a report that 100 million barrels of crude and heavy oil products are being held in ships at sea. West Texas Intermediate oil, the main North American contract, fell below $42 US a barrel, amid predictions that it would fall to the $20-30 level next year.

  • Thursday, October 15th 2015 - 20:16 UTC

    China to continue expanding its influence in the oil and gas sector

    China has three major state owned oil companies: CNOOC, oil and gas producer; PetroChina and Sinopec, which is primarily a refining company.

    Since 2009, China has been taking a much more active role in its pursuit of international oil contracts. In 2009, for the first time, Saudi Arabia exported more of its oil to China than it did to the US. China also made large investments in Saudi Arabia's oil refining industry as well. But China's oil investments didn't stop there; they also pursued oil producing Canadian assets in 2011/12.

  • Saturday, September 12th 2015 - 09:59 UTC

    UK offshore oil sector lost 65.000 jobs; industry's challenge: taking a barrel's operational cost to £15

    The Oil and GAS UK report said the number of jobs supported by direct, supply chain and indirect employment had fallen from 440,000 to 375,000.

    The contraction of Britain's offshore oil sector has already stripped out 65,000 jobs, according to a new report. The calculation of a 15% drop since the start of last year came from the annual economic impact report of trade body Oil and Gas UK.

  • Wednesday, September 9th 2015 - 12:06 UTC

    The default next move for oil is downwards, and here's way

    Over the last week or so we have seen some violent swings in the price of oil, swings that in many ways defy logic.

    By Martin Tillier of Oilprice.com - As traders, investors and pundits, we all like to think that what we do is akin to a science. We believe that by working harder and being smarter we can give ourselves an edge, that enough research will reveal to us the next move, either a long term trend or an intraday blip on a chart, and that we can profit from that knowledge

  • Monday, August 10th 2015 - 06:46 UTC

    Global oil supply more fragile than you think

    The growing acceptance that oil prices could stay lower for longer will kick off a fresh round of cuts in spending and workforces for the oil industry.

    Many oil companies had trimmed their budgets heading into 2015 to deal with lower oil prices. But the rebound in April and May to $60 per barrel from the mid-$40s suggested that the severe drop was merely temporary.

  • Tuesday, August 4th 2015 - 05:18 UTC

    Oil glut and China's poor manufacturing data reflected in global markets

    Crude prices are now on course for their weakest 3Q performance since the financial crisis in 2008. Iran's planned increased output also weighed on markets

    United States stocks fell on Monday as oil prices touched a six-month low and factory data from China raised concerns about the world's second-biggest economy. Energy stocks were the biggest losers among the main S&P sectors, recording their worst three-day decline in seven months. Exxon Mobil and Chevron, which also reported poor results on Friday, led the losses.

  • Saturday, June 6th 2015 - 08:11 UTC

    OPEC holds production at 30 million bpd; markets react with volatility

    West Texas Intermediate, or light sweet crude, was similarly indecisive, falling before recovering to about $58.9 a barrel, up 1.4%. Oil prices had fallen 5% over the previous two sessions. Investors

    Crude oil prices were volatile after ministers from the Opec cartel decided to hold production levels at 30 million barrels per day. Brent crude traded in a narrow range around $62 a barrel, before ending the day up 1.8% at $63.15.

  • Thursday, March 5th 2015 - 13:05 UTC

    Here's what will send oil prices back up again

    Advances in wind and solar power have been significant, but according to EIA, renewables currently account for 11% of the world's energy consumption.

    Oil's rapid decline since August of last year has been dramatic. To listen to some commentators you would also think it is unprecedented and irreversible. Those claiming that oil will continue to fall from here and remain low for evermore, however, are flying in the face of both history and common sense. The question we should be asking ourselves is not if oil prices will recover, but when they will.

  • Thursday, February 26th 2015 - 17:30 UTC

    Is oil returning to 100 dollars or dropping to 10?

    Put simply, supply has increased faster than demand, so a rapid return to oil over $100/Barrel looks extremely unlikely

    If you have been following the price of oil over the last few months, the chances are you're a little confused. On the one hand you have the likes of A. Gary Shilling who, in this Bloomberg article, loudly trumpets the prospect of oil at $10/Barrel, and on the other there is T. Boone Pickens, who, at the end of last year was predicting a return to $100 within 12-18 months.

  • Thursday, February 19th 2015 - 06:02 UTC

    GeoPark scales down operations in Magallanes because of falling oil prices

    The company in a release said it was forced to adapt its structure to address the world oil crisis with the abrupt collapse in prices.

    Oil company GeoPark which operates in Magallanes, extreme south of Chile, reiterated its commitment and long term investment in the region but also announced the redundancy of 30 staff, first time in twelve years, because of a restructuring of the company to the new global oil industry scenario.