Tag: oil price

Thursday, May 25th 2017 - 19:07 UTC
Today's stunted oil prices could cause oil price shock in 2020

As oil prices remain unsteady and OPEC continues to make headlines every hour, the world is focused on oil's immediate future. As Saudi Arabia announces plans to slash production and move their economy away from oil dependency, many industry insiders are predicting that the now over-saturated market will reach an equilibrium with higher commodity prices by 2018 and U.S. shale production will continue to grow along with global demand.
Thursday, September 15th 2016 - 10:34 UTC
Falklands' Sea Lion oil project break-even price reduced to US$ 45 a barrel

Falkland Islands oil explorer Rockhopper Exploration Plc has confirmed cost cuts at its Sea Lion project, which will reduce the scheme´s break-even price to US$ 45 a barrel. Capital investment at Sea Lion to reach first oil is now estimated at US$ 1.5bn.
Monday, May 9th 2016 - 07:33 UTC
Massive protest in Comodoro Rivadavia against the oil industry weak activity

More than 50,000 workers blocked the centre of Comodoro Rivadavia, in Argentina's Patagonia main oil-producing region in a protest against layoffs. Striking oil workers were joined by teachers, truck drivers, builders and other sectors in the demonstration.
Monday, April 18th 2016 - 08:40 UTC
Leading oil exporters can't agree to cap production; Iran did not attend

The meeting of the world's leading oil exporters to discuss capping production has ended without agreement. After hours of talks in Qatar, the country's energy minister Mohammed bin Saleh al-Sada said that the oil producers needed “more time”.
Wednesday, February 17th 2016 - 11:04 UTC
Main oil exporters agree to freeze production, ...if all leading producers join

Four of the world's biggest oil-producing nations moved to freeze their production on Tuesday to try to halt the 70 percent drop in the price of crude because of a glut of oil on world markets. The agreement was reached by the oil ministers of Russia and three members of the Organization of the Petroleum Exporting Countries, Saudi Arabia, Venezuela and Qatar, during a closed-door meeting in Doha, the Qatar capital.
Saturday, January 30th 2016 - 12:31 UTC
US growth slows down sharply to 0.7% annually in the fourth quarter

As anticipated by the Federal Reserve's report earlier this week, US economic growth braked sharply in the fourth quarter as businesses stepped up efforts to reduce an inventory glut and a strong dollar and tepid global demand weighed on exports.
Wednesday, January 27th 2016 - 07:04 UTC
Oil forecasted to stabilize at US$ 37 a barrel this year, says World Bank

The World Bank is lowering its 2016 forecast for crude oil prices to $37 per barrel in its latest Commodity Markets Outlook report from $51 per barrel in its October projections.
Friday, January 22nd 2016 - 07:21 UTC
Ecuador disenchanted with OPEC policy will work as if the cartel 'did not exist'

Ecuador President Rafael Correa said that his government was “tired” of pushing OPEC to decrease output and that the nation would keep working as if the oil cartel “did not exist.”
Saturday, December 12th 2015 - 07:03 UTC
US crude futures trade at $35, lowest since February 2009; in one week price dropped 10%

United States crude futures fell sharply on Friday plunging below $36 a barrel for the first time in more than seven years, after a bearish report from the International Energy Agency projected that global energy markets will remain vastly oversupplied for at least the immediate near future.
Wednesday, December 9th 2015 - 08:38 UTC
Oil prices plummet to seven-year lows on global supply glut

Oil prices slid on Tuesday, approaching seven-year low points on a global supply glut and weak demand growth. Crude futures had already slumped Monday after the OPEC oil producers cartel last week refused to slash record high output, in a market dogged by oversupply.