In 2008, Canadian economist Jeff Rubin stunned the oil market with a bold prediction: With the world economy growing at 5% a year, oil demand would grow with it, outpacing supply, thus lifting the oil price from $147 to over $200 a barrel.
Global oil prices have fallen further after the International Energy Agency (IEA) reported higher output and cut its forecast for demand growth. Brent crude fell 2.72 to 86.17 dollars a barrel before seeing a slight recovery, while US crude dropped 1.75 to 83.99.
Foreign Minister Héctor Timerman said on Thursday that the British government’s position on the Falklands/Malvinas Islands issue “smells too much like petroleum”, revealing that UK’s biggest interest in keeping the invaded archipelago is due to the potential oil findings.
Argentina unveiled a new system of export duties on oil shipments that will cut levies as the government seeks to attract investment to revive stagnant production. The change means energy companies will receive 70 dollars per barrel of exported oil, up from 42 previously. Argentina controls the price of oil exports in order to guarantee domestic supply.
Exxon-Mobil Corp. and Apache Corp. will hold talks with Argentina's YPF next month to discuss further investments in the country's Vaca Muerta shale formation, said a YPF official briefed on the matter.
Argentina once again warned oil companies considered by the Government to be “illegally operating” in the Falklands/Malvinas Islands, and reiterated it will press charges against them unless they justify their actions before next Wednesday, May 2.
The elected government of the Falkland Islands said on Friday it regrets the latest attempt by the Argentine government to economically undermine the Islanders way of life, which is yet another example of intimidation and bullying towards a country of 3.000 people.
Chevron Canada Ltd., a big player in Canada's offshore oil industry, has struck a deal with Norwegian and Spanish oil companies to carry out exploration off the coast of Atlantic Canada.
Desire Petroleum plc (AIM:DES) the exploration company wholly focused on the North Falkland Basin notes the announcement made today by Rockhopper Exploration plc (“the Operator”) regarding the 14/15-4 well. Desire has a 40% carried interest in this well.
State-owned oil company Petroecuador said it broke its daily production record on Tuesday 15 November, pumping 156.359 barrels of crude on that day. Production from Jan. 1 to Nov. 8 totalled 47,096,086 barrels of crude, Petroecuador said in a report.