More Economics & Oil Market News

BHP to reduce US onshore rigs by 40% by July

Australia’s BHP Billiton will reduce its US onshore rig presence from 26 to 16 by July in response to lower oil prices.

MARKET WATCH: NYMEX, Brent oil prices drop again

Crude oil prices fell on the New York and London markets Jan. 20 on concerns about abundant oil supplies given slowing demand and weak world economic growth.

SOTU: Obama barely mentions energy, emphasizes climate change

US President Barack Obama briefly mentioned energy in his 2015 State of the Union address as he outlined economic improvements since the 2008-09 recession. He devoted more time to calling for meaningful steps to address global climate change as he listed challenges the country faces.

MARKET WATCH: Brent crude oil drops slightly

Brent crude oil for March delivery settled below $49/bbl on the London market Jan. 19 while there was no official settle for US light, sweet crude oil prices because the market in New York was closed in observance of Martin Luther King Jr. Day in the US.

MARKET WATCH: NYMEX oil prices rally on IEA comments

Crude oil prices rallied by more than $2/bbl on the New York market Jan. 16, which analysts attributed to comments from the International Energy Agency in Paris about a possible oil price rebound later this year along with traders buying in advance of the Martin Luther King Jr. holiday on Jan. 19.

Mexico's evolving fiscal terms

Mexico's energy reform has launched an ambitious process to end the long-standing state oil monopoly, holding the promise to increase oil production and bolster the overall economy.

RWE Dea, LetterOne agree on revised sale valued at €5 billion

RWE AG, Hamburg, and LetterOne Group, Luxembourg, have agreed to complete the sale of RWE Dea in its entirety by early March, at latest, for €5 billion based on current exchange rates.

MARKET WATCH: NYMEX falls more than $2/bbl on OPEC forecast

Crude oil prices fell by more than $2/bbl on the New York market Jan. 15 while Brent prices dropped by about $1/bbl after the Organization of Petroleum Exporting Countries issued a monthly report in which OPEC reduced its 2015 estimated OPEC oil demand.

Range cuts 2015 capital budget to $870 million

Range Resources Corp., Ft. Worth., has reduced its capital budget for 2015 to $870 million from the previously reported $1.3 billion, which already represented an 18% cut compared with the 2014 budget.

Conoco’s Lance calls for repeal of US crude oil export ban

The US crude export ban that was imposed in 1975 should be repealed 40 years later to ensure the US oil and gas renaissance continues, ConocoPhillips Chief Executive Officer Ryan Lance said.

In lower price environment, Tullow Oil writes off $2.7 billion

Reviewing assets in a declining oil-price environment, Tullow Oil PLC reported pretax write-offs totalling $2.7 billion.

 

Mexico infrastructure seen as inadequate for future demand

Mexico needs to expand its midstream and pipeline systems to handle anticipated future demand as the nation reforms its energy policy and opens oil and gas development to foreign investors, Georgina Kessel, Mexico’s former secretary of energy, told a Mayer Brown LLP breakfast in Houston on Jan. 14.

MARKET WATCH: NYMEX, Brent crude oil prices rally

Crude oil prices rallied on the New York and London markets Jan. 14 rising more than $2/bbl, and US light, sweet crude oil prices settled higher than Brent crude oil prices, which has been rare in recent years.

QP, Shell abandon plans for Al Karaana petrochemicals complex

Qatar Petroleum and Royal Dutch Shell PLC have canceled plans to proceed with development of the proposed Al Karaana petrochemicals complex in Ras Laffan Industrial City, north of Qatar.

Suncor cuts capital budget by $1 billion (Can.) and 1,000 jobs

Suncor Energy Inc., Calgary, is cutting $1 billion (Can.) from its 2015 capital spending program and reducing its workforce by 1,000 because of lower crude oil prices.

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