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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.

Energy minister says oil-price slump will have no impact on UAE’s economy

The slump in oil prices will have no impact on the economy of the United Arab Emirates, says the UAE’s energy minister.

MARKET WATCH: NYMEX oil prices continue to fall on rise in US inventory

Prices for US light, sweet crude oil fell modestly on the New York market Jan. 13, reaching the lowest front-month price since April 2009 while Brent crude oil for February delivery closed at less than $47/bbl—Brent’s lowest settlement since March 2009—on the London market on Jan. 13.

EIA: Continued global oil stock build to keep pressure on oil prices

In its most recent monthly Short-Term Energy Outlook (STEO), the US Energy Information Administration reported it expects global oil inventories to continue to build in 2015, keeping downward pressure on oil prices.  

OGUK: Major tax changes urgently needed

Oil & Gas UK said falling oil prices are creating an urgent need for fundamental changes to the tax regime.

BlackPearl cuts 2015 capital budget to $31 million (Can.)

BlackPearl Resources Inc., Calgary, is reducing its 2015 capital budget to $31 million (Can.) from $80 million (Can.) “as a result of the continued deterioration in crude oil prices,” the firm said.

MARKET WATCH: NYMEX crude oil prices drop more than $2/bbl

Crude oil futures prices for February delivery dropped more than $2/bbl on the New York market for the Jan. 12 settlement after Goldman Sachs lowered its oil-price forecasts.

CNR cuts capital spending by $2.4 billion (Can.)

In response to lower oil prices, Canadian Natural Resources Ltd., Calgary, plans to cut 2015 capital spending to $6.2 billion (Can.) from its original budget of $8.6 billion (Can.).

MARKET WATCH: NYMEX crude oil prices hovering above $48/bbl

Crude oil prices for February declined modestly on the New York market in Jan. 9 trading and settled above $48/bbl, which some analysts took as a sign that a dropping weekly rig count helped support oil prices.

Barclays sees likely downside to North American E&P budgets

Global exploration and production spending is expected to decline at least 8.8% in 2015 vs. 2014, according to 225 companies surveyed in the Barclays E&P Spending Outlook. North American budgets, meanwhile, are expected to fall at least 14.1% with significant downside potential, Barclays said.

Fitch: Regs limit demand response to price

Regulations meant to trim the use of oil products in the US will distort fuel-market adjustments to falling oil prices by putting the burden on supply, warns Fitch Ratings, New York.

MARKET WATCH: NYMEX crude oil market steadies for now

Crude oil futures prices for February delivery climbed modestly on the New York market in Jan. 8 trading, and crude oil prices are in contango, meaning the front-month contract costs less than the next month’s contract.

Scotland seeks faster UK fiscal reform

Scotland, citing the plunge in oil prices, has called on the UK government to accelerate fiscal reforms aimed at encouraging investment in offshore oil and gas.

Sharp drop expected in global E&P spending in 2015, study says

Global capital expenditures for oil and gas exploration and production projects are expected to drop 17% to $571 billion in 2015, according to Cowen and Co.’s annual study of 476 oil and gas companies’ E&P capex budgets. The study assumes an average West Texas Intermediate price of $70/bbl.

Lundin reports 31% lower capex budget for 2015

Swedish independent Lundin Petroleum AB has budgeted a total of $1.45 billion for development, appraisal, and exploration in 2015, marking a 31% decrease from its capital spending budget for last year.

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