More Economics & Oil Market News

WA government to increase share of Browse basin gas fields

Western Australia’s Parliament has approved legislation to increase the government’s share of the Browse basin natural gas fields following reclassification of state offshore boundaries. The Petroleum Titles (Browse basin) Bill 2014 that ratifies the boundary changes was passed on Nov. 25.

Moody’s: Russian oil-tax change helps exporters

A new adjustment to Russian oil and gas taxation will benefit oil companies that export most of their crude oil and high-grade oil products but hurt domestically focused producers, refiners, and petrochemical manufacturers, says Moody’s Investors Service.

WoodMac: OPEC’s decision undermines potential for near-term price recovery

The decision by the Organization of Petroleum Exporting Countries to maintain its members’ production quota at 30 million b/d directs the focus of crude oil pricing on oil-demand growth expectations and tight-oil breakeven economics, said Wood MacKenzie Ltd.

MARKET WATCH: NYMEX crude oil prices dive after OPEC maintains quota

Oil prices dived on the New York market to settle at $66.15/bbl for the January crude oil contract on Nov. 28, falling more than $7/bbl from the previous closing after the Organization of Petroleum Exporting Counties announced the cartel agreed to maintain its production quota at 30 million b/d.

IHS: 'Tight-oil test' under way in US amid lower oil prices

The vast majority of potential US tight-oil production growth remains economical in the current crude oil price environment, according to a recent report by IHS.

EIA: US gasoline prices lowest in years heading into Thanksgiving holiday

As of Nov. 24, the average retail regular-grade gasoline price in the US is $2.82/gal, 47¢ lower than a year ago, and the lowest price heading into a Thanksgiving holiday since 2009, according to the US Energy Information Administration.

MARKET WATCH: Crude oil prices volatile before OPEC meeting

Crude oil prices fell more than $1/bbl on the New York and London markets Nov. 25 while traders waited to see if the Organization of Petroleum Exporting Countries would change production quotas for its members during a Nov. 27 meeting.

Gas agreement seen firming China-Russia energy ties

A Nov. 9 framework agreement for another large gas-supply deal between OAO Gazprom and China National Petroleum Corp. remains far from concluded but “reinforces the notion of a growing relationship between energy-hungry China and energy-export-dependent Russia,” according to analysts at the Center for Strategic & International Studies (CSIS), Washington, DC.

Moody’s: E&P spending to dip as crude oil prices slide

Weakening crude oil prices will cut exploration and production spending by independent producers in the US next year and make integrated oil and gas companies wary of upstream projects dependent on a price of $80/bbl, according to Moody’s Investors Service.

SEC said to extend Dodd-Frank proposals deadline to October 2015

The US Securities and Exchange Commission reportedly has extended its deadline until October 2015 for proposing new requirements for publicly traded US oil and gas and mining companies to report payments to foreign governments under Section 1504 of the Dodd-Frank financial reporting reform law.

MARKET WATCH: NYMEX oil prices hovering around $76/bbl

Crude oil futures prices moved narrowly in Nov. 24 trading on both New York and London markets ahead of a Nov. 27 Organization of Petroleum Exporting Countries meeting in Vienna.

MARKET WATCH: Crude oil futures end week above $76/bbl in New York

The New York Mercantile Exchange January crude oil contract increased 66¢ on Nov. 21, closing at $76.51/bbl. The February 2015 contract increased as well, up 74¢ to $76.59/bbl.

Deloitte: US gas supplies rebuilt since last winter, EIA's Sieminski says

The biggest issue this winter could be electricity generation in New England because of pipeline constraints rather than a drawdown of stored natural gas as happened last winter because of severe cold weather, said Adam Sieminski, administrator for the US Energy Information Administration.

MARKET WATCH: NYMEX crude up on recovering Chinese oil demand

Oil prices bounced back up $1/bbl on the New York market Nov. 20 on indications that Chinese oil demand might be recovering.

Total joins global climate initiatives

Total SA, in what it describes as a consolidation of its efforts to address climate change, will support initiatives of the United Nations Global Compact, the World Bank, and the Climate and Clean Air Coalition (CCAC).

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Texas A&M University at Qatar (TAMUQ) (http://www.qatar.tamu.edu/) invites applications for the position of Chair of the Petroleum Engineering ...
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