More Economics & Oil Market News

Statoil’s Lund cites three global challenges for oil, gas

The global oil and gas industry will simultaneously need to become more economically competitive, environmentally benign, and socially responsible if it expects to survive, Statoil ASA Chief Execute Helge Lund suggested.

Cedigaz: Global gas market growth slowed in 2013

Global natural gas consumption rose by just 1.3% in 2013, down from an average of 2.8%/year in the previous decade, according to a recent report from Cedigaz, the international natural gas association based near Paris.

MARKET WATCH: NYMEX crude oil prices flat, staying under $100/bbl

Oil prices dropped on New York and London markets in May 5 trading, and analysts said the energy markets lacked firm direction amid disappointing economic news from China and continuing conflict in Ukraine.

MARKET WATCH: Crude prices end week on high note

The New York Mercantile Exchange June crude oil contract price rose 34¢ on May 2, closing at $99.76/bbl. The July contract gained 29¢ to settle at $99.04/bbl.

Chevron 1Q profits plunge on lower oil production, prices

Chevron Corp. reported earnings of $4.5 billion for this year’s first quarter compared with $6.2 billion for first-quarter 2013. Revenues in the first quarter were $51 billion, down from $54 billion during the same quarter a year ago.

MARKET WATCH: Crude oil, gas futures prices down

The New York Mercantile Exchange June crude oil contract price fell 32¢ on May, closing at $99.42/bbl. The July contract lost 36¢ to settle at $98.75/bbl.

MARKET WATCH: NYMEX oil futures retreat on high inventory numbers

Oil futures prices fell in Apr. 30 trading on the New York market after the US Energy Information Administration issued its weekly inventory report showing crude oil supplies at the highest level since EIA started issuing weekly inventory reports in 1982.

Azerbaijan looks beyond energy successes for economic growth

Azerbaijan’s growing economy undoubtedly benefits from its oil and gas developments, but the country also has laid a strong foundation to move into other sectors that deserves closer attention, participants at a two-day conference agreed.

PwC: US M&A activity reaches highest 1Q volume in more than a decade

The US oil and gas industry recorded its highest volume of first quarter mergers and acquisitions (M&A) in more than a decade, PwC US Energy Practice said in an Apr. 30 report on transactions with value greater than $50 million. The movement was a result of rising upstream activities and increased interest from foreign entities.

MARKET WATCH: Oil futures climb on Western tensions about Russia, Ukraine

Oil futures climbed on both New York and London markets Apr. 29 upon continuing uncertainty regarding futures steps that the West might take against Russia because of the Russia-Ukraine conflict.

MARKET WATCH: Brent crude prices fall as market shrugs off Russia sanctions

Crude oil prices fell by more than $1/bbl on the London market during Apr. 28 trading in a lukewarm response to additional international sanctions against Russian officials and companies regarding its conflict with Ukraine. Analysts noted the sanctions were less severe than expected.

MARKET WATCH: Crude futures price ends week above $100/bbl

The New York Mercantile Exchange June crude oil contract price lost 1.34¢, closing at $100.60/bbl on Apr. 25. The July contract relinquished $1.32 to $100.03/bbl.

EIA: Marcellus gas production continues to outpace takeaway capacity

Rising production of natural gas in the Marcellus shale play in the Appalachian basin continues to outpace the growth in the region’s pipeline takeaway capacity, which has led to supply backups in the region, the US Energy Information Administration reported in a weekly gas report.

MARKET WATCH: Brent crude prices top $110/bbl on geopolitical tensions

In London, ICE Brent crude oil prices moved up this week, topping $110/bbl on Apr. 24 “amid rising geopolitical tensions between Russia and Ukraine, declining refinery turnarounds, and North Sea field maintenance,” said Barclays analysts in an Apr. 25 Energy Market Outlook.

EIA: Companies’ global upstream spending flat in 2013

According to annual reports from 42 international oil and natural gas companies that have reported data on upstream expenditures since 2000, total upstream spending by these companies increased 0.4% in 2013, relatively flat compared with an average increase of 11%/year during 2000-12.

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Offshore Middle East Conference & Exhibition

January 26, 2015
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