Despite pressure from OPEC to cap its oil production, the Iraqi government can neither afford a production cut nor enforce it upon the Kurdistan Regional Government. Under tremendous fiscal pressure, OPEC members may cut a deal in Vienna this week that would cap oil production in order to raise global prices. The deal is being… Keep reading →
The success of Riyadh’s new economic policy will partly depend on changes in social and political attitudes, as well as greater transparency on legal and other issues. In 1984, a British ambassador departing Saudi Arabia at the end of his tour wrote a “valedictory telegram” defining the kingdom in terms of three “I’s” — Islam,… Keep reading →
The prolonged turbulence in oil prices has brought cost reduction programmes, the shelving of projects, and insolvencies in the oil field services (OFS) and exploration and production (E&P) sectors — and has presented a once in- a-generation buying opportunity.
As oil and gas leaders converge on Houston for the year’s largest industry conference, CERA Week, falling oil and gas prices are understandably top of mind and a cause for concern for the industry. But there is another decline story underway in industry, one that poses a risk to the future of hydrocarbons in a… Keep reading →
The UAE energy minister refused Wednesday to discuss a proposed cap to crude oil production agreed to by four oil-producing countries the day before, raising new questions about the proposal aimed at stabilizing global prices. [ABC] In a meeting with external experts, NATO ministers discussed global energy developments and their security implications. [NATO Press Release]… Keep reading →
Although the news is filled with stories of falling oil and gas prices and suggestions that a third of the exploration and production companies may file for bankruptcy, this most recent downturn may not produce the bankruptcy filing boom many anticipate.
BG Group PLC’s shareholders on Thursday signed off on Royal Dutch Shell PLC’s roughly $50 billion takeover bid for the company. [WSJ] The Senate has started debating its first comprehensive energy legislation since the George W. Bush administration, a bipartisan measure meant to update the nation’s power grid and oil and gas transportation systems. [The… Keep reading →
Precipitous commodity price declines that began in mid-2014 continued to disrupt the oil and gas industry in 2015, outlasting the expectations of many analysts.
Energy firm E.On has announced a 5.1% reduction in its standard gas price for residential customers. [BBC News] In an AP interview, Iran’s foreign minister is decrying what he calls the United States’ “addiction to coercion” with its new sanctions against Iran over ballistic missile tests. [ABC/AP] The oil price slump below $30 barrel is… Keep reading →
Saudi Arabia stood accused on Tuesday of trying to wreck the Paris climate summit in order to protect its future as one of the world’s largest oil producers. [The Guardian] The American Legislative Exchange Council has suffered the loss of another major corporate sponsor with American Electric Power announcing it will no longer provide the… Keep reading →
