01192017Thu
Last update: Thu, 19 Jan 2017 01pm

Europe

Markets - Energy - Europe

Global oil, gas discoveries drop to 70-year low LONDON: Oil and gas discoveries around the world dropped last year to their lowest since the 1940s after companies sharply cut back in their search for new resources amid falling oil prices.The decline in discoveries means companies such as Exxon Mobil and Royal Dutch Shell will struggle to offset the natural depletion of existing fields, reinforcing forecasts of a supply shortage by the end of the decade. Total oil and gas resources found in 2016 reached just more than 6 billion barrels of oil equivalent (boe), said Sona Mlada, senior analyst at Oslo-based consultancy Rystad Energy.The numbers do not include North American shale resources which have been a key driver in supply growth in recent years. Offshore liquid discoveries, where most major new fields have been found in recent decades, reached 2.3 billion boe last year, 90 percent below 2010 levels. As a result, companies were able on average to ...

Markets - Energy - Europe

Oil price slides on prospect of rising US production LONDON: Oil prices fell on Wednesday on expectations that US producers would boost output, just as OPEC signalled that a global supply-reduction deal will shrink the oil glut this year. Brent crude futures, the international benchmark for oil prices, were down 75 cents $54.72 a barrel at 1230 GMT. US West Texas Intermediate (WTI) crude oil futures were trading down 81 cents at $51.67 per barrel. US shale production is set to snap a three-month ...

Markets - Energy - Europe

OPEC sees smaller oil glut in 2017 but flags US shale recovery LONDON: OPEC signalled a falling oil supply surplus in 2017 on Wednesday as the exporter group's output slips from a record high ahead of a deal to cut supply and outside producers show positive initial signs of complying with the accord. However, the Organization of the Petroleum Exporting Countries, in a monthly report, also pointed to the possibly of a rebound in US output, as higher oil prices following supply cuts by other producers support ...

Markets - Energy - Europe

Oil prices under pressure on doubts over output cuts LONDON: Oil prices were under pressure on Monday due to doubts that large oil producers will reduce production as promised and on expectations that US production would increase again this year. Benchmark Brent crude oil was up 8 cents a barrel at $55.53 after being down for most of the day by 1416 GMT and US light crude was flat at $52.37 a barrel. The Organization of the Petroleum Exporting Countries (OPEC) has agreed to ...

Markets - Energy - Europe

Oil prices slip on doubts over output cuts LONDON: Oil prices slipped on Monday, pressured by doubts that large oil producers will reduce production as promised and on expectations that US production would increase again this year. Benchmark Brent crude oil was down 23 cents a barrel at $55.22 by 1142 GMT and US light crude fell 21 cents to $52.16.The Organization of the Petroleum Exporting Countries (OPEC) has agreed to cut production by 1.2 million barrels per day (bpd) to 32.5 million ...

Markets - Energy - Europe

China's crude oil juggernaut to roll on, but more slowly: Russell LAUNCESTON: There is little doubt China's crude oil imports enjoyed a robust 2016, hitting a record high. The question is how long the party can continue? Customs data released on Jan. 13 showed Chinese imports of crude reached 36.38 million tonnes in December, or 8.57 million barrels per day (bpd), the most in a month and well above the previous mark of 8.04 million bpd set in September.For the year crude imports were 13.6 percent ...

Markets - Energy - Europe

Higher oil prices to help Russia avoid using up Reserve Fund MOSCOW: The recovery in oil prices this year may help Russia's finance ministry avoid spending all of its Reserve Fund in 2017, Finance Minister Anton Siluanov said on Friday. Russia drew up its 2017 budget using an assumed average crude oil price of $40 per barrel for the year, but prices for its biggest export are currently well above that.Brent crude futures, the international benchmark, were trading at $55.81 on Friday morning. "Will we be ...