energy prices

Oil prices trim gains as Saudi Arabia, Russia agree to output freeze

Crude oil prices pared back from earlier sharp gains Tuesday morning, after energy ministers from major oil producers agreed to freeze output, but not to cut production. On the New York Mercantile Exchange, light, sweet crude futures for delivery in March CLH6, +1.29% rose 65 cents, or 2.2%, to $30.09 a barrel in the [...]

By |February 16th, 2016|Categories: News|Tags: , , , |

Global energy plunge not producing lower prices in Turkey

Turkey’s energy consumption has seen a sharp increase since 2003, hitting $40 billion annually with an average growth of 5 percent in the country’s gross domestic product (GDP). The demand for electricity has also grown at around 5 percent annually for the last 16 years. Skyrocketing demand is, however, mainly being met by imported crude [...]

By |February 10th, 2016|Categories: News|Tags: , , , |

World Bank says wars, cheap oil hurting Middle East growth

The World Bank said on Thursday that 2015 economic growth in the Middle East and North Africa likely came to just 2.6 percent, falling short of a 2.8 percent forecast in October as war, terrorism and cheap oil took their toll. In a new report, the bank said five years of war in Syria and [...]

By |February 10th, 2016|Categories: News|Tags: , , , , |

Fitch: Nigeria’s Oil Response Has Downside Fiscal, Growth Risks

The Nigerian authorities' recent economic policy announcements show the response to the oil price shock is coalescing around state-led development to boost economic growth and import substitution to blunt the effects of declining oil receipts, Fitch Ratings says. It is yet to be seen whether the associated measures will promote growth while containing fiscal pressures, [...]

By |February 10th, 2016|Categories: News|Tags: , , , , , |

Which oil nation will need bailing out next?

More countries are expected to join oil-rich but cash-poor Azerbaijan and Nigeria in asking for international financial help if the price per barrel continues to show no sign of recovering, commodity experts have warned. After Azerbaijan and Nigeria requested international financial aid in January as oil prices wallowed around, and even dipped below, the $30 [...]

Saudis ‘ready to cooperate’ on crude output: Report

Saudi Arabia is ready to cooperate on output but has not proposed a 5 percent production cut to bolster weak crude prices, according to a report Thursday. Earlier Thursday, Russian Energy Minister Alexander Novak said the Saudis had floated oil production cuts of up to 5 percent by each country. But a senior Gulf OPEC [...]

Slump in oil prices drives green energy takeup in top exporting nations

The oil price slump below $30 barrel is spurring some of the world’s biggest oil exporters to curb domestic consumption of fossil fuels and invest in wind and solar power, according to government officials meeting in Abu Dhabi. A month after the historic climate agreement in Paris, Saudi Arabia, Russia, Iran, Kuwait, the United Arab [...]

By |January 27th, 2016|Categories: News|Tags: , , , |

Why the falling oil price may not lead to boom

There was a time when Blue Monday meant a song by New Order. These days it is the third Monday in January, allegedly the most depressing day of the year. Whether there is any scientific basis for this claim is debatable, but for what it’s worth the argument is that people feel miserable because Christmas [...]

By |January 19th, 2016|Categories: News|Tags: , , , |

Russia refuses to rein in oil production in 2016

Russia is unlikely to coordinate with oil cartel OPEC to roll back oil production in order to prop up falling oil prices, the country's energy minister Alexander Novak said on Friday. In fact, Russia is also set to keep production at record levels - following similar strategies by other oil producing states like Saudi Arabia [...]

By |January 19th, 2016|Categories: News|Tags: , , , , |

Oil Plunge Sparks Bankruptcy Concerns

As many as a third of American oil-and-gas producers could flirt with bankruptcy and restructuring by the middle of next year unless oil prices stage a big rebound, Bradley Olson and Erin Ailworth report. That’s a tall order since crude traded near $30 a barrel on Monday, with analysts believing that survival depends on a [...]

By |January 19th, 2016|Categories: News|Tags: , , , |