PARIS (AP) — The International Energy Agency says oil supply is set to outpace demand this year, keeping a lid on any expected price increases. The organization, which advises countries on energy policy, said in its monthly report Tuesday that global excess supply may reach 2 million barrels per day during the first quarter, and a further 1.5 million barrels a day in the second quarter. Further stock-building of 300,000 barrels a day is forecast in the second half of the year. The IEA said [Read more]
Shell reports 44 per cent drop in 4th quarter earnings
LONDON - Royal Dutch Shell said fourth-quarter earnings tumbled 44 per cent as the collapse in oil prices took its toll on another global energy giant.Profit adjusted for changes in the value of inventories and one-time items dropped to $1.83 billion from $3.26 billion in the same period a year earlier, the Anglo-Dutch company said Thursday.The results came days after Shell sealed a $52.4 billion takeover of BG Group Plc, which will increase the company's proven reserves of oil and natural gas [Read more]
Facts and figures show the impact of low oil prices
The impact of sharply lower oil prices is being felt around the globe. Oil-dependent countries are trying to mend busted budgets. Oil companies are cutting production and workers. While consumers in some countries enjoy lower gas prices, elsewhere consumers are paying higher food prices due to declines in the local currency. Some facts and figures to explain the regional impact: U.S. — The government estimates U.S. production will fall to an average 8.7 million barrels a day this year [Read more]
Cheap oil buoys consumers, shakes up global governments
Cheap oil will be sticking around for a while. That reality is wreaking havoc and causing uncertainty for some governments and businesses, while creating financial windfalls for others. Less expensive crude is delighting consumers in some regions, while leading to widespread job losses elsewhere. Oil has fallen from $107 to around $30 in the past 19 months. Furious production by the U.S. and OPEC led to an oversupply. Recently, a sluggish global economy has spurred concerns about [Read more]
U.S. to halt approvals of hydraulic fracturing off California coast
LOS ANGELES — The federal government has agreed to stop approving hydraulic fracturing off the California coast until it studies whether the practice is safe for the environment. The agreements filed Friday in Los Angeles federal court settle lawsuits brought by environmental groups that challenged the approval of the practice off Ventura and Santa Barbara. The deals require the Department of Interior to review whether well stimulation techniques such as fracking threaten water quality and [Read more]
Saudi Aramco expects oil prices to rise by end of 2016
RIYADH, Saudi Arabia - Saudi Arabia's state-owned oil giant expects oil prices will climb toward the end the year, saying the current price of around $30 a barrel is not sustainable.Saudi Aramco's CEO Amin Nasser, speaking Tuesday at an investment conference in the kingdom, says there are indications that demand for oil picked up last year and that the gap between supply and demand has been shrinking, which could drive prices up.Nasser declined to give a precise price range. He says "our [Read more]
Saudi Aramco chairman defends oil giant’s possible IPO move
RIYADH, Saudi Arabia - The chairman of Saudi Arabia's state oil giant said on Monday that plans for a possible initial public offering are not being driven by a need for cash amid a global slump in oil prices, but instead signal a desire for greater openness to outside investors.Speaking at an investment conference in the Saudi capital of Riyadh, Khalid al-Falih said the potential listing of the world's largest oil producer "is not for cash" but a "sign of the times" that the kingdom is open for [Read more]
Shell expects 4th Q profits to drop at least 40 per cent
LONDON - Royal Dutch Shell expects its fourth quarter profits to drop at least 40 per cent to between $1.6 billion and $1.9 billion after a sharp drop in crude oil prices, but underscored its determination to press ahead with the proposed mega-merger with BG Group plc.The Anglo-Dutch energy giant said Wednesday it released the figures for shareholders ahead of a vote next week on the proposed combination, a 47-billion-pound ($69.7 billion) deal widely seen as an effort to adapt to lower prices. [Read more]
Low oil complicates struggle to raise eurozone inflation
FRANKFURT - Low oil prices are complicating life for the European Central Bank in its struggle to push up worrisome low inflation in the 19 nations that use the euro currency.It was bad enough when oil dipped below $50 per barrel. That slide helped keep the eurozone annual inflation rate down to a bare 0.2 per cent in December — far below the bank's goal of just under 2 per cent.The most recent plunge in oil prices since the last ECB meeting Dec. 3 — to below $30 — now threatens to once again [Read more]
Oil prices may fall further this year, the IEA says
NEW YORK - The International Energy Agency says oil prices may fall further this year due to low demand, warm winter weather and an oversupply of crude.The organization, which advises countries on energy policy, said in its monthly report Tuesday that global excess supply may reach 1.5 million barrels per day during the first half of the year."Unless something changes, the oil market could drown in over-supply," the IEA said.U.S. crude prices have fallen 24 per cent since the beginning of the [Read more]
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