Iraq, holder of the world’s third- leading crude oil reserves, needs more than $50 billion of investments in the country’s petroleum industry in the next five to six years, Oil Minister Hussain al-Shahristani said. For full story, click here
Malaysian crude palm oil futures may hit 3,000 ringgit if crude oil markets continue to surge, although he dipped to give a timeframe. For full story, click here
The chief executive officer of ConocoPhillips announced recent gains in crude oil prices will help generate industry cash flow, but for now the U.S. oil major plans to stick to its $12.5 billion budget for 2009. Jim Mulva, Conoco’s CEO, stated: I think the fact that oil prices might be between $50 and $60 dollars [...]
Crude oil surged after an industry report showed that US supplies of the fuel declined by one million barrels last week, increasing optimism that energy demand will recover soon. For full story, click here
Oil prices vaulted 9 per cent in NY Thursday, in tandem with a powerful stocks rally, as investors cheered G20 agreements to combat the global downturn and an easing of US accounting rules. On Friday, oil prices settled above $52 a barrel, slightly lower on the day after a report that US unemployment in March soared to a 25-year high. But optimism that the economy will soon turn around curtailed losses.
Industry costs are now double what they were in 2004 despite the oil price being the same at around $40/b. For full story, click here
The United States government statement that U.S. employers had slashed over a half million jobs in January, the highest yet in 35 years, lead to crude oil prices dropping just below $41 a barrel, way below the high of $147 a barrel last summer. There is a link between layoffs and the demand on oil, say analysts, as those laid off see no need for the daily commute, and buy less of petroleum products like toys and raincoats.
The oil and gas industry in Texas continues to expand at a brisk pace. The Texas Petro Index, which is a compilation of economic indicators in the oil and gas industry, was 279.6, setting another record. For full story, click here
Big Oil is set to spend billions on new exploration in 2009, but in addition to ocean beds thousands of feet below the water’s surface, major producers are surveying the balance sheets of vulnerable companies in the sector. For full story, click here
Get our independent commentary on oil trends and companies delivered to your inbox.
