Popular news, January 25 – 31, 2016
The World Bank is lowering its 2016 forecast for crude oil prices to $37 per barrel in its latest Commodity Markets Outlook report from $51 per barrel in its October projections. The lower forecast reflects a number of supply and demand factors. These include sooner-than-anticipated resumption of ex
Oil prices will average just over $40 this year, the biggest cut to monthly forecasts in a year, as an influx of Iranian barrels hits an already-saturated world market, a Reuters poll showed on Friday.
Iranian president Hassan Rouhani is wasting no time while on his European trip, triggered by the lifting of the economic sanctions against Iran earlier this month. Spearheading the Iranian delegation’s trade mission to Europe this week, first in Italy, now in France, Rouhani, first Iranian president
An oil and gas industry skills and workforce development body, Opito, has appointed Graham Gall a new managing director. The organization said Gall would lead “the continued growth of its rapidly expanding international business.” Formerly the managing director of Falck Safety Services in Brazil, G
Lamprell has signed a Memorandum of Understanding (MOU) with Saudi Aramco, the national oil company of the Kingdom of Saudi Arabia, the National Shipping Company of Saudi Arabia (Bahri) and Hyundai Heavy Industries in connection with a potential partnership collaboration on establishing a maritime c
Wood Mackenzie’s mid-year prediction that only ‘a handful’ of major projects would make financial investment decision (FID) approval in 2015 proved close enough – only a few large upstream developments achieved the green light during the year, Wood Mackenzie, a global energy consultancy provider, sa
Global energy demand will increase 25 percent between 2014 and 2040, driven by population growth and economic expansion, ExxonMobil, an oil and gas major, said on Monday in the 2016 edition of The Outlook for Energy. At the same time, energy efficiency gains and increased use of renewable energy sou
A majority of senior oil and gas professionals (56%) believe that the industry is repeating the mistakes of previous downturns and have concerns over the loss of jobs and experience and lack of efficiency, according to a new report published today by DNV GL, a technical advisor to the oil and gas in
Keppel FELS, a subsidiary of Keppel Offshore & Marine (Keppel O&M), has delivered Halul, a KFELS B Class jack-up rig, to Gulf Drilling International (GDI) of Qatar. According to Keppel, the rig was completed on January 21, 2016, which is ten days ahead of schedule. Also, it is the first rig that Kep
A desire to capitalise on distressed situations, grow international market share and acquire new technology will drive a surge in M&A activity in the global oilfield services sector during 2016, according to a new research from international law firm Pinsent Masons. The survey of 200 senior executiv
Read the most popular news of the week.
Moody’s Investors Service has reduced its price estimates for Brent crude and West Texas Intermediate crude amid continued oversupply in the oil markets and the risk of additional supply from Iran. Moody’s has lowered its price estimate in 2016 for both Brent crude oil, the international benchmark,
By Amanda Cooper LONDON (Reuters) – Oil rose by more than 6 percent on Friday, as a cold snap boosted demand for heating oil across the United States and Europe, but was still mired near its lowest since 2003 and set for its largest drop in January in at least 25 years. Crude futures were […]
