Oil climbs as OPEC, producers expected to meet
Oil climbed to a three-week high after Russia’s Energy Minister was reported to say that OPEC and other producers will meet next month to discuss a potential production cut.
Petrobras cuts managers to save $440 million a year in oil rout
Brazil’s state-controlled oil company is reducing management positions and streamlining operations to save $440 million a year as it navigates the worst oil market in a generation and a sprawling corruption investigation.
Seadrill seen needing $1billion in equity to scale ‘debt wall’
Seadrill Ltd., the offshore driller battered by the collapse in crude prices, is approaching a “debt wall” that may force it to sell new shares and renegotiate terms with bond investors and banks by the end of the year, according to Nordea Bank AB.
Shell needs to repay investors who backed its biggest ever wager
Royal Dutch Shell Plc is under pressure to reward the faith of the more than 80 percent of shareholders who shrugged off the risks from slumping oil prices to back its record acquisition of BG Group Plc.
Nigeria puts burden of rebound on fiscal plan as Naira Peg stays
Nigeria’s government is set to carry the burden of boosting the economy as the central bank signaled it won’t ease currency controls that are hurting businesses. President Muhammadu Buhari is seeking to compensate for plunging oil revenue and the slowest growth in 16 years by boosting spending by a fifth to 6.1 trillion naira ($30.6 billion) this year. With Governor Godwin Emefiele on Tuesday resisting pressure to ease foreign-exchange restrictions and devalue the naira, fiscal stimulus may need to take the lead in sparking a rebound.
Oil resumes decline near $30 as US supplies worsen global glut
Oil resumed its decline near $30 a barrel after U.S. industry data showed crude stockpiles increased, exacerbating a global glut.
US oil explorers seen reporting $14billion in 2015 losses
During the next eight days, independent U.S. oil explorers are expected to report 2015 losses totaling almost $14 billion, the result of the steepest price collapse in a generation.
Why a Russian-Saudi deal on cutting oil output remains elusive
With oil trading near $30 a barrel, calls for orchestrated output cuts to quell global oversupply have intensified this week. Trouble is, none of the world’s largest producers, most notably Russia and Saudi Arabia, have shown they’re ready to make a move.
Hess to cut capital spending and production by 40%
Hess Corp. said it will cut capital spending on exploration and production this year 40 percent from 2015 to $2.4 billion on low oil prices.
Oil extends slide below $30 as US supplies seen expanding glut
Oil extended its decline back below $30 a barrel before weekly U.S. government data forecast to show crude stockpiles expanded for a third week, exacerbating a global glut.
Saudis unbowed by oil crash with no spending cut before IPO
The world’s biggest oil producer is spending as much now as it did before the crash in crude prices, signaling no surrender in Saudi Arabia’s battle with rivals.
How the oil bust wiped out one North Dakota oil refiner’s profit
For the first new refinery in the U.S. in seven years, the idea was simple: Buy cheap oil from shale producers, then score a quick profit by selling it right back to them as more expensive diesel needed to power their trucks and drilling rigs.
Shell’s BG arbitrage fades as investors set to back deal
Royal Dutch Shell Plc is on the brink of completing its biggest acquisition as shareholders look set to back its purchase of BG Group Plc. Risks to the deal completing have almost disappeared. The discount of BG’s shares to the offer price narrowed to a record low of 2.2 percent on Monday after some of Shell’s top shareholders and advisory firms backed the transaction this month. It was at 12.5 percent on Dec. 21.
Oil drops as Saudis to maintain spending, China diesel use falls
Oil dropped after Saudi Arabia, the world’s biggest crude exporter, said low prices won’t reduce its spending on energy projects and China’s diesel consumption dropped for a fourth consecutive month. Futures dropped as much as 4.6 percent in New York. Saudi Arabian Oil Co., also known as Saudi Aramco, is maintaining its investment plans despite the rout in the crude market, Chairman Khalid Al-Falih said Monday. Diesel use in China dropped 5.6 percent in December compared with a year earlier and gasoline consumption grew at the slowest pace in more than two years.
Russia could work with OPEC on supply, Lukoil’s Fedun tells Tass
Russia could work with the Organization of Petroleum Exporting Countries on removing supply from the market if a political decision was taken to cooperate, OAO Lukoil Vice President Leonid Fedun said in an interview with state news agency Tass.
Oil declines after Saudi Aramco says it’s sustaining investments
Oil gave up its gains after the world’s biggest crude exporter said it’s keeping up investments in energy projects.
Goldman’s Cohn says sell treasuries; Morgan Stanley is bullish
Goldman Sachs Group Inc. President Gary Cohn said Treasury yields will probably rise, just as Morgan Stanley predicts the opposite.
Oil swings near $32 after biggest two-day rally in seven years
Oil fluctuated near $32 a barrel after the biggest two-day rally in more than seven years.
The Saudi debt secret that US treasury has kept for 41 years
It’s a secret of the vast U.S. Treasury market, a holdover from an age of oil shortages and mighty petrodollars: Just how much of America’s debt does Saudi Arabia own?
Saudi Aramco may open IPO to foreigners as it keeps output high
Saudi Arabian Oil Co. is pumping at high levels as it sees demand growing, and the state-run company may open a possible share offering to international investors.
Dubai stocks lead surge across Gulf markets after oil rebounds
Dubai stocks soared the most in more than a year, leading an advance in Gulf Arab markets, after oil prices rebounded and global equities rallied.
Kuwait plans $100bn sovereign wealth fund, Al-Anba says
Kuwait plans a new state-owned fund to manage as much as $100 billion in local assets with the goal of selling them to private investors in five to seven years, Al- Anba newspaper reported.
Nigeria plans to sell as much as $1bln of Eurobonds to help huge deficit
Nigeria plans to sell as much as $1 billion of Eurobonds to help fund a record budget deficit this year, Finance Minister Kemi Adeosun said. Officials from Africa’s biggest oil producer plan to hold non-deal roadshows to meet investors and explain the government’s policies to revive economic growth, Adeosun said Friday in an interview at the World Economic Forum in Davos, Switzerland.
Davos oil view: Roubini to Kazakhstan agree rout can’t last
One thing that oil producers congregating in Davos agree on is that the oil rout can’t go much further. There’s less consensus about when the recovery will arrive. Officials from Kazakhstan and Nigeria to Azerbaijan and Saudi Arabia, speaking at the World Economic Forum, concur that the global glut will begin to dissipate this year as the lowest prices in 12 years force cuts in spending and production.
Norway to world: We’re sitting out the big wealth fund selloff
The world’s biggest wealth fund won’t be joining its counterparts in a selloff that’s hurting already depressed markets. In fact, officials who supervise the $780 billion fund haven’t even discussed the possibility of shifting strategy, according to Egil Matsen, who this week started as the new deputy central bank governor in charge of oversight of the investor.