OPEC on Tuesday raised its forecast of oil supplies from non-member countries in 2015, a sign that oil's price collapse is taking longer to impact on shale and other competing sources than previously thought. In a monthly report, the Organization of the Petroleum Exporting Countries (OPEC) raised its forecast for non-OPEC supply this year by about 90,000 barrels per day (bpd).
Crude oil fell about 2% today, the first decline after three days of gains, as worries over the Greek fiscal crisis, weaker oil products prices and pre-weekend profit-taking undercut the market.
Canacol Energy has increased its budget for 2015. The Colombian-based firm has upped its spending in light of newly acquired contracts and a major gas discovery. Last year, the company executed three new gas sales contracts for a combined 65 million standard cubic feet per day.
For over 20 years I have analysed oil price fluctuations. Why? Well, every country’s economic prospects and people’s jobs, yours and mine, are affected in one way or another by what happens to oil prices. Life and death decisions, including continuing national sovereignty for some nations, hinge on the price of oil. The current dramatic and fast 35% fall in oil price could be a pivotal moment in historical events. For example, will the oil revenue dependent Russian economy survive if oil prices stay at around $70 a barrel? If not, what action will Russia take?