Tag: crude oil price
Trump’s ‘border adjustment tax’ big unknown for Canadian oil and gas
Until Congress draws up tax reform legislation, impossible to estimate impact of border adjustment tax The Canadian oil and gas sector – producers, service companies, and manufacturers alike – is wringing its hands at the prospect of an American border adjustment tax, but economists say the concern is premature and could be completely unwarranted. The border […]
Saudi Arabia looks to Russia to boost non-OPEC cooperation
Falih says low oil price environment led to decrease in capex, which could lead to shortage in supply By Rania El Gamal and Reem Shamseddine RIYADH (Reuters) – Saudi Arabia’s Energy Minister Khalid al-Falih said on Sunday he had invited his Russian counterpart Alexander Novak to meet Gulf Arab energy ministers in Riyadh as part of […]
Oil drops below $48 on Fed hike speculation, fading support from outages
OPEC production at highest in years thanks in part to higher Iranian exports By Alex Lawler LONDON (Reuters) – Oil fell below $48 a barrel on Thursday, pressured by a stronger dollar and as a surprise increase in U.S. crude inventories served as a reminder that supply remains ample despite output problems. Supply losses in […]
Energy economist explains why banning OPEC protects American consumers
“…we [the USA] are more exposed to high prices than we are to low prices.” – Hirs Last week I wrote about a Texas-based oil producers group that is calling for a ban on crude oil imports in order to support domestic producers and disentangle the USA from its costly military commitments in the Middle East. […]
Rig count hits record low – Texas loses 8, Permian Basin down to 152
Analysts say American E&P firms need $45/b WTI before resuming drilling HOUSTON, Texas – The number of rigs exploring for oil and natural gas in the U.S. dropped 12 this week to 464, a record low amid continuing price woes in the energy industry. A year ago, 1,048 rigs were active. Analysts expect the rig count will bottom in […]
Energy industry expects a stormy 2016 – BDO survey
Energy CFOs pessimistic oil demand will grow substantially in 2016 CHICAGO, Ill. – BDO USA LLP released today results from its 2016 Energy Outlook Survey, which found that 60 per cent of energy chief financial officers (CFOs) expect changes in oil and gas prices to be the single most important factor dictating whether the energy industry recovers […]
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