Linkups: Oil News Roundup 11th January
Crude prices have continued to fall since OPEC abandoned its output ceiling of 30 million bpd. The Organization of the Petroleum Exporting Countries which all but abandoned price support for crude by removing OPEC’s production ceiling in an oversupplied market.
Morgan Stanley reportedly warned that a further devaluation of the yuan could send oil prices spiraling into the $20-$25 per barrel range. Brent crude futures LCOc1 fell $2.00 to settle at $31.55 a barrel. U.S. West Texas Intermediate (WTI) crude futures CLc1 fell $1.75 to settle at $31.41 a barrel.
U.S. shale oil production is expected to fall for a seventh month in a row in February, declining at about the same rate as the month before. Total output set to decline by 116,000 bpd to 4.8 million bpd in February compared with January, a U.S. Energy Administration’s (EIA) drilling productivity report said.
The International Energy Agency expects the oil market is likely to remain oversupplied throughout 2016.
Nigeria’s LNG plans in dissaray
China’s new ideas, policies for Nigeria, Africa
IEA chief briefs Indian Prime Minister on energy outlook
Increasing Indigenous employment in Australia
Gas production gets underway at China’s Luojiazhai field
Big Drop In Rig Count Points To Capitulation By U.S. Shale Drillers
Baker Hughes announces December 2015 rig counts
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