Linkups: Oil News Roundup 13th January
Oil prices have fallen sharply due to lower demand and a supply glut. Brent now down more than 1% at $30.50 a barrel and US crude at $30.26.
Tensions between Iran and Saudia Arabia make it less likely that Opec can agree to cut production to halt the slide in prices. Many Opec members have seen revenues plunge as a result of these low oil prices and some have argued strongly to cut production.
Saudi Arabia though has remained resolute in its policy to price US shale producers out of the market, a policy that so far experts say has produced little effect.
Global oil demand is expected to grow more strongly than previously expected, according to the US Energy Information Administration. Fingers Crossed!!
In other News:
Sell everything ahead of stock market crash, say RBS economists – In a note to its clients the bank said: “Sell everything except high quality bonds. This is about return of capital, not return on capital. In a crowded hall, exit doors are small.” It said the current situation was reminiscent of 2008, when the collapse of the Lehman Brothers investment bank led to the global financial crisis. This time China could be the crisis point.
RBS urges investors to ‘sell everything’ amid fear of global crisis – Warning oil price could fall to $10 a barrel
Nigerian National Petroleum Corporation, NNPC and its Joint Venture Partners, Chevron Nigeria Limited have clinched the prestigious Thomson Reuters /PFI Magazine “Africa and Middle East Oil Deal of the Year Award 2015’’
Private messages at work can be read by EU employers
Oil price slide may force new Russian budget, Medvedev says
Oil and Gas News Undiluted !!! “The squeaky wheel gets the oil”
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