MARKETS AND NEWS Linkups: Oil News Brief/Roundup 29th February; — The price of OPEC basket of thirteen crudes stood at $30.74 a barrel on Friday, compared with $29.19 the previous day, according to OPEC Secretariat calculations

MARKETS AND NEWS Linkups: Oil News Brief/Roundup 29th February; — The price of OPEC basket of thirteen crudes stood at $30.74 a barrel on Friday, compared with $29.19 the previous day, according to OPEC Secretariat calculations

Brent futures were trading at $35.82 per barrel at 10:18 a.m. ET (1518 GMT), up 72 cents from their previous close. U.S. crude futures traded 35 cents higher at $33.13 a barrel
The collapse of oil prices from over $100 to less than $30 per barrel has created a challenging environment for all companies in the energy sector. Many operating companies have deferred, cancelled projects, curtailed exploration and drilling activity or initiated some type of cost reduction program. For Britain’s North Sea oil companies it has been catastrophic.
In the upstream sector, this has in turn led to oilfield services companies significantly downsizing. Its been said that more than two fifths (43%) of oil fields are expected to operate at a loss in 2016. Petrofac revealed a profit of just £6.5million after recording a £310million loss on its Laggan Tormore project in the North Sea.
On the flip side it is a real bonus for transport firms e.g Aviation.
The latest airline company to rejoice in the low price of fuel is British Airways owner IAG, which just announced a 64.4% jump in pre-tax profits to €1.8bn (£1.4bn) for 2015. That was helped along by a 6.3% drop in the unit cost of fuel.
A Reuters monthly poll reportedly showed on Monday that oil prices are expected to average a little more than $40 a barrel this year.
In Other News:
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