BP reports 50% less profit
As reported by Bloomberg, British Petroleum recorded over 50% lower profit in 2016 when compared to the previous year. Profits achieved by oil and gas production rose with higher crude prices, but were offset by reduced earnings from refining and trading (similar issues was reported by Shell). This was helped by a partial shutdown of BP's largest rafinery - Whiting. Source: Bloomberg #oil #BP #Shell
OPEC might extend production cuts
As reported by Reuters, OPEC is signalling attentions to extend its agreement on limiting oil production to non-members and, additionally, to apply even deeper cuts in the second half of 2017 if its price targets are not met. A number of leading oil producers agreed to reduce output by 1.8 million barrels per day in an effort to boost prices. Source: Reuters #oil
Macedonia faces crude oil supply shock
As Greeek farmers block border crossings, Macedonian crude oil supply suffers. Macedonian companies report huge losses. Source: SEEbiz #Macedonia #oil
Oil prices stagnate
OPEC members are mostly keeping their agreement on production limits (over 90% of planned reduction is achieved). On the other hand, raised production by USA disabled a surge in prices. Prices range around 57 $/b, with IEA predicting further demand increases. Source: Bloomberg #oil #IEA
Russia predicts 60 $/b in 2017
As reported by UPI, Russia's Fianance Ministry does not foresee oil prices going higher than $60 per barrel before 2019, predicting their range between 40-60 $/b in the 2017-2019 period. Meanwhile, President Vladimir Putin said the country's budget is tied to a price of 40 $/b. Source: UPI #Russia #oil
BP forecasts surplus supplies for oil
In its Energy Outlook 2035 report, BP forecasted a future of slowing demand growth and abundant supply for oil. Growing population and increase in income will foster energy demand growth. Fossil fuels should continue to dominate the energy mix, but a shift towards lower-carbon fuels is set to occur. Oil and coal shares are set for a decline, while renewable energy and gas are predicted to record notable growth. BP sees gas as destined to overtake coal to become the second lar
