Oil Steady, Supply Outlook Unclear
January. Some analysts expect oil prices to stay strong into early 2017. "With investors now expecting a relatively high level of compliance with the production-cut agreements, prices should be well supported," ANZ bank said on Monday. Speculators raised their holdings of Brent crude oil futures to a record high last week. Traders noted a possible delay in Libyan exports provided some support to oil prices earlier in the session. In Libya, a group guarding oil infrastructure said late last week it had reopened a long-blockaded pipeline leading from the oilfields of Sharara and
Global O&G Exploration Spending Expected to Slide 17%
on an average oil price of $70 per barrel, estimates that global exploration and production expenditures will slide 17 percent to $571 billion. If oil prices average $60 per barrel, spending should drop by 30 percent to 35 percent, according to the survey of 476 oil companies. Crude oil futures traded in New York closed under $50 per barrel on Wednesday, weighed down by weak global demand and growing supplies. "We continue to advocate a cautious approach toward investing in oil service and drilling stocks," said the Cowen analysts in a note to clients. North
North Sea Buzzard Oilfield Shut Again
, its operator Nexen said on Tuesday, as the firm takes advantage of better weather in the North Sea to carry out additional planned maintenance. Buzzard is the biggest contributor to the Forties crude stream that is one of the four benchmark crudes underpinning the price of international Brent crude oil futures. It had restarted late on Monday - a public holiday in Britain - after being shut for maintenance since July. "As planned and in accordance with our safety procedures, production has been shut down to allow for demobilisation of the G3 drilling rig," the firm said. "The
February 2024
