Crude retraces from highs in 2016 in the wake of increased production in the Middle East, which overshadows the output decline US and a falling dollar.
OPEC crude oil production in April rose to 32.64 million barrels per day, close to the highest levels seen in recent history. Even Russia, the largest exporter outside the organization, has increased the monthly export.
After the lighthouse operation switched from Brussels and the strong opposition of the US Justice Department, Halliburton has renounced the merger plan announced last November, amounting to 35 billion dollars.
The deal was judged by the European Commission too dangerous because it might impede effective competition in violation of the Merger Regulation. The operation that would put together the second and third largest players in the sector, could eliminate the third leader Schlumberger. Even for the US antitrust service, the acquisition would undermine competition in the oil services sector, resulted in higher prices and reduced innovation in the oil services sector.
The government of Saudi Arabia is ready for the creation of a sovereign wealth fund that would make it independent from oil, Mohammed ben Salmane, the deputy crown prince, revealed in an interview with Al-Arabiya television, which include measures. They will be realized by 2030: almost 15 years when the whanabita regime wants to create "the world’s largest sovereign wealth fund", with a budget that exceeds $ 2 trillion (about 1780 billion Euros). In the case of the amount of achievement, would beat the "treasure" that accompanies the Norway’s sovereign fund, which currently has just under 870 billion dollars of investments around the world.
The managing director of the state company Pemex Mexican, José Antonio González Anaya, met yesterday in Mexico City her equal role of Eni, Claudio Descalzi. During the meeting, it said in a statement issued last night by the Italian company, Descalzi outlined the company’s strategy in the country, focused on the consolidation and growth of its presence in Mexico, where it was the first international majors to acquire a block (Area 1) following an international tender, which took place last September.
The marathon negotiations in Doha is of no effect: the agreement to freeze the production of oil has not been reached. After a long standoff sixteen producers, OPEC and not, who had gathered in the capital of Qatar have declared surrender, opening the way to a likely decline in international oil prices. Largely it was precisely the expectation of an agreement to support the recovery of Brent, who had climbed the slope to nearly $ 45 a barrel last week, after he collapsed in January under $ 30, the lowest for 13 years .
Well Fargo was one the shareholders of Cubic Energy Inc, which bankruptcy plan took effect on March 1, the Dallas-based oil and gas company wiped out.
The bank had a nearly 10 percent stake in Cubic Energy at the end of 2015, worth more than $25 million at the company’s peak, through a private equity-style unit called Wells Fargo Energy Capital.
Russia and Saudi Arabia have reached a consensus on the plan to freeze the oil production , even leaving aside the Iran Participation. This was stated by Russian news agency Interfax, which cited diplomatic sources , according to which there would new talks between the two countries in view of the Doha summit, the Sunday program.
The item has not found other confirmations. But the oil market – already oriented upward – gave her credit , by flying the barrel prices to almost five months maximum : Brent has gone up to $ 44.81 , WTI at $ 42.25 , surpassing in both cases an important technical resistance , represented by the moving average of the last 200 days. The two references ended the session up by more than 4% , despite the International Monetary Fund has again reduced its forecast on global growth , from + 3.4% to + 3.2%.
Investec Asset Management belives that oil prices will improve through the year, we anticipate average 2016 oil prices will be similar to 2015, before recovering to $70/bl for Brent in 2017.
