Oil price continue to crash the lowest level. The price was closed at the lowest in 12 years to nearly $30 and is expected to continue dropping.
State-owned Saudi Arabian Oil Co. (ARAMCO) is possibly going for an IPO aiming to raise funds for $1 trillion to $10 trillion. Some shares of the IPO may be awarded among the local banks and investors following ARAMCO’s action plan. However, experience in banking operations in the kingdom is believed to play the key role for selection which put HSBC and JPMorgan well ahead in the IPO grabbing race.
Saudi Aramco may tap capital market very shortly. The Kingdom of Saudi Arabia (KSA) is considering a major restructuring plan for the world's biggest oil producing company in the wake of lower oil prices. The Saudi government may also sell some of the stake in Aramco.
The continuous drop in oil price for the past 18 months may impact $125 million real estate-backed securitized loans in North Dakota. The oil drillers in North Dakota have reduced their activity in the wake of lower oil prices. The reduced activity in shale hubs is poised to dampen the property market in North Dakota.
Mexico oil giant Petroleos Mexicanos (Pemex) is planning to trim its headcount in 2016. The State-run company has suffered a record loss, while its production is declining to 25-year low. Pemex has taken up a restructuring exercise to bring back profitability to the company.
The US Congress is pushing a tax break for oil refiners as a compromise to finally allow unrestricted crude-oil exports. According to The Wall Street Journal, the bill could potentially end the long-time ban on U.S. oil exports, which has been around for forty years.
The skyrocketing oil inventories are paving the way for more traffic jams on the seashores as oil tankers are queuing up along the US Gulf Coast. The uncompromised Opec's decision to continue its production level coupled with shale production in the US is adding to huge volumes of inventories.
Corvus Energy, Canadian lithium-ion battery company has successfully made it to top three in Deloitte Technology Fast 500 ranking. Recently, Statoil, Norwegian largest offshore oil and gas company also invest in Corvus battery technology.
ISIS (Islamic State in Iraq and Syria) has begun selling Iraqi crude oil to Syria, against which the Islamic militant group has been fighting to take over the country.
The continuous oil price fall is one side of the coin. The other side is showing rosy picture as six major oil companies have more than enough funds to snap up competitors. It's estimated that world's top six listed oil companies have over $0.5 trillion in stocks and cash enough to fund takeovers plans. ExxonMobil lead the pack, while Chevron, BP Plc, Shell, ConocoPhillips and Total are in the top-six positions.
The oil production in Colombia is poised to drop below the target of one million barrels per day in 2016 following the slowing down of drilling activity and ageing of major oil fields.
The US Energy Information Administration (EIA) has lowered outlook for the US crude production in 2016. EIA has reduced the forecast for 2016 by one percent in the US oil production.
Amidst a major accounting scandal, Japanese electronics major Toshiba is in the process of offloading its $7.4 billion (GBP4.87billion) commitment on US liquefied natural gas (LNG) imports.
Oil prices dropped on low volumes as investors preferred to book profit to take advantage of overnight rally. The oil price is hovering above $50 a barrel on disruption in production in Brazil and Libya.
The oil drilling activity in Canada is taking a hit as crude oil price is still hovering at $50 a barrel. The current situation is forcing Canadian oil companies to lower drilling activity in 2016.
Subscribe to VCpost newsletter
- OUKITEL Introduces Several New Smartphones to MWC: 7.12”Waterdrop display,10000mAh Battery, and 5V/6A quick charge
- 6 Reasons to Get Workforce Management Software Today
- OUKITEL C12 Goes to Official sale at just $64.99, 6.18 inch notch display with 2GB/16GB Memory
- OUKITEL C15 PRO Will Come with 6.088”Waterdrop Display, Android 9 Pie OS and Support 5G wifi
- How Sales Recruiters Can Improve Your Team
- OUKITEL C12 Pro 3G Version C12 is Released with Notch Display and Stunning Price
- OUKITEL New Phone C13 Pro: Notch Display and Android 9.0 Pie OS
- OUKITEL C15 Pro leaks: Global First MT6761 Smartphone with Waterdrop Notch Screen