As oil price continues to plunge, two Japan airlines:Air Nippon Airways (ANA) and Japan Airlines (JAL) decided to eliminate fuel surcharge. This will trim the airline tickets price substantially. Both airlines are also actively searching for alternative fuel.
Energy
BP Plc to trim jobs in crude-oil production unit: Reports
UK-based Oil giant BP Plc plans to trim 4,000 jobs in its crude-oil production unit as crude oil price slump.
Gas Station in Michigan Sold Gas as Low as 47 Cents on Sunday
The last time gas price in Michigan was at 47 cents was in 1973. As gas price continues its plunge, gas station in Michigan sold oil as low as that of 43 years ago on Sunday.
Canadian Stocks Fell As Oil Price Hit $28
Canadian stocks market dropped as continuing plunge of oil price brings down the energy companies stocks. Meanwhile, two Calgary-based oil companies are merged under Suncor Energy Inc.
China Soon To Be The World's Greatest Crude Importer This Year, Enhancing More Investment In The Energy Industry
China is predicted to be the world's largest crude importer, replacing the U.S. This is also as a result the new policy made by the government in allowing smaller refineries import and process their own crude.
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Michigan appears to be the first US state to enjoy gas at $0.77 a gallon. The states closer to the refineries or containing those, enjoy gas at a relatively cheaper price. In the blink of further oil price fall, the US states, who are badly hit due to falling oil price, are considering to increase gas tax. These states aim to continue development works in communication sector, which they are unable to allocate with the problem riddled economies.
Russia’s Rosneft OJSC is suffering more due to the below $30 crude oil prices than its privately owned counterpart Lukoil PJSC, which seems to be showing more resilience.
Brent oil prices fell on Wednesday, dropping below $30 a barrel to touch $29.96 for the first time since April 2, 2004.
The lower oil prices are forcing rig operators to reduce their activity in North Dakota. The number oil rigs operational fell to 49 indicating the lowest since August 2009. The number of oil rigs is expected to further drop to 30 this year. There're concerns over possible bankruptcies following the decline in oil drilling North Dakota.
American Energy Partners and Argentina state-run energy company YPF have signed a partnership deal on developing the shale resources in the South American country. Argentina government is providing subsidies to attract investments in the energy sector and to enhance business climate in the country.
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.
