The real winners of the OPEC output deal: US shale drillers
Breaking News
Oil prices extended declines on Monday after non-OPEC producers made no specific commitment to join OPEC in limiting oil output levels to prop up prices, suggesting they wanted the oil producing group to solve its differences first.
The Russian president expressed his support to OPEC. He announced that Russia is ready to join it. OPEC urged other non-members to give their commitments.
U.S. stocks rise its gain. It leap up so high and while other stocks plungeto the lowest blow. Apple takes over Samsung, as it suffers from production for the replacement of the recalled unit. Other firms are enjoying its net as it rise up to a certain degree.
China's oil giant reported a 67% drop in profit. PetroChina reported its worst profit in 15 years which brought liability to $162 billion.
Russia produced 10.91 million barrels per day in March. This recorded as the highest in 30 years and raising the doubt on the production freeze.
Rosneft, the Russia-based oil firm, has promised to make investments of roughly EUR 13 billion annually through 2018, which is an increase of 30% for the year 2016.
Wall Street faced slight losses in the stock market on Monday as the drop in oil price burdened energy stocks. Investors are shying away from these energy stocks owing to the fall in crude prices.
Oil prices might have propelled above $40 a barrel level in the past week as Iran was expected to join other producers to freeze its oil output. However, Iran wants to help its ailing economy, regardless of the oversupply.
The US drilling activity for oil and natural gas declined to record low since 1940 in the wake of weaker oil prices in the global markets. Oil firms are also reducing their spending budgets this year owing to adverse conditions in the markets
Imperial Oil has entered into an agreement to sell its 497 Esso retail fuel stations for about C$2.8 billion. This transaction reflects the company's aim to widen its refining and oil sands businesses.
Nigerian investment flow in the previous three years has declined as a result of economic slowdown in the country. Investors lost their confidence in Nigerian economy citing global oil slump.
Marathon Oil announced its intention to sell 135 million of common shares through a public offering. The ongoing slump in the global oil industry has led many oil firms to undertake the cost-cutting strategy to keep hold of their cash level.
According to Indra Nooyi, the ongoing global economic slowdown threatens economic recovery in the US. The oil market combined with political turmoil creates an economic pressure in the nation.
Premier Oil posted a widened loss in the year 2015 amid lower oil price. The firm also urged the government to promote infrastructure policies in the North Sea to lure investment.
