oil price

Markets: Oil Slides After Trump Calls On OPEC To “Take It Easy”

Posted on by Mozambique Resources Post
Markets: Oil Slides After Trump Calls On OPEC To “Take It Easy”

Oil prices turned sharply lower on Monday morning, reversing early gains, after U.S. President Donald Trump took to Twitter again to criticize OPEC and the high oil prices.

Read More

Africa Oil & Gas: Oil price rise allows Angola to raise spending in election year – Consultant

Posted on by Mozambique Resources Post

The recovery of oil prices and the impact on Angola’s budget will “remarkably improve” the country’s finances, reducing the deficit to 3.2% and creating space for an expansionary economic policy in the election year. “Angola’s fiscal position will improve noticeably by 2018 due to increased revenue from improvements in the oil sector,” analysts at consultancy BMI Research write in an analysis note on Angola’s public finances.(source: Lusa)

Read More

Global Markets: The O&G Deal Of The Decade Is Now Complete

Posted on by Mozambique Resources Post

BG Group, which was the UK’s third-largest oil and natural gas company, is no more. The company’s absorption by Royal Dutch Shell is officially complete, with full delisting going into force today. Shell confirmed in a Monday statement, “The entire issue ordinary share capital of BG Group is now owned by Shell.” It’s the biggest deal in the sector since 1998, when Exxon acquired Mobil. Shell Is Now The World’s 2nd-Biggest Oil Company A report…

Read More

Global Markets: “OPEC Won’t Bear Burden of Propping Up Oil Price” – Saudi Minister

Posted on by Mozambique Resources Post

OPEC will not take sole responsibility for propping up the oil price, Saudi Arabia’s oil minister said on Sunday, signalling the world’s top petroleum exporter is determined to ride out a market slump that has roughly halved prices since last June. Last November, Organization of the Petroleum Exporting Countries kingpin Saudi Arabia persuaded members to keep production unchanged to defend market share. The move accelerated an already sharp oil price drop from peaks last year…

Read More

FROM OILPRICE.COM: Five countries most affected by the oil price crash

Posted on by Mozambique Resources Post

Since June 2014, global oil prices have dropped by more than 50%. The drop could strongly affect the economic and political stability of these five oil exporting countries. Oil prices make winners and losers. In general, oil importers will gain from low prices, while most oil exporters will suffer. Still, there are differences. While the United States, Norway, and the Gulf States can protect themselves with diversified economies and high hard currency reserves, the oil shock…

Read More

Global Oil & Gas: “Oil’s Drop Hitting Other Producers Faster Than Thought,” OPEC

Posted on by Mozambique Resources Post

OPEC forecast on Monday that demand for its oil this year would be much higher than previously thought, as its strategy of letting prices fall to hurt other producers begins to take effect. In a monthly report, the Organization of the Petroleum Exporting Countries (OPEC) forecast demand for its oil would average 29.21 million barrels per day (bpd) in 2015, up 430,000 bpd from its previous prediction.

Read More

Global Markets: King Says Saudi Arabia to Deal with Weak Oil Challenge with ‘Firm Will’

Posted on by Mozambique Resources Post

Saudi Arabia’s King Abdullah said on Tuesday the world’s top oil exporter would deal “with a firm will” with the challenge posed by lower oil prices in a speech read on his behalf by Crown Prince Salman and broadcast on state television. “You cannot be blind to the tensions in the global oil markets… these are not new developments and we have dealt with it in the past with a firm will and wisdom… and…

Read More