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.
Energy
Corvus Energy Succeeds, Where U.S. Energy Startups Failed
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 selling oil to Syria
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.
Major oil firms have biggest war chests for takeovers
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.
Colombia oil production slips below target
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.
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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.
Crude oil prices continued to trade in low range amid sagging demand and its bleak outlook for remaining part of 2015. Speculators are withdrawing from their previous bets on rising prices. The front-month US crude futures were trading at $44.65 per barrel 12 percent lower than the peak level in October. ANZ Bank forecasts that oil price to remain under pressure for the rest of the year.
It's yet not over for oil prices to go plunging as BP and Shell will report this week that billions of pounds were shelled off their profits as the aftermath of low oil price associated with exploration failures strike two of Britain's biggest companies.
AltaGas Ltd has put its investment plan of C$600 million ($464mn) on hold over an ongoing dispute over the tax on imported equipment. AltaGas has drawn a plan to export Liquefied Natural gas (LNG), but couldn't take it forward as it's involved over a tax dispute with the government. AltaGas is optimistic that the dispute will be resolved shortly and expected to take the project off in November.
By the end of this year and next year, the global oil market will be in a fair and sensible condition. This is according to the expectation of the Organization of the Petroleum Exporting Countries secretary-general on Sunday.
It seems like that the whole America is enjoying their savings on gas and takes advantage of the situation while it still favors them. According to the analysis by JPMorgan Chase Institute, about 25 million credit and debit card users were discovered to have spent an entire 80% of their gas savings. These extra expenditures went to restaurants, where a portion also goes to entertainment, groceries, clothes, electronics and appliances.
Royal Dutch Shell Plc CEO Ben Van Beurden said that the company will try its best to make sure investors will still receive dividends amid the low oil price. The statement was released by Van Beurden in an email to investors.
Considering the adverse conditions being faced by the Brazilian oil and gas company, Petroleo Brasileiro Petrobras' price estimate has been revised down to $7.41 a share from $10.80.
Oklahoma-based energy company, Chesapeake Energy Corp said it had laid off about 15 percent of its employees and citing the low oil price and gas as the main reason for the move. The second-largest natural gas company in the U.S had laid off 740 workers on Tuesday so far.
