The economy in Alberta will continue to shrink for the next two years amid weak crude prices globally. The province's shortfall in 2017 -2017 is anticipated to outstrip the October outlook by almost $5 billion.
Tags: Oil price
Toscana names Anand Ramnath as chief financial officer
Toscana Energy said that Anand Ramnath has been named as chief financial officer with effect from March 18, 2016. Ramnath, with more than 19 years of experience in financing and accounting, has been the acting chief financial officer of Toscana from July 31, 2015.
Asian stocks hurt by oil prices and robust US dollar
Stocks in the Asian market faced a steep decline for the second day following the drop in oil to less than $40 per barrel. In addition to the oil price drop, investors were curious about the US financial policy.
Airlines are scaling back from hedging due to poor oil price
Airlines are now retiring from hedges after being hurt by low fuel prices. The 58% drop in crude prices since the middle of 2014 has pushed hedge market into a draconic loss, leading airlines to shy away from hedges
Energy stocks hurt by oil price slump
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.
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Fortescue Metals reported a 4% decline in its first six-month net profit owing mainly to the fall in commodity prices. The company has declared an interim dividend of A$0.03 (fully franked).
Mexico is currently aiming to increase its fuel imports in order to attract investment as well as to bring down the fuel prices for buyers. This energy reform activity will boost the competition among private oil firms in Mexico.
Investment inflows into oil and gas projects are dropping significantly. The investments in oil projects in 2016 is forecast to fall below £1 billion from the five-year annual average of £8 billion.
Britain is losing its faith in the chancellor George Osborne as he is readying for the annual budget in the midst of global challenges facing the nation's economy. Poor economic conditions prevented the chancellor from achieving his election targets.
The UK's headline rate of inflation reached to 12-month high. However, it remained below the two percent target of Bank of England for two years. The consumer prices index rose following the price rise in oil, clothing and food products. Economists and consumers are looking to UK's central bank whether it'll raise interest rate or not.
Import of palm oil by India bounced after its first drop in a year. The growing demand coupled with harvest failure boosted the purchase of palm oil from overseas suppliers.
BP enters into an agreement with Oman government to widen the license area of Block 61. The company strengthens its commitment in Oman with a view to broadening its business in the country.
The average oil price has dipped well below $30 a barrel on Thursday, which has been reported to be sold at $31 on Friday. Sharp fall of oil prices on Thursday has been analyzed as the triggering factor for some bargain hunting by some traders. However, equity market has also witnessed a boost which is believed to be induced by oil price soaring.
The present government of Canada is experiencing a series of scarcity in the budget, which could reach $90 billion over the mandate period of four years. The struggling Liberal government needs to insert a minimum of C$50 billion into Canada's fading economy to assist the nation to sustain the fall in oil prices.
