The rout in oil prices two weeks into 2016 has not only sent global stock markets into a tailspin, but has also seen more ominous warnings pouring in from global oil and gas giants on mass-scale layoffs. After oil giant Royal Dutch Shell announced earlier that it would be culling 6,500 jobs this year, as…
The global demand for oil is slowing despite low prices, indicating that the world might be entering a phase where alternative energy investments are not as attractive as they were in May 2014. According to the Paris-based International Energy Agency, the global oil demand growth is forecast to slow to 1.2 million barrels per day…
The UAE’s decision to deregulate fuel prices and link them to global oil prices is credit positive for the UAE and Abu Dhabi, ratings agency Moody’s has said. Moody’s estimates that the removal of fuel subsidies will reduce the UAE’s consolidated fiscal deficit by 0.4 percent of the GDP this year and contribute another 0.6 percent of…
The UAE’s move to deregulate fuel prices isn’t significant enough on its own to have a short-term impact on sovereign ratings, S&P has said. Speaking to TRENDS, Stuart Anderson, Managing Director and Regional Head – Middle East at S&P said it is still premature to take a view on the precise impact the decision could…
The framework agreement reached between Iran and five permanent members of the United Nations Security Council plus Germany (P5+1) could result in a further plunge in oil prices. Global brokerage houses, as well as bodies like the US Energy Information Administration (EIA), have suggested that baseline forecasts for crude could be substantially lowered as a…
The ongoing market volatility and low oil prices are taking a toll on the hiring sentiment of managers and recruiters who enroll oil and gas professionals across the globe. According to Rigzone’s latest Global Hiring Survey, industry professionals are shying away from negotiating higher salaries, with more than 55 percent of hiring managers reporting that…
Desperate times call for desperate measures. And the fall in oil prices seems to be pushing the Islamic State of Iraq and Syria (ISIS) to resort to desperate means to deal with a cash crunch. Hit by the decline in oil prices and the airstrikes launched by an international alliance of countries, the organization is…
British Petroleum (BP) released a new edition of its BP Energy Outlook 2035. Here are ten predictions on how the energy markets will behave over the next 20 years. 1. Global energy demand is expected to rise by 37 percent between 2013-2035. That’s an average of 1.4 percent every year. 2. Demand for oil will increase…
Oil prices hit their highest levels for 2015 on Friday (February 13) with US crude settling at $52.78 and Brent crude rising above $60 a barrel. Better European macro data and a drop in US oil rig drilling count pushed up oil, which has been trending positively over the last three weeks, with prices for…
Lower oil prices, not political risk, is the focus this year for Saudi Arabia’s credit profile, after the smooth succession following King Abdullah’s passing. The clear succession process reduces the risk of political uncertainty and suggests broad continuity in economic and social policy, Fitch Ratings has said in a note. The Saudi stock market rallied…
