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Average Oil Price News

08 May 2018

Could US Sanctions Hit Iranian Crude Exports?

Oil prices are at more than three-year highs, driven by an expectation that renewed U.S. sanctions on Tehran over the country's nuclear program will disrupt Iranian crude flows.But without the Europe Union, or Iran's other big crude customers, joining the effort, as the EU did in 2012, it will be harder for Washington to hit Iran where it really hurts.U.S.

05 Aug 2016

US Trade Deficit Rises to 10-month High in June

File Photo: Alex Sergienko

The U.S. trade deficit rose to a 10-month high in June as rising domestic demand and higher oil prices boosted the import bill while the lagging effects of a strong dollar continued to hamper export growth. The Commerce Department said on Friday the trade gap increased 8.7 percent to $44.5 billion in June, the biggest deficit since August 2015. May's trade deficit was revised slightly down to $41.0 billion. June marked the third straight month of increases in the deficit. Economists…

28 Jan 2015

Denmark's Budget Gap May Flirt with EU Limit if Oil Stays at $50

Denmark's government estimates its budget would lose 7.5 billion Danish crowns ($1.1 billion) if oil prices remained around $50 a barrel, according to a document submitted by the finance minister to a parliamentary committee. That figure, which takes into account the positive financial impact from lower oil prices, represents 0.4 percent of gross domestic product (GDP) and would push the budget deficit to 2.9 percent, close to the European Union's 3.0 percent cap. In the document, the ministry outlines oil price scenarios. Crude at $60 for the whole year would bring losses of 5.7 billion crowns and at $70, 3.7 billion crowns. Denmark produces oil and gas from the North Sea but its 245,000-barrel per day (bpd) production is dwarfed by Norway's 1.5 million bpd.

29 Nov 2014

Russian Assets Sink on Oil price Collapse

Russia's rouble and shares hit new lows on Friday as oil prices collapsed after OPEC decided to leave its output unchanged despite heavy oversupply. At 1000 GMT, the rouble was around 2.2 percent below the previous close at 49.72 roubles per dollar, and 1.7 percent weaker against the euro at 61.94 roubles . It earlier hit an all-time low of 49.90 to the dollar. Traders said market moves were exacerbated by thin volumes, which mean that even small purchases of foreign currency were able to move the market. Brent crude was last trading at around $72 a barrel after falling as much as $6.50 a barrel a day earlier, when the OPEC oil producer group made known its decision not to cut its output targets.

29 Aug 2011

DnB NOR Global E&P Spending Report: Growth Continues

The 65 oil companies covered in DnB NO’s fifth annual E&P spending report expect a spending increase of 14% in 2011, 8% in 2012 and 7% in 2013. For 2011 we expect activity growth in line with last year; however, service costs are increasing and expected to contribute one third of the total growth rate. We believe that this, combined with fundamentals such as an organic Reserve Replacement Ratio of 87% and increased focus on deepwater and challenging areas, will lend good support to earnings for the oil services industry in the years to come. The fifth annual E&P spending report covers oil and gas companies’ spending on exploration and production (E&P) based on our survey of 65 oil and gas companies worldwide…

17 Aug 2011

A.P. Moller Maersk Reports Interim Results

Revenue for the period increased by 9% to $29.9bn $27.4bn), primarily due to higher oil prices and container volumes. Profit for the period was 8% higher at $2.7bn $2.5bn), positively affected by divestment gain from sale of Netto Foodstores Limited, UK of $0.7bn. The Group’s ROIC was 12.8% (12.8%).. "Thanks to the good performance of our terminals and oil related businesses, the Group has delivered a satisfactory result for the first half-year. As we anticipated at the start of the year, the shipping market has been difficult, due to growing capacity, and we expect the slow economic growth and market volatility to continue for the coming quarters.

11 May 2011

Maersk Line Interim Management Statement

Revenue for the period increased by 10% to USD 14.5bn (USD 13.2bn), primarily due to higher container freight rates, container volumes and oil prices. The profit for the period increased by 82% to USD 1.2bn (USD 0.6bn) and was driven by better operational performance in most business units. The Group’s ROIC increased to 11.7% (7.6%). "We have had a good start to the year and are very satisfied with the results. Our businesses have performed very well, even as tanker rates have remained low and container rates have been decreasing during the period.

02 Oct 2001

Kerr-McGee Reports 2Q Results

Kerr-McGee Corp. reported second-quarter 2001 net income of $175 million ($1.71 per diluted share). This compares with income before special items of $217 million ($2.13 per share) and net income of $110 million ($1.11 per share) in the same prior-year quarter. The 2000 quarter included $107 million ($1.02 per share) in special charges. No special charges were recorded in the 2001 quarter. "Kerr-McGee continued to generate strong earnings and cash flow per share during the second quarter while taking steps to further strengthen and balance its portfolio of assets," said Luke R. Corbett, Kerr-McGee chairman and chief executive officer. "We have supplemented our drilling success with the announced agreement to acquire HS Resources, a core U.S. onshore gas asset.

30 Mar 2000

A.P. Moeller Expects Good Results

Danish shipping and oil group A.P. Moeller, Denmark's biggest private enterprise, said that it expects full-year 2000 earnings of its two main business areas to exceed 1999 levels. "After special items and after tax a result significantly above that of 1999 is expected," the group said. "Oil and gas production in the North Sea is estimated to be about that of 1999. Due to an expected increase in the average oil price the result is expected to be somewhat above that of 1999," A.P. Moeller said. In 1999, consolidated operating profit rose 71.2 percent to 5.77 billion crowns ($740 million), exceeding the mean forecast of 5.35 billion crowns in a poll of analysts.

08 Aug 2007

W&T Offshore Reports 2Q Results

Oil and gas explorer W&T Offshore Inc. said its second-quarter profit rose 18 percent on higher revenues from its August 2006 acquisition of Kerr-McGee properties. Net income rose to $45.5 million, or 60 cents per share, from $38.5 million, or 58 cents per share, a year earlier. Revenue rose 64 percent to $272.6 million from $165.8 million. Analysts polled by Thomson Financial expected, on average, earnings of 46 cents per share on revenue of $263.8 million. The company posted higher production of natural gas and oil, with an increase in the average natural-gas price and a decline in the average oil price. Source: AP

26 Jan 2000

E&P Spending 2000: A Disappointing Gain?

While the theoretical jury deciding which direction the offshore drilling market will take is still out, recent data suggests that the level of spending internationally will disappoint. Calling a 10.2% gain in spending a disappointment may seem a bit harsh, particularly given the depths to which the market has fallen in the previous two years. But considering the price per barrel has catapulted from the $10 level early in 1999 to the mid-20's by the beginning of 2000, it is fair to say expectations were set a bit higher. According to a recent Lehman Brothers survey, the following are the spending plans - by world region - for more than 320 oil companies. 2000E 1999E Year % Chg. # Co. U.S. U.S. Total U.S.