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Over 55% plunge in benchmark crude prices from June 2014 to March 2015

HELSINKI: Plunging oil prices are moving oil companies to cut spending on exploration activity, presenting a major challenge for seismic companies globally as the most volatile and cyclical segment of the oilfield services industry, says Moody’s Investors Service in a new report published yesterday. “We do not expect a significant recovery for seismic companies in the near term, especially as ... Read More »

Over 55% plunge in benchmark crude prices from June 2014 to March 2015

HELSINKI: Plunging oil prices are moving oil companies to cut spending on exploration activity, presenting a major challenge for seismic companies globally as the most volatile and cyclical segment of the oilfield services industry, says Moody’s Investors Service in a new report published yesterday. “We do not expect a significant recovery for seismic companies in the near term, especially as ... Read More »

Eradicating oil smuggling: Libya govt warns crude oil smugglers

TRIPOLI: Government of Libya warns very hardly to crude oil smugglers because Libya is currently producing 488,000 b/d, according to the official. A Panama-flagged vessel is making its way to Libya’s Ras Lanuf crude terminal to illegally load crude there, a senior state-owned NOC official told Argus.NOC issued a statement on its website today that it would take all the ... Read More »

Oil market slips as US crude reserves rebound

LONDON: World oil prices resumed their downward spiral, as dealers eyed the poor global economic outlook, after rallying in the previous session on bargain buying. Crude futures also sank as traders digested news that US stockpiles had risen, adding to long running concerns about a supply glut and weak demand. Brent North Sea crude for February delivery slid $1.18 to ... Read More »

Brent oil to reach $72-74 within 2014, face-off with recession monster

LAHORE: Oil sank to a four-year low below $77 a barrel on Friday, dropping for 8 weeks in a row, its longest weekly losing streak since records began in 1988, pressured by excess supply and scepticism over output cut by OPEC at a meeting in two weeks. Brent was up 64 cents at $78.13 a barrel as of 0946 GMT, ... Read More »

Brent crude oil firm above $85 after biggest fall since 2010

SINGAPORE, Brent crude firmed above $85 a barrel on Wednesday after its biggest slide in 3 years on Tuesday. Brent dropped nearly $4 on yesterday pushing prices to the lowest since late 2010. Brent has plummeted about $30 since mid-June due to prevailing worries about oil supply exceeding demand in a slowing global economy. Reluctance of core OPEC members, including ... Read More »

Reduction in petrol prices this Eid: Rs 12?

ISLAMABAD: Brent crude hit a 28-month low to $92.04 a barrel, falling from $115 a barrel in mid-June while benchmark US oil dropped below the $90 a barrel mark for the first time since April 2013. It is almost 18 percent decline in oil price in international markets while locally Petroleum Ministry has just decreased the petrol price by Rs ... Read More »

Oil prices steady at end of volatile week

NEW YORK: World oil prices have steadied after Brent crude had this week hit a two-year low point against a backdrop of solid supplies and dampening demand growth. Brent North Sea crude for delivery in November edged up six cents to stand at US$97.76 a barrel around midday in London. US benchmark West Texas Intermediate for October eased 22 cents ... Read More »