LONDON, Feb 14 (Reuters) – Worldwide shale oil production
could add $2.7 trillion to the global economy annually by 2035
by slashing the price of crude by as much as $50 a barrel, PwC
said on Thursday.
Shale oil production could surge to 14 million barrels per
day, or as much as 12 percent of total oil output from around 1
percent now, as it expands from its U.S. base over the next two
decades, the world’s largest accounting firm said in a report.
LONDON, Feb 13 (Reuters) – Oil fell slightly on Wednesday,
after the International Energy Agency (IEA) cut its demand
outlook, tempering optimism on the global economy which helped
push oil to its highest in nine months last week.
A cut in the demand outlook from the IEA of 90,000 barrels
per day saw oil retreat from the day’s high after Tuesday’s more
bullish reports from the U.S. Energy Information Administration
(EIA) and Organization of the Petroleum Exporting Countries.
LONDON/ABUJA Feb 8 (Reuters) – Nigeria’s latest oil and gas
outages have further dented its reputation as a reliable energy
supplier, at a time when demand for imports is falling in the
United States and Asia has an increasing choice of suppliers.
Exxon warned customers of supply disruptions from
Nigeria’s biggest oil stream Qua Iboe on Thursday and Shell
said gas supplies to one of the world’s largest
Liquefied Natural Gas terminals would be delayed, both due to
LONDON, Feb 7 (Reuters) – Oil reached its highest level
since September on Thursday after the head of the European
Central Bank chief said inflationary pressures were likely to
diminish and due to renewed tensions in the Middle East.
ECB President Mario Draghi said he expected inflation to
fall below 2 percent in coming months and that economic activity
should gradually recover later in 2013.
LONDON, Feb 6 (Reuters) – Brent crude oil futures held above
$116 a barrel on Wednesday, supported by positive economic data
from the United States and Europe which helped boost confidence
in demand outlook.
The vast U.S. services sector extended a three-year run of
growth, while data showing signs of recovery in Europe’s
business activity also helped convince investors that the global
economy was emerging from a slowdown.
LONDON, Jan 30 (Reuters) – Commodities have decisively
broken their lock-step with other assets, which lasted from 2008
to 2012, and now lower volatility and an expected end to central
bank money printing could ensure the correlation does not
The 30-day correlation between the Thomson Reuters-Jefferies
CRB commodities index and the S&P 500 equities index
has slid to 0.24 from 0.7 in late November.
LONDON, Jan 30 (Reuters) – Brent crude oil fell slightly on
Wednesday but held close to a three-month high above $114 a
barrel, underpinned by optimism about the U.S. economy after
data showed a recovery was gaining ground.
Brent cruse oil futures were 20 cents lower at
$114.16 a barrel by 0903 GMT on nerves ahead of a U.S. Federal
Reserve meeting. It had reached $114.57 earlier, its highest
since Oct. 16, 2012. U.S. oil fell 3 cents to $97.54
after gaining nearly 1.2 percent in the previous session.
LONDON (Reuters) – Iraqi Kurdistan said it is negotiating with two or three major international companies to operate oilfields and expects to announce the outcome in about a month, in a move likely to further heighten tensions with Baghdad.
The remarks by Natural Resources Minister Ashti Hawrami on Tuesday highlight the autonomous region’s resolve to push ahead with development of its oil resources independently of the Baghdad-based central government.
LONDON, Jan 23 (Reuters) – Brent crude oil held steady above
$112 a barrel on Wednesday as investors awaited inventory data
from the United States for clues to demand in the world’s
largest oil consumer.
Brent crude was 10 cents up at $112.52 a barrel by
1023 GMT. U.S. crude for March rose 11 cents to $96.79,
off a four-month high of $96.90 hit earlier.
LONDON, Jan 17 (Reuters) – Brent oil futures rose above $110
per barrel on Thursday after Islamist militants attacked an
Algerian gas field and took Western hostages, although concerns
about a weak global economic outlook kept gains in check.
Brent added 32 cents to $110.00 a barrel by 1049
GMT. The February contract, which expired on Wednesday, settled
31 cents higher, while the March contract finished 5 cents up.
U.S. oil rose 23 cents to $94.47.