The Russian ruble has clawed its way to around 65.1 against the euro, its strongest since December 26, ahead of the ECB €1.14 trillion stimulus. It’s up against the US dollar at about 59 with Brent above $60/bbl and a more stable Russian financial market.
A federal standard for regulating explosive gas in oil-transporting trains was rejected in the higher levels of the White House, according to a new report. It instead opted to allow new industry-backed regulations crafted in North Dakota to suffice.
New global challenges, such as plunging oil prices and slowing world economies, the emerging economic blocks, as well as Russia’s anti-crisis plan, will be center stage at the 19th Economic Forum in St. Petersburg scheduled for this June.
Following attacks by Islamist militants on oil installations and ports in Libya, the National Oil Co. has declared a force majeure at 11 oil fields, a clause in contracts that frees parties from liability in extraordinary situations.
Exxon Mobil Corp. has continued to buy rights to develop Russian oil deposits despite sanctions, increasing the area from 11.4 million acres to 63.7 million acres in 2014. It’s an area larger than the UK.
The Islamic State must expand “in order to maintain its financial management and expenditures in areas where it operates,” international investigators with the Financial Action Task Force said, explaining the group’s projected strategy.
Despite being the biggest crude oil producer, the United States won’t be able to export more than the current world leader Saudi Arabia, says the new head of the International Energy Agency (IEA) Fatih Birol.
The crude oil price collapse has forced some Canadian oil service companies to cut their workforces, budgets, and salaries, as their energy-producing customers have been struggling with their own budget cuts and market uncertainty.
The OPEC member states are discussing the possibility of an emergency meeting should oil prices continue to fall, said Nigerian Oil Minister, and OPEC President Diezani Alison-Madueke. Prices have dropped by than half since their peak last summer.