OPEC Cuts 2015 Crude Demand Forecast to 12 Year Low
Plunging oil prices will prompt energy companies to cut investments in new projects by 25 percent or more in 2015, analysts say, as firms try to stay cash-flow positive and keep debt in check.
UK-based oilfield equipment firm secures $5.5 million of orders for its remotely-operated vehicles,
Rosneft repays $7 billion in debt, partially easing fears among investors that Western sanctions could prompt mass defaults.
Libya’s oil output cannot even cover its own needs, the National Oil Corp (NOC) says, as the country struggles with fighting and protests that have hampered production since the 2011 ouster of leader Muammar Gaddafi.
Fighting between Libya’s competing governments spreads to a third oil port, curbing gas exports to Italy and cutting crude production to less than needed to cover the North African country’s own domestic requirements, officials said.