Read the latest insights and analysis from the experts at Oil Change International.
Eventually what goes down, must come up. And to the relief of everyone in the oil industry, the global energy watchdog, the International Energy Agency (IEA) believes that there are signs that oil prices "might have bottomed out.”
The low oil price continues to cause carnage with the oil industry and increasingly once-untouchable US shale companies. Indeed, the Saudi strategy to kneecap the American fracking industry looks not only like it is paying off, but will not be reversed anytime soon.
The big beasts of the global oil industry will gather today at one of the most important events in their calendar – the IHS CERAWeek conference in Houston, which is often dubbed the Davos of the energy industry.
Written anywhere but the Financial Times, an article on the future of the oil industry might just pass you by.
Desperate times mean desperate measures. Something has to give. With no end in sight to the low oil price, Canadian tar sands companies are having to sell what are being described as their “jewels in the crown” in order just to survive.
Earlier this week, a little glimpse of hope for the oil industry concerning a respite in the oil price plunge all but vanished after it emerged that a “make or break” meeting over the weekend between key OPEC players had ended with no agreement on cutting production.
Oil giant BP sent shock-waves through the industry this morning with what has been described as a “jaw-dropping” loss.
Last week, the British Prime Minster, David Cameron, flew to Aberdeen, the oil capital of the UK to announce £250 million emergency funding to “prop up the North Sea oil industry”; which is reeling badly from the low oil price.
Some of the world’s best known oil companies, including Shell, BP, Statoil and Total, face the humiliation of having a ratings downgrade, the internationally respected ratings agency, Moodys, has warned.
So the slide continues with no end in sight. As expected this morning, the oil price has fallen below $28 a barrel on the back of the historic news over the weekend of sanctions being lifted on Iran.
