Technology

Continental Reinsurance PLC make sizable gains in Q3 2016

FemiGross premium income at the end of the quarter was US$55.5 mn, up from US$47.8 mn in 2015 representing a 16 per cent growth

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Upstream capex spend cut by US$100 bn in Sub-Saharan Africa

Chevron Oil Refinery 017Over the next five years, capital expenditure is to be cut by US$100 bn in Sub-Saharan Africa, including exploration cuts will contribute to 46% oil production decline by 2030

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RSCC launches new service for Eutelsat in South Africa

RCC EuselatThe Russian Satellite Communications Company (RSCC) has deployed new ground infrastructure facilities within the Dubna Space Communications Center (SCC) in partnership with Eutelsat SA

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DNV GL revises two recommended practices for the pipelines sector

Williston North Dakota Oil Pipeline Pipes 5894617854Across the oil and gas industry, life extension of assets and infrastructure is an increasingly important issue for operators as they look to balance the integrity, safety and productivity of the asset

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Oil prices retreat after OPEC uncertainty

Pumpjack in IshimbayOil prices fell after a one year high was reported after the Organisation of Petroleum Exporting Countries was trying to agree to cap production for a minimum of six months. 


 

Because of this, according to Reuters, doubts have formed due to how much that would reduce crude glut. It is unclear how rapidly global oil production could fall into line with demand, even if the OPEC countries fall into line and Russia, a major producer, could curb a steep output cut, said the IEA [International Energy Agency] after these doubts came to the front in October 2016. 

The crude price is estimated to have fallen around 1.4 per cent from the one year high of US$53.73 per barrel to US$52.41 a barrel for Brent crude oil. U.S West Texas Intermediate (WTI) crude fell one per cent to US$50.79 a barrel. 

Most of the world oil officials are at the World Energy Conference in Istanbul, rapidly trying to release statements to stabilise the market cost and be clear on OPEC's production plan. 

Energy ministers from Saudi Arabia and Russia have stated their intent to hold further consultations in the Saudi capital Riyadh after the World Energy Conference. 

OPEC has claimed that they will cut production by 700,000 barrels per day to between 32.5mn to 33mn by their next policy meeting in Vienna on 30 November 2016. However, the US, the world's number one oil producer, will not be part of this reduction plan. 

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