David Fyfe News
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Gunvor Group Ltd. expects more European oil refineries to close in the next two to three years amid declining profits, according to David Fyfe, the company’s head of market research and analysis.
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Crude prices will probably drop, at least in the first half, amid rising U.S. shale-oil production and slowing economic growth, according to analysts.
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The U.S. won’t allow companies to export domestic crude oil within the next 10 years, according to more than 60 percent of those polled at a Bloomberg Oil Forum.
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Saudi Arabia, the world’s largest oil exporter, is probably boosting its output of the commodity, according to the International Energy Agency.
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The International Energy Agency’s member governments hold enough crude oil to provide 4 million barrels a day from inventories to the market for a year, said David Fyfe , head of the IEA’s oil industry and markets unit.
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Jumps in oil prices, which led some countries to withdraw crude from stockpiles earlier this year, are less likely as economic growth slows and Libyan fields resume output, said David Fyfe, the head of the International Energy Agency's oil-industry and markets division.
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Iraq, seeking to more than double oil output by 2015, is poised to overtake Iran as OPEC’s second- largest producer by the end of the year as sanctions hobble crude production in its Persian Gulf neighbor.
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Iraq, seeking to more than double oil output by 2015, is poised to overtake Iran as OPEC’s second- largest producer by the end of the year as sanctions hobble crude production in its Persian Gulf neighbor.
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Iran’s oil exports will probably decline by 50 percent when European sanctions take full effect in July, the International Energy Agency said.
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Oil edged up for a second day in New York on speculation that Greek Prime Minister George Papandreou will win a confidence vote today, moving the country a step closer to avoiding a default on its debt.
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