Thursday, January 9, 2025
pumpjack_green_field - oilandgas360

Global Oversupply: Not as Bad as it Seems?

Global output falling despite higher OPEC production; Wells Fargo’s Read looks for a deficit 2H2016 The International Energy Agency released its Oil Market Report for February, showing lower levels of production globally, despite higher output from members of OPEC. According to the release from the IEA today, global oil supply dropped 0.2 MMBOPD to 96.5 MMBOPD despite a production increase

Fortis Inc. Increases Utility Rate Base to $18 Billion with $11.3 Billion Acquisition

Canada’s Fortis acquires largest independent pure-play electric transmission company in the U.S. Fortis Inc. (ticker: FTS, FortisINC.com) announced today that it will acquire ITC Holdings Corp. for total consideration of $11.3 billion. Under the terms of the deal, ITC shareholders will receive $22.57 in cash and 0.752 Fortis shares for each ITC share, valuing each share of ITC at about

Russia’s Medvedev Says Low Oil Prices are an Opportunity to Restructure the Economy

“We are obliged to use these difficult moments and really change the structure of the economy” – PM Medvedev Russia appears to be searching for a silver-lining while its economy struggles from low oil prices, international sanctions and a devalued currency. Prime Minister Dmitry Medvedev told a meeting of candidates to the Supreme and the General Councils of the United