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The Key Numbers On The Oil Industry’s Problems

Benefit From the Latest Energy Trends and Investment Opportunities before the mainstream media and investing public are aware they even exist. The Free Oilprice.com Energy Intelligence Report gives you this and much more. Click here to find out more. Some fascinating data points on the global oil and gas business from Ernst & Young last week. The group released its annual Global oil and gas reserves study. And the findings suggest some worrisome trends afoot in the petroleum business. The report confirmed that high costs are plaguing the business. Exploration and development spending by E&Ps globally jumped 20% in 2012 alone. And rose a towering 48% between 2008 and 2012. On its own, the rise in spending might simply indicate good times at hand for the industry. But a few other numbers from the report sound a warning on this front. Namely, profits. Despite the big increase in spending, […]

Posted On : Published By : Tom Whipple
Category:

The Key Numbers On The Oil Industry's Problems

Benefit From the Latest Energy Trends and Investment Opportunities before the mainstream media and investing public are aware they even exist. The Free Oilprice.com Energy Intelligence Report gives you this and much more. Click here to find out more. Some fascinating data points on the global oil and gas business from Ernst & Young last week. The group released its annual Global oil and gas reserves study. And the findings suggest some worrisome trends afoot in the petroleum business. The report confirmed that high costs are plaguing the business. Exploration and development spending by E&Ps globally jumped 20% in 2012 alone. And rose a towering 48% between 2008 and 2012. On its own, the rise in spending might simply indicate good times at hand for the industry. But a few other numbers from the report sound a warning on this front. Namely, profits. Despite the big increase in spending, […]

Posted On : Published By : Tom Whipple
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China trade data adds to recovery hopes

Worker in a Chinese factory 8 November 2013 Last updated at 05:23 China’s manufacturing and export sectors have been key drivers of its economy China’s exports and imports rose in October, the latest in a series of figures indicating a recovery. Exports, a key driver of its growth, rose 5.6% from a year earlier, while imports jumped 7.6%. This follows data released earlier this month which showed that manufacturing activity in China grew at its fastest pace in 18 months in October. The numbers come ahead of key meetings of China’s Communist Party, with economic reforms set to be discussed. Known as the Third Plenary Session of the Central Committee, the meeting will run from 9 to 12 November, and top leaders are expected to discuses reforming key areas such as the financial sector and state-owned enterprises. ‘Holding up’ China’s economy, the world’s second-biggest, has shown signs of a […]

Posted On : Published By : Tom Whipple
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China Reports Strong Rise in Exports

HONG KONG — Surprisingly strong exports reported by China on Friday bolstered the view that the global economy is improving, just as Chinese leaders were set to hold an important policy meeting to flesh out their economic agenda for the coming years. Exports rose 5.6 percent in October from a year earlier, reversing a 0.3 percent slide in September and beating expectations for a much more modest rise, according to data from the Chinese customs administration. Imports confirmed that domestic demand was solid, rising 7.6 percent from a year earlier, a little more rapidly than the 7.4 percent recorded in September. After a rocky patch earlier this year, China’s economy has stabilized in recent months, echoing improvements in the United States, Japan and the long-beleaguered euro zone. Friday’s data confirmed that the steady — though not stellar — expansion in the Chinese economy in recent months has continued into […]

Posted On : Published By : Tom Whipple
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China exports bounce back ahead of leadership summit

The sun sets behind cranes at the Yangshan Deep Water Port, part of China (Shanghai) Pilot Free Trade Zone’s Yangshan free trade port area, in Shanghai, China ’s exports bounced back in October from the surprise drop recorded in September offering some improved economic news as the country’s leaders prepare to set its fiscal and political direction for the next decade. The 5.6 per cent year-on-year increase in exports in October was higher than market expectations for a 3.2 per cent rise, and an improvement on the 0.3 per cent contraction recorded in September. China’s trade surplus rose to $31.6bn in October, double that of the previous month. The numbers will be a reminder, however, that China cannot simply rely on exports to power the economy and provide jobs – which had been the model during the first three decades since China adopted a market-based economy. The export sector […]

Posted On : Published By : Tom Whipple
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Boom Years Are Over, Says Russia’s Economy Ministry

MOSCOW—The Russian government slashed its economic forecasts for the next two decades, issuing a dire warning that the oil-fueled growth that has been a foundation of Vladimir Putin ‘s rule is over and there’s nothing likely to take its place, given the country’s poor investment climate and aging infrastructure. The Economy Ministry said it expects growth at an annual rate of 2.5% to 2030, below the global average, meaning Russia’s steady climb up the ranks of global economies in Putin’s early years is likely to reverse. Boosted by high oil prices and reforms following the Soviet collapse, the economy grew at an average rate of 7% in the years before the 2008 global financial crisis. Since he returned to the presidency in 2012, Mr. Putin has called for 5% growth for Russia to catch up with leading global economies, but the latest forecasts say that goal is far out […]

Posted On : Published By : Tom Whipple
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Boom Years Are Over, Says Russia's Economy Ministry

MOSCOW—The Russian government slashed its economic forecasts for the next two decades, issuing a dire warning that the oil-fueled growth that has been a foundation of Vladimir Putin ‘s rule is over and there’s nothing likely to take its place, given the country’s poor investment climate and aging infrastructure. The Economy Ministry said it expects growth at an annual rate of 2.5% to 2030, below the global average, meaning Russia’s steady climb up the ranks of global economies in Putin’s early years is likely to reverse. Boosted by high oil prices and reforms following the Soviet collapse, the economy grew at an average rate of 7% in the years before the 2008 global financial crisis. Since he returned to the presidency in 2012, Mr. Putin has called for 5% growth for Russia to catch up with leading global economies, but the latest forecasts say that goal is far out […]

Posted On : Published By : Tom Whipple
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China’s exports return to growth, imports rise

HONG KONG (AP) — China’s exports rebounded to relatively strong growth in October while imports accelerated, adding to signs of a recovery in the world’s second-largest economy. Exports rose 5.6 percent over a year earlier to $185.4 billion, government figures showed Friday. That was a marked improvement over September’s unexpected and rare decline of 0.3 percent, blamed on weak global demand. The improvement in trade eases pressure on Beijing for additional economic stimulus, allowing communist leaders to focus on longer-term reforms meant to steer the economy to more sustainable growth based on domestic consumption instead of trade and investment. Communist Party leaders are due to meet Saturday for an annual congress that reform advocates hope produces commitments to more market-style changes. Economic growth rebounded to 7.8 percent in the three months ended in September after hitting a two-decade low of 7.5 percent the previous quarter. Surveys of manufacturers by […]

Posted On : Published By : Tom Whipple
Category:

China's exports return to growth, imports rise

HONG KONG (AP) — China’s exports rebounded to relatively strong growth in October while imports accelerated, adding to signs of a recovery in the world’s second-largest economy. Exports rose 5.6 percent over a year earlier to $185.4 billion, government figures showed Friday. That was a marked improvement over September’s unexpected and rare decline of 0.3 percent, blamed on weak global demand. The improvement in trade eases pressure on Beijing for additional economic stimulus, allowing communist leaders to focus on longer-term reforms meant to steer the economy to more sustainable growth based on domestic consumption instead of trade and investment. Communist Party leaders are due to meet Saturday for an annual congress that reform advocates hope produces commitments to more market-style changes. Economic growth rebounded to 7.8 percent in the three months ended in September after hitting a two-decade low of 7.5 percent the previous quarter. Surveys of manufacturers by […]

Posted On : Published By : Tom Whipple
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China Hesitates as Washington OKs Natural-Gas Exports

On paper, it’s a perfect match: The U.S. is awash in new supplies of natural gas, while China is trying to get off coal and use cleaner-burning fuels. Plus, the U.S. Department of Energy this year has begun approving new terminals to export liquefied natural gas around the world. But a Washington trade-policy expert says the political case for U.S. exports of natural gas to China isn’t as strong as the business case. Damian Ma of the Paulson Institute says China’s fear of increasing reliance on the U.S. could trump its need for natural gas. In a paper  just released by the National Bureau of Asian Research, Mr. Ma says China “has traditionally been wary of becoming overreliant on any particular country for its energy needs, believing that such dependence would allow other powers to exert leverage. Such wariness may also figure strongly in Beijing’s attitude toward receiving gas […]

Posted On : Published By : Tom Whipple