Lipow Oil Associates President Andrew Lipow on factors impacting oil prices and what’s next for oil companies.
Iran sanctions lift soon, which will allow Iran to start selling oil. The extra flow of oil from Iran is expected to cause a further glut in oil supply. Will Iran hold back on oil release because of their cash gain of $100 billion of frozen assets?
Iran is expected to deliver oil because of huge reserve. Iran crude exports are expected to rise by 500,000 barrels in the next few weeks.
The Dow Jones had its biggest points decline in four months due to continuing volatility in the Chinese economy and a drop in oil prices. CNN’s Alison Kosik reports.
Oil is THE story in the early days of 2016. A barrel of U.S. crude briefly dipped below 30 bucks a barrel for the first time since 2003. That matters to both Wall Street and Main Street.
Amid low oil prices and burgeoning budget deficits, Saudi Arabia annonced it was considering listing the state-owned oil giant Aramco on the Saudi stock exchange.
Aramco is the world’s largest company in the oil business and the most important business in the Saudi economy. With the low oil price, the oil business is not creating enough cash.
Saudi Aramco has crude reserves of about 260 billion barrels of oil, which is more than 15 percent of the world’s proven oil reserves. If Saudi Aramco goes public, it could become the first listed company valued at $1 trillion or more, analysts estimate.
Saudi Arabia’s $98 billion budget deficit is seen by many analysts as the main reason for the listing, but Saudi officials inist it is part of an attempt to diversify the economy beyond oil and have the private sector play a larger role.
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