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Saudi Arabia to run out of cash in less than 5 years

If oil stays around $50 a barrel, most countries in the region will run out of cash in five years or less, warned a dire report from the International Monetary Fund this week. That includes OPEC leader Saudi Arabia as ...

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Low oil prices affecting remittances from Middle East

The continued decline in the prices of oil in the world market has started to make a dent on the amount of money sent home by Filipinos working and living in the Middle East. Data from the Bangko Sentral ng ...

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How Low Oil Prices Are Hitting Russia, Iran And Venezuela

Oil prices fell on Thursday, with brent crude oil trading around $49 a barrel. That comes a day after the American Petroleum Institute reported that oil inventories rose by 9.3 million barrels last week. That means the amount of oil ...

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Navigating Low Oil Prices

Sliding oil prices continue to challenge energy producers both in the U.S. and around the globe struggling with whether to curtail production and risk losing market share, or forge ahead despite market declines. Even with soft oil prices, global output ...

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OPEC says there’s ‘no quick fix’ for low oil prices

The Organization of the Petroleum Exporting Countries on Monday said there is “no quick fix” for the low oil-price environment and voiced concern about its impact on the petroleum industry. In commentary released Monday, OPEC said continuing pressure on prices “remains ...

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Low oil prices pose threat to Texas fracturing bonanza

No place in Texas produces more oil than Karnes County, but suddenly the roaring economy here is cooling fast, chilled by the plunging price of crude. Workers who migrated from far and wide to find work here, chasing newfound oil ...

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Continuing low oil prices cause crisis in Oman

Low oil prices mean Oman faces rising unemployment and slashed public spending. But the crisis has also increased pressure to diversify the economy, as Reese Erlich reports from Oman. Lower oil prices may be a boon to European consumers but ...

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Low oil prices force Oklahoma drilling workers to seek out new livelihoods

ther men bought big houses or new pickups with their oil money. Mike Gillham bought his favourite bar in Enid, Oklahoma. He heads there most nights, to lug in more beer, to throw darts with his regulars, to smoke Camels and ...

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World oil demand is up, but the glut remains, IEA says

Low oil prices and an improvement in economic growth have driven up demand for oil across the world, though supply continues to outpace demand, according to a new report from the International Energy Agency. In its June report the Paris-based ...

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Low oil prices drain experience from energy industry

The oil and gas industry has long fretted over a potential labor shortage as thousands of older workers retire from the oil patch. Low oil prices threaten to worsen labor woes, Todd Hornbeck, CEO of Covington-based Hornbeck Offshore Services, said Wednesday ...

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