"OPEC Secretary General Doesn't See New Oil Cuts in May"
OPEC Secretary General Abdalla Salem El-Badri said he doesn't expect the oil cartel to cut production when the group meets next month, despite signs of even weaker crude demand and swelling oil inventory in big energy consuming nations. The Organization of Petroleum Exporting Countries needs to fully implement an agreement announced back in December to remove 4.2 million barrels a day from world markets before embarking on more reductions, El-Badri said. "We need to take all that off the market before we can talk about new cuts....Complete Story
"Oil Falls on Speculation Slow Recovery Will Limit Energy Demand"
Crude oil fell for the first time in five days in New York on speculation a slow recovery from the global recession may limit demand. The economy in the U.S., the world’s largest oil consumer, will continue to contract “for some time,” Lawrence Summers, director of the White House National Economic Council, said yesterday. Increased output by non OPEC producers has left the market oversupplied by about 720,000 barrels a day, said Algerian Oil Minister Chakib Khelil. “It’s difficult to see a really sustained rally in oil,” said Toby Hassall, research analyst at Commodity Warrants Australia Pty in Sydney. “There are so many downside risks to the global economy....Complete Story
"Schlumberger CFO: Another Headcount Reduction Likely"
Schlumberger's Chief Financial Officer, Simon Avat, said Friday the oilfield services major will likely reduce its employment levels in the coming months, Dow Jones reports. The world's largest oilfield services company, Schlumberger cut some 5,000, or 6%, of its 84,000 global employees in the first round of layoffs announced in January amid a worldwide downturn in oil and gas activity and weakened crude prices. In the last five years, Schlumberger, whose principal offices are in Houston, Paris and The Hague, recruited 11,613 engineers from 140 countries and 8,754 specialists....Complete Story
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