Woodside Upbeat Despite Weak Quarter

Woodside Petroleum shares took yesterday’s weak first quarter production and sales report in their stride, rising because global oil prices firmed, then falling after Kuwaiti oil workers ended a brief strike, thereby restoring around 1.9 million barrels a day of production to global oversupply.

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Woodside Scraps Browse LNG

It was no surprise – the slide in global oil and gas prices since mid 2014 (and despite the recent rebound) has caused companies large and small to cut costs by slashing jobs, suppliers, exploration and development spending, and investment in projects, current and prospective.

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The Fallout From OPEC

The Organisation of Petroleum Exporting Countries (OPEC) has thrown cold water on oil company aspirations. The meeting of the 12 member cartel on November 28 decided to forgo a cut to production, signalling their game of bluff with the US will continue. The consequences of the decision, or lack of production restraint, are far reaching. Citi’s commodity team believes oil prices could find a new US$70-90 equilibrium in the years ahead.

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