Sentences with phrase «backing of a barrel of oil»

Going by the ICO documents, for every Petro, there will be a backing of a barrel of oil, currently $ 60 a coin based on oil prices.

Not exact matches

Brent oil prices eased off four - month highs of just over $ 75 a barrel set on Monday on worries that Trump may pull out of the 2015 Iran nuclear deal and thus bring back sanctions on its oil output.

Brent oil prices eased off four - month highs of just over $ 75 a barrel set on Monday on worries that U.S. President Donald Trump may pull out of the 2015 Iran nuclear deal and thereby bring back sanctions on its oil output.

He believes the price of oil will climb back to $ 65 (U.S.) a barrel in the short term and to $ 100 within the next five years.

Exxon, Royal Dutch Shell, Statoil, BP, and Chevron announced dismal earnings this week, missing expectations and showing how slashing spending and pulling back isn't yet enough in a world where oil has dropped from a high of $ 115 - per - barrel in 2014 to a low of $ 27 - per - barrel in January of this year.

Once supply and demand come back into balance, points out Fadel Gheit, Oppenheimer's senior oil analyst, prices should gravitate toward the marginal cost of production of new barrels.

He estimated a US$ 10 improvement in the difference on Alberta's overall output of 3.2 million barrels per day of heavy oil would result in C$ 50 million a day spilling back into the provincial economy.

On Monday, WTI closed at US$ 52.22 a barrel, up by 3 percent, while Brent crude settled at US$ 59.02 — its highest since July 2015 — on the back of growing optimism that the OPEC production cut deal is finally having a palpable effect on global supplies of crude oil, and the equally growing worry that the Middle East could be in for more tensions — this time between the Kurdish nation and the countries it inhabits, following an independence referendum in the Kurdistan autonomous region in Iraq.

Armed with such results, Shell and Total are in payback mood to investors, buying back shares after diluting stakes with scrip dividends - consisting of shares rather than cash - introduced after the price crash which sent oil prices as low as $ 28 a barrel.

Over the past five years the price of west Texas crude, the primary American benchmark for oil, has yo - yoed from US$ 60 a barrel to US$ 145 in 2008, all the way back down to US$ 30 during the recession, then up again to US$ 114, before settling this year around US$ 100.

Most every other stock was muddling along, a reminder that the index, like Canada's economy, depends greatly on the oil industry, which is scaling back its ambition to fit an international crude price of around $ 50 per barrel.

Look back to their figure 1 — somehow, by constructing an 800,000 barrel per day pipeline, the cost of at least 2 million barrels per day of oil production has been decreased by $ 6 per barrel.

Brent crude is getting closer to the all - important (at least psychologically) threshold of $ 60 per barrel, and oil prices are back in bull market territory.

Maduro's government claims that the Petro is backed by domestic energy reserves, with its price pegged to one barrel of Venezuelan oil.

The petro is supposedly backed by Venezuelan crude, with one unit of the digital currency pegged to one barrel of oil.

This is the same Mr. Rubin who predicted $ 200 oil back in 2006 right before oil plunged from $ 147 to $ 40 a barrel and subsequently predicted the demise of the industry right before the last run - up in prices.

The 104 - page OPEC report finds that there will be greater demand for the group's oil in 2016, with customers consuming an average of 31.65 million barrels a day throughout the year because the market will be «supply - driven» as competitors, beset by low prices, continue to cut back severely on capital expenditures ranging from exploration to new drilling.

So the sharp fall in oil prices has certainly been disruptive, but stabilization from distressed trough levels should be good for economic growth even if the price of oil doesn't rebound back to peak levels of above $ 100 a barrel in 2014.

If there's a bright spot for the province, however, it's that the ongoing disruption of Alberta oil sands production — estimated by the Conference Board of Canada to be about 1.2 million barrels a day, comprising nearly $ 1 billion in economic activity — has contributed to a rally in global oil prices that could give producers, and therefore the Alberta economy, a badly - needed lift once production is finally back on - line (assuming, of course, the fires are eventually extinguished and oil sands operations escape serious damage).

The Petro aims to be a stablecoin of sorts too, with the government «backing» every coin with a barrel of oil.

Global oil producers were able to earn attractive full - cycle rates of returns on capital employed above $ 85 per barrel, but at current prices, the industry is being forced to significantly pare back drilling activity.

I hope the world takes this chance to recove and invests in renewbale energies because after this drop the decline rate of existing fields will take oil prices back to +100 $ / barrel after being conpensated by full production in the middle east and new offshore production combined with unconventionnal production.

Though a barrel of oil was valued at around $ 140 in 2008, and over $ 100 just two years ago, the thought of oil rising back to triple digits seems extraordinarily unlikely in the near future, according to economists.

Currently sitting at around $ 30 - 35 a barrel, the Canadian Chamber of Commerce's Crystal Ball Report predicts that, with supply set to exceed demand, the price of oil will likely average around $ 35 per barrel throughout 2016, before rising back to around $ 55 throughout 2017.

Nigeria and Libya could bring hundreds of thousands of barrels of daily oil production back onto the market in the next few months, but there is yet one more downside risk to the market about which few people are talking.

The price of oil has fallen from around US$ 25 a barrel at the start of the year to around US$ 20 a barrel in April; this brings it roughly back to its level in the first half of 1996.

The pick - up in oil prices has been especially noteworthy, with the price of West Texas Intermediate crude oil rising to a new daily record of over US$ 57 per barrel in April, before falling back to around US$ 50 per barrel in early May (Graph 1).

The market was already moving upward on the back of this morning's EIA report, which reported a draw in crude oil inventories of 1.9 million barrels — the fourth draw in a week.

This factor took a back seat during the oil price rally in recent months, but with production growth of nearly 850,000 barrels per day since late in the summer, U.S. oil producers have demonstrated how aggressive they can be in a rising price environment.

It's unclear whether someone buying a petro would have the right to a barrel of oil, what would happen to that petro once the barrel of oil backing it is presumably sold to a refiner, whether the value of the petro will fluctuate with the oil price, or who might even accept the petro as a currency for payment.

Since the «supply squeeze» of 2018, the price of oil has more than doubled, and is heading back to around $ 90 a barrel.

Though we can not control the price of crude oil, we are determined to get our production back to at least 2.2 million barrels per day.

Even flooding old oil reservoirs with CO2 could prove too expensive to sustain in a world where oil costs $ 30 a barrel rather than the $ 120 a barrel of a few years back.

Because this containment still failed to show any visible improvement in the amount of oil flowing from the wellhead, Secretary Chu's back - of - the - e-mail math suggested that at least 40,000 barrels a day must be gushing from the well.

He believes the price of oil will climb back to $ 65 (U.S.) a barrel in the short term and to $ 100 within the next five years.

Crescent Point traded for $ 45 and paid out a monthly dividend of $ 0.23 per share back in 2014 when oil was US$ 100 per barrel.

Back then, oil reached a record price of more than $ 130 per barrel, yet here we are several years later with prices less than one third of that and baggage fees persist for domestic flights on most carriers.

The Circle of Trust, installed in the back gallery, shows the family behind - the - scenes, huddled around a fire in an oil barrel.

To call the change unreal is similar to calling the price of a barrel of oil hitting the $ 80 - $ 100 dollar mark a statistical fluctuation and saying that we can go back to $ 15 barrels any time we want to.

In case you missed it, the oil was being carried from America's new oil patch, the Bakken shale fields of North Dakota, to a St. John, New Brunswick, refinery that, according to the owner, Irving Energy, sends more than half of its 300,000 daily barrels of petroleum products back across the border to the northeastern United States.

We have already seen the beginnings of this financial shaking in the 2008/9 economic crisis that was directly caused by the «plateauing» of crude oil production in 2005 after rising by 1 million barrels / day for twenty years in a row (from Non-OPEC peaking and OPEC cutting back production).

Elsewhere, low prices and the difficulties of operating in the Arctic's dangerous waters now repel big firms attracted to the region back when oil fetched over $ 100 a barrel.

«A quick «back of the envelope» calculation -LSB-... suggests] that annual carbon emissions associated with forest islands in Balbina could be in the region of 10,000 tons (equivalent to emissions from ~ 230,000 barrels of oil),» said the study's lead researcher Isabel Jones, of the University of Stirling, UK.

That sounds plausible, but what will probably happen is that when the economy picks up, demand for oil will go up, making the barrel of crude shoot back up.

Even Saudi Arabia, the largest exporter of oil in the world, told the Bush administration back in 2008, during the last major spike in oil prices, that speculation was responsible for about $ 40 of a barrel of oil.

Maduro's government claims that the Petro is backed by domestic energy reserves, with its price pegged to one barrel of Venezuelan oil.

Before the launch, foreign investors from Brazil, Poland, Denmark, Honduras, and Norway had reportedly said they were open to receiving the petro, which is backed by one barrel of oil per coin, for goods and services.

Even oil prices, which surged to almost $ 71 a barrel after the hurricanes from about $ 50 a barrel at the beginning of 2005, are showing signs of coming back down to earth.