Tag: europe

Norway on bubble watch as anxiety over oil plunge recedes

Threats from Norway’s hot housing market have trumped anxiety that forced Governor Oeystein Olsen, 63, to deliver a surprise rate cut in December, when oil sank to about $63.  More »

More Iran oil may flow within months of deal, officials say

Both sides are seeking a final deal by the end of June laying out steps that Iran would have to take to limit its ability to enrich uranium and produce plutonium in exchange for phasing out economic sanctions on energy and banking that have cut crude exports, choked cash flow and halted most oil investment.  More »

Siemens drops as oil price slump hurts profitability, sales

Siemens is in the midst of cutting 9,000 jobs to save 1 billion euros in costs by 2017.  More »

Baker Hughes’ CEO talked with global conglomerate before Halliburton deal

The CEO of Baker Hughes had met with a global conglomerate in Europe just weeks before his company struck a $35 billion deal to sell itself to Halliburton, new corporate disclosures show.  More »

Norway has an $18 billion plan to shift away from oil

Western Europe’s biggest crude producer is facing what central bank Governor Oeystein Olsen calls a “period of restructuring” amid plunging oil prices.  More »

Europe refiners’ gasoline profit at 10-month high on exports

Gasoline’s crack, or premium to Brent crude, rose to $13.46 a barrel on Tuesday, the highest since April 29, according to PVM Oil Associates Ltd, one of the largest brokers for the fuel, before falling to $13.13 at 1:21pm London time.  More »

Balkan states seek gas partnership that may cut Russian reliance

Balkan nations on the Adriatic sea plan to build a new gas pipeline and connect their networks in a move that may help reduce Europe’s dependence on energy imports from Russia.  More »

CGG to cut about 400 jobs after 2014 $1.2 billion net loss

Last year, Europe’s second-biggest oil-services provider Technip approached CGG about a combination of the two French companies specialized in providing equipment and studies for the energy industry. The surveyor, which has cut jobs and reduced its fleet, rejected the bid.  More »

Oil slump threatens easy life of affluent Norwegians

After a decade of an oil-and-gas boom, plunging energy prices are shaking Norwegians out of a Utopian reverie that guaranteed workers lengthy summer vacations, generous health and social benefits, and allowed them to leave work at 4 p.m. and even earlier on Fridays.  More »

Obama’s chief economist says oil price drop offsets slowdown overseas

The annual Economic Report of the President, to be released Thursday, projected 3 percent annual growth this year.  More »

Siemens to cut 7,800 employees

German industrial conglomerate Siemens AG said Friday it will scrap 7,800 jobs over the next two years to cut costs, as it faces lower energy equipment profits and a battered European economy.  More »

Siemens said to plan 7,400 job cuts as CEO reduces costs

The cuts, representing about 2 percent of Siemens’s global workforce, may be announced as early as this week.  More »

U.S., Russia fight over Europe’s energy future

It’s all about heat and electricity for tens of millions of Europeans.  More »

Russia pumps most oil since Soviet era despite sanctions

The previous post-Soviet oil production record was 10.64 million barrels a day in October, CDU-TEK data show.  More »

Halliburton lays off 1,000 employees in Eastern Hemisphere

HOUSTON — Oil field giant Halliburton said Thursday it is laying off about 1,000 employees across multiple regions in the Eastern Hemisphere, effective immediately, a day after a company executive said it expects a $75 million restructuring charge in the fourth quarter.  More »
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