Tesla cuts 7% of its workforce, saying there’s a ‘very difficult’ road ahead

Tesla is cutting its full-time staff headcount by approximately 7 percent, as it ramps up production of its Model 3 sedans, CEO Elon Musk said Friday. Tesla shares fell almost 8 percent in premarket trade following the news. In an email to employees, Musk notes that the company faces a “very difficult” road ahead in its long-term goal to sell affordable renewable energy products at scale, noting the company is younger than other players in the industry. “Tesla will need to make these cuts while


Tesla is cutting its full-time staff headcount by approximately 7 percent, as it ramps up production of its Model 3 sedans, CEO Elon Musk said Friday. Tesla shares fell almost 8 percent in premarket trade following the news. In an email to employees, Musk notes that the company faces a “very difficult” road ahead in its long-term goal to sell affordable renewable energy products at scale, noting the company is younger than other players in the industry. “Tesla will need to make these cuts while
Tesla cuts 7% of its workforce, saying there’s a ‘very difficult’ road ahead Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-18  Authors: ryan browne, bobyip
Keywords: news, cnbc, companies, road, cuts, products, workforce, model, younger, affordable, ahead, theres, musk, production, employees, energy, scale, company, saying, difficult, tesla


Tesla cuts 7% of its workforce, saying there's a 'very difficult' road ahead

Tesla is cutting its full-time staff headcount by approximately 7 percent, as it ramps up production of its Model 3 sedans, CEO Elon Musk said Friday.

The announcement come on the back of various cost-cutting measures the company has made of late, as it looks to reduce the price of its products and boost margins.

Tesla shares fell almost 8 percent in premarket trade following the news.

In an email to employees, Musk notes that the company faces a “very difficult” road ahead in its long-term goal to sell affordable renewable energy products at scale, noting the company is younger than other players in the industry.

“Tesla will need to make these cuts while increasing the Model 3 production rate and making many manufacturing engineering improvements in the coming months,” Musk said in the company update.

“Attempting to build affordable clean energy products at scale necessarily requires extreme effort and relentless creativity, but succeeding in our mission is essential to ensure that the future is good, so we must do everything we can to advance the cause,” he added.

You can read the full text of Musk’s note to employees here.


Company: cnbc, Activity: cnbc, Date: 2019-01-18  Authors: ryan browne, bobyip
Keywords: news, cnbc, companies, road, cuts, products, workforce, model, younger, affordable, ahead, theres, musk, production, employees, energy, scale, company, saying, difficult, tesla


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Here’s exactly how much oil OPEC members and allied nations intend to cut in 2019

Six weeks after agreeing to slash production, major oil producers are finally giving investors some clarity on exactly how much crude they’ll take off the market. OPEC on Friday released a table laying out production quotas for each of its 14 members and the 10 allied countries participating in the deal. However, over the following weeks, international benchmark Brent crude prices fell another 18 percent. The continued slide reportedly prompted OPEC to urge oil producers to publicly release thei


Six weeks after agreeing to slash production, major oil producers are finally giving investors some clarity on exactly how much crude they’ll take off the market. OPEC on Friday released a table laying out production quotas for each of its 14 members and the 10 allied countries participating in the deal. However, over the following weeks, international benchmark Brent crude prices fell another 18 percent. The continued slide reportedly prompted OPEC to urge oil producers to publicly release thei
Here’s exactly how much oil OPEC members and allied nations intend to cut in 2019 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-18  Authors: tom dichristopher, bloomberg, getty images
Keywords: news, cnbc, companies, slash, nations, allied, production, producers, opec, 2019, prices, cut, quotas, deal, members, intend, heres, crude, oil, weeks, exactly


Here's exactly how much oil OPEC members and allied nations intend to cut in 2019

Six weeks after agreeing to slash production, major oil producers are finally giving investors some clarity on exactly how much crude they’ll take off the market.

OPEC on Friday released a table laying out production quotas for each of its 14 members and the 10 allied countries participating in the deal. The two dozen nations agreed last month to slash a combined 1.2 million barrels per day in order to prevent a repeat of the oil glut that caused crude prices to tank from 2014 to 2016.

However, over the following weeks, international benchmark Brent crude prices fell another 18 percent. The continued slide reportedly prompted OPEC to urge oil producers to publicly release their production quotas to boost the market’s confidence in the cuts.

While oil prices have risen for the last three weeks, OPEC has nevertheless decided to publish the output levels under the deal, which runs through the first six months of 2019. The so-called OPEC+ alliance meets April 17-18 to assess the impact of the cuts.

Here’s how much each of the countries in the deal will endeavor to keep off the market:


Company: cnbc, Activity: cnbc, Date: 2019-01-18  Authors: tom dichristopher, bloomberg, getty images
Keywords: news, cnbc, companies, slash, nations, allied, production, producers, opec, 2019, prices, cut, quotas, deal, members, intend, heres, crude, oil, weeks, exactly


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OPEC oil production sinks in December as Saudis cut output more than expected

The Saudis are targeting another drop to 10.2 million bpd this month, Falih has said. The pullback in OPEC production was deepened by supply disruptions in Libya and Iran. It’s output rose 88,000 bpd to just over 4.7 million bpd. Excluding Qatar, OPEC forecasts demand for the group’s oil will average 30.8 million bpd in 2019, about 900,000 bpd lower than last year. Demand for OPEC’s oil fell by about 1.2 million bpd last year, the group says.


The Saudis are targeting another drop to 10.2 million bpd this month, Falih has said. The pullback in OPEC production was deepened by supply disruptions in Libya and Iran. It’s output rose 88,000 bpd to just over 4.7 million bpd. Excluding Qatar, OPEC forecasts demand for the group’s oil will average 30.8 million bpd in 2019, about 900,000 bpd lower than last year. Demand for OPEC’s oil fell by about 1.2 million bpd last year, the group says.
OPEC oil production sinks in December as Saudis cut output more than expected Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-17  Authors: tom dichristopher, mahmud turkia, afp, getty images
Keywords: news, cnbc, companies, opecs, million, supply, largest, output, bpd, sinks, saudis, second, production, oil, month, expected, cut, opec


OPEC oil production sinks in December as Saudis cut output more than expected

OPEC Sec Gen to US oil producers: We’re in the ‘same boat’ 6:50 PM ET Sun, 13 Jan 2019 | 02:22

When OPEC announced the deal, Saudi Energy Minister Khalid al Falih initially said his country’s output would fall to 10.7 million bpd in December from a record high 11.1 million bpd in November. The Saudis are targeting another drop to 10.2 million bpd this month, Falih has said.

The pullback in OPEC production was deepened by supply disruptions in Libya and Iran.

Output in Libya fell by 172,000 bpd to 928,000 bpd in December, after a group of armed protesters and aggrieved workers took over the country’s largest oil field.

In Iran, production dropped by another 159,000 bpd to just under 2.8 million bpd, as the nation enters a second month under wide-ranging U.S. sanctions. The Islamic Republic has gone from being OPEC’s third biggest producer to its fifth largest, falling behind the United Arab Emirates and Kuwait in December.

Iraq saw the biggest jump in production in the final month of the year. It’s output rose 88,000 bpd to just over 4.7 million bpd. At that level, Baghdad would need to cut about 200,000 bpd in January to meet its quota under the supply cut agreement. Iraq, OPEC’s second largest producer, regularly pumped above its quota throughout the group’s last round of supply cuts.

December marks OPEC’s first monthly report since Qatar left the organization amid an ongoing blockade against the Gulf nation by neighbors including Saudi Arabia and UAE.

Excluding Qatar, OPEC forecasts demand for the group’s oil will average 30.8 million bpd in 2019, about 900,000 bpd lower than last year. Demand for OPEC’s oil fell by about 1.2 million bpd last year, the group says.


Company: cnbc, Activity: cnbc, Date: 2019-01-17  Authors: tom dichristopher, mahmud turkia, afp, getty images
Keywords: news, cnbc, companies, opecs, million, supply, largest, output, bpd, sinks, saudis, second, production, oil, month, expected, cut, opec


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Oil rises 1 percent on supply cuts, but economic slowdown weighs on outlook

Oil prices rose 1 percent on Tuesday amid supply cuts led by producer club OPEC and Russia, although a darkening economic outlook capped gains. International Brent crude oil futures were at $59.64 per barrel at 0257 GMT, up 65 cents, or 1.1 percent, from their last close. Although Washington granted sanctions waivers to Iran’s biggest oil customers, mostly in Asia, the Middle Eastern country’s exports have plummeted since. While OPEC and Russia cut supply and Iran is restrained by sanctions, cru


Oil prices rose 1 percent on Tuesday amid supply cuts led by producer club OPEC and Russia, although a darkening economic outlook capped gains. International Brent crude oil futures were at $59.64 per barrel at 0257 GMT, up 65 cents, or 1.1 percent, from their last close. Although Washington granted sanctions waivers to Iran’s biggest oil customers, mostly in Asia, the Middle Eastern country’s exports have plummeted since. While OPEC and Russia cut supply and Iran is restrained by sanctions, cru
Oil rises 1 percent on supply cuts, but economic slowdown weighs on outlook Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-15  Authors: essam al-sudani
Keywords: news, cnbc, companies, slowdown, sanctions, late, barrel, cuts, million, russia, rises, outlook, supply, crude, production, weighs, oil, economic, opec


Oil rises 1 percent on supply cuts, but economic slowdown weighs on outlook

Oil prices rose 1 percent on Tuesday amid supply cuts led by producer club OPEC and Russia, although a darkening economic outlook capped gains.

International Brent crude oil futures were at $59.64 per barrel at 0257 GMT, up 65 cents, or 1.1 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $51.09 per barrel, up 58 cents, or 1.2 percent.

“The impact of OPEC+ (OPEC and others including Russia) cuts, Iran sanctions and lower month-on-month growth in U.S. production should help to support oil prices from current levels,” U.S. bank J.P. Morgan said in a note.

The Middle East-dominated producer club of the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC allies, including Russia, agreed in late 2018 to cut supply to rein in a global glut.

Meanwhile, the United States last November re-imposed sanctions against Iran’s oil exports. Although Washington granted sanctions waivers to Iran’s biggest oil customers, mostly in Asia, the Middle Eastern country’s exports have plummeted since.

“Iranian exports have already fallen sharply and are likely to remain at around 1.3 million barrels per day (bpd) in 2019, 1.3 million bpd down vs their 1H18 average,” HSBC said in its 2019 oil market outlook.

While OPEC and Russia cut supply and Iran is restrained by sanctions, crude oil production in the United States hit a record 11.7 million bpd late last year.

The surging output increasingly allows U.S. oil producers to export crude, including to top importer China.

Three cargoes of U.S. crude are currently heading to China from the U.S.

Gulf Coast, the first departures since late September and a 90-day pause in the two countries’ trade war that began last month.

The tankers are scheduled to arrive at Chinese ports between late January and early March, according to shipbrokers and vessel tracking data.

Looming over oil and financial markets, however, is an economic slowdown.

Tuesday’s oil price increases came after crude futures fell by more than 2 percent the previous session, dragged down by weak Chinese trade data which pointed to a global economic slowdown.

“The outlook for the global economy continues to be highly uncertain,” HSBC said.

The bank said it had cut its average 2019 Brent crude oil price forecast by $16 per barrel, to $64 per barrel, citing surging U.S. production and an “increasingly uncertain demand backdrop”.


Company: cnbc, Activity: cnbc, Date: 2019-01-15  Authors: essam al-sudani
Keywords: news, cnbc, companies, slowdown, sanctions, late, barrel, cuts, million, russia, rises, outlook, supply, crude, production, weighs, oil, economic, opec


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Stocks making the biggest moves after hours: United Airlines, Snap, Apple & more

United turned in a profit of $2.41 a share for the most recent quarter, better than the $2.04 a share expected by Wall Street. The airline also gave a forecast for first-quarter earnings of $1 a share, topping analyst estimates of 84 cents a share. Snap shares fell more than 8 percent after the company announced that CFO Tim Stone is resigning to pursue other opportunities. Petrobras reported fiscal year 2018 production of 2.6 million barrels of oil and gas per day. The Brazilian energy giant pr


United turned in a profit of $2.41 a share for the most recent quarter, better than the $2.04 a share expected by Wall Street. The airline also gave a forecast for first-quarter earnings of $1 a share, topping analyst estimates of 84 cents a share. Snap shares fell more than 8 percent after the company announced that CFO Tim Stone is resigning to pursue other opportunities. Petrobras reported fiscal year 2018 production of 2.6 million barrels of oil and gas per day. The Brazilian energy giant pr
Stocks making the biggest moves after hours: United Airlines, Snap, Apple & more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-15  Authors: michael sheetz, spencer platt, getty images
Keywords: news, cnbc, companies, company, gas, oil, airlines, report, stocks, production, million, moves, making, snap, share, shares, results, utility, biggest, apple, hours, united


Stocks making the biggest moves after hours: United Airlines, Snap, Apple & more

Check out the companies making headlines after the bell:

United Airlines shares jumped as much as 6 percent following a strong top and bottom line beat for the airline’s fourth-quarter earnings report. United turned in a profit of $2.41 a share for the most recent quarter, better than the $2.04 a share expected by Wall Street. The airline also gave a forecast for first-quarter earnings of $1 a share, topping analyst estimates of 84 cents a share.

Snap shares fell more than 8 percent after the company announced that CFO Tim Stone is resigning to pursue other opportunities. He joined the company in May. The company also said it expects fourth-quarter results to come in near the top end of its guidance. Snap is scheduled to report those results on Feb. 5.

Apple launched three smart battery cases for its latest generation of iPhones. The tech giant’s new offerings can be ordered now and Apple says they will be available to purchase in stores on Jan. 18.

PG&E Corporation shares dropped as much 8 percent, continuing to to crater after closing down more than 17.5 percent in trading Tuesday. The utility lost longtime board director Roger Kimmel, with PG&E’s stock adding to its losses of more than 80 percent over the last three months. The massive California utility is facing bankruptcy after its alleged part in helping spark a wave of historic wildfires in California.

Petrobras reported fiscal year 2018 production of 2.6 million barrels of oil and gas per day. The Brazilian energy giant projects in 2019 it will grow that total oil and natural gas production to 2.8 million barrels per day.

— CNBC’s Christine Wang contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-01-15  Authors: michael sheetz, spencer platt, getty images
Keywords: news, cnbc, companies, company, gas, oil, airlines, report, stocks, production, million, moves, making, snap, share, shares, results, utility, biggest, apple, hours, united


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Apple needs to buy a production house like A24, Lionsgate, or Sony Pictures: Analyst

Apple should look into buying independent A24, or a bigger entertainment company such as Sony Pictures or Lionsgate, suggested the managing director of equity research at Wedbush Securities. With plans to jump into the crowded pool of online video, Apple is rumored to be launching its own streaming services as soon as March. Last year, Apple announced a multiyear deal with A24, a New York-based production company, that plans to make movies and TV shows for Apple device owners. Apple obtained wor


Apple should look into buying independent A24, or a bigger entertainment company such as Sony Pictures or Lionsgate, suggested the managing director of equity research at Wedbush Securities. With plans to jump into the crowded pool of online video, Apple is rumored to be launching its own streaming services as soon as March. Last year, Apple announced a multiyear deal with A24, a New York-based production company, that plans to make movies and TV shows for Apple device owners. Apple obtained wor
Apple needs to buy a production house like A24, Lionsgate, or Sony Pictures: Analyst Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-14  Authors: tyler clifford
Keywords: news, cnbc, companies, analyst, production, company, house, buy, ives, apple, video, terms, lionsgate, services, needs, a24, tv, sony, plans, pictures, deal


Apple needs to buy a production house like A24, Lionsgate, or Sony Pictures: Analyst

Performance of FANG will be mixed in 2019, says analyst 5 Hours Ago | 08:38

Apple must get serious and acquire a movie production company or the tech giant will not succeed as a services business, noted analyst Dan Ives told CNBC on Wednesday.

Apple should look into buying independent A24, or a bigger entertainment company such as Sony Pictures or Lionsgate, suggested the managing director of equity research at Wedbush Securities. “If they’re not aggressive in M&A from a content perspective … this will be, in our opinion, the biggest mistake that [CEO Tim Cook] and Apple has made, because that’s the way that the services flywheel is going to work in terms of the install base.”

With plans to jump into the crowded pool of online video, Apple is rumored to be launching its own streaming services as soon as March. The venture would allow the iPhone maker to enter an key market as it focuses more on providing subscription services and compete with established video providers like Netflix, Amazon Video, and Hulu.

Last year, Apple announced a multiyear deal with A24, a New York-based production company, that plans to make movies and TV shows for Apple device owners. Apple obtained worldwide rights to “The Elephant Queen,” a documentary directed by Emmy-Award winning filmmakers Victoria Stone and Mark Deeble, in September. It also cut a deal, according to Variety, with director-producer Justin Lin for TV content.

“The clock has struck midnight for Apple in terms of content,” Ives said on “Squawk Alley.”

Apple did not immediately respond to CNBC’s request for comment.

Shares of Apple were lower at midday on Monday. The stock has been working to recover ever since losing about 10 percent after cutting its fiscal first quarter guidance earlier this month.

Apple’s last major acquisition was a $400 million purchase of song-identification app Shazam in December 2017, which followed the $3 billion acquisition of Beat Electronics in 2014.


Company: cnbc, Activity: cnbc, Date: 2019-01-14  Authors: tyler clifford
Keywords: news, cnbc, companies, analyst, production, company, house, buy, ives, apple, video, terms, lionsgate, services, needs, a24, tv, sony, plans, pictures, deal


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Oil slips on economic worries, but still set for strong weekly gain

U.S. West Texas Intermediate (WTI) crude futures dropped 7 cents, or 0.1 percent, to $52.52 per barrel. Despite Friday’s price falls, Brent and WTI are set for weekly gains of more than 7 and 8 percent respectively. A key reason for the emerging glut was the United States where crude oil production soared by more than 2 million barrels per day (bpd) in 2018 to a record 11.7 million bpd. Consultancy JBC Energy this week said it was likely that U.S. crude oil production was already “significantly


U.S. West Texas Intermediate (WTI) crude futures dropped 7 cents, or 0.1 percent, to $52.52 per barrel. Despite Friday’s price falls, Brent and WTI are set for weekly gains of more than 7 and 8 percent respectively. A key reason for the emerging glut was the United States where crude oil production soared by more than 2 million barrels per day (bpd) in 2018 to a record 11.7 million bpd. Consultancy JBC Energy this week said it was likely that U.S. crude oil production was already “significantly
Oil slips on economic worries, but still set for strong weekly gain Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-11  Authors: spencer platt, getty images
Keywords: news, cnbc, companies, weekly, production, economic, markets, trade, gain, set, slips, wti, million, crude, growth, global, oil, worries, strong


Oil slips on economic worries, but still set for strong weekly gain

Oil slipped on Friday amid concerns over the outlook for the global economy, but output cuts agreed by major exporters underpinned crude prices and kept markets on track for a strong weekly climb.

International Brent crude futures were at $61.55 per barrel at 0333 GMT, down 13 cents, or 0.2 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures dropped 7 cents, or 0.1 percent, to $52.52 per barrel.

Traders said the declines came on lingering concerns over the health of the global economy.

“If we experience an economic slowdown, crude will underperform due to its correlation to growth,” said Hue Frame, portfolio manager at Frame Funds in Sydney.

Most analysts have downgraded their global economic growth forecasts below 3 percent for 2019, with some even fearing a looming recession amid trade disputes and spiralling debt.

For now, however, there is hope that the trade war between Washington and Beijing may be resolved as global markets, including oil, took heart from talks between the two sides this week.

Despite Friday’s price falls, Brent and WTI are set for weekly gains of more than 7 and 8 percent respectively.

Beyond global economics, oil markets are receiving support from supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) aimed at reining in a glut that emerged in the second-half of 2018.

A key reason for the emerging glut was the United States where crude oil production soared by more than 2 million barrels per day (bpd) in 2018 to a record 11.7 million bpd.

Consultancy JBC Energy this week said it was likely that U.S. crude oil production was already “significantly above 12 million bpd” by January 2019.

Given the overall supply and demand balance, Swiss bank Julius Baer said it was “price neutral” in its oil forecast.

“We see the oil market as well balanced into the foreseeable future, as the petro-nations make space for further U.S. shale production growth,” said Norbert Ruecker, head of commodity research at the bank.


Company: cnbc, Activity: cnbc, Date: 2019-01-11  Authors: spencer platt, getty images
Keywords: news, cnbc, companies, weekly, production, economic, markets, trade, gain, set, slips, wti, million, crude, growth, global, oil, worries, strong


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Oil prices rise on trade talk optimism, OPEC cuts

U.S. West Texas Intermediate (WTI) crude oil futures were at $48.85 per barrel, up 33 cents, or 0.7 percent. “Crude oil prices have benefited from OPEC production cuts and steadying equities markets,” said Mithun Fernando, investment analyst at Australia’s Rivkin Securities. As a result, U.S. crude oil production rose by a whopping 2 million barrels per day (bpd) last year to a world record 11.7 million bpd. With drilling activity still high, most analysts expect U.S. oil production to rise furt


U.S. West Texas Intermediate (WTI) crude oil futures were at $48.85 per barrel, up 33 cents, or 0.7 percent. “Crude oil prices have benefited from OPEC production cuts and steadying equities markets,” said Mithun Fernando, investment analyst at Australia’s Rivkin Securities. As a result, U.S. crude oil production rose by a whopping 2 million barrels per day (bpd) last year to a world record 11.7 million bpd. With drilling activity still high, most analysts expect U.S. oil production to rise furt
Oil prices rise on trade talk optimism, OPEC cuts Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-08  Authors: getty images
Keywords: news, cnbc, companies, talk, rise, opec, talks, beijing, trade, crude, prices, optimism, oil, markets, worlds, washington, cuts, production


Oil prices rise on trade talk optimism, OPEC cuts

Oil prices rose on Tuesday on hopes that U.S.-Chinese talks in Beijing would bring a halt to trade disputes between the world’s biggest economies, while OPEC-led supply cuts tightened markets.

International Brent crude futures were at $57.77 per barrel at 0113 GMT, up 44 cents, or 0.8 percent from their last close.

U.S. West Texas Intermediate (WTI) crude oil futures were at $48.85 per barrel, up 33 cents, or 0.7 percent.

U.S. Commerce Secretary Wilbur Ross said late on Monday that Beijing and Washington could reach a trade deal that “we can live with” as dozens of officials from the world’s two largest economies held talks in a bid to end their trade dispute that has roiled global markets since last year.

Asian stock markets rose as investors hope Washington and Beijing will reach some sort of agreement.

Despite optimism around the talks in Beijing, some analysts warned that the relationship between Washington and Beijing remained on shaky grounds, and that tensions could flare up again soon.

“We remain concerned about the world’s most important bilateral relationship,” political risk consultancy Eurasia Group said in its 2019 outlook.

“The U.S. political establishment believes engagement with Beijing is no longer working, and it’s embracing an openly confrontational approach … (and) rising nationalist sentiment makes it unlikely that Beijing will ignore U.S. provocations,” Eurasia Group said.

Beyond politics, oil markets are being supported by supply cuts started late last year by a group of producers around the Middle East-dominated Organization of the Petroleum Exporting Countries (OPEC) as well as non-OPEC member Russia.

“Crude oil prices have benefited from OPEC production cuts and steadying equities markets,” said Mithun Fernando, investment analyst at Australia’s Rivkin Securities.

Looming over the OPEC-led cuts, however, is a surge in U.S. oil supply, driven by a steep rise in onshore shale oil drilling and production.

As a result, U.S. crude oil production rose by a whopping 2 million barrels per day (bpd) last year to a world record 11.7 million bpd.

With drilling activity still high, most analysts expect U.S. oil production to rise further this year.

Consultancy JBC Energy said it was likely that U.S. crude oil production was already “significantly above 12 million bpd” by early January.


Company: cnbc, Activity: cnbc, Date: 2019-01-08  Authors: getty images
Keywords: news, cnbc, companies, talk, rise, opec, talks, beijing, trade, crude, prices, optimism, oil, markets, worlds, washington, cuts, production


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India’s Narendra Modi is up for re-election in 2019. Here are some of the challenges he faces

India’s Narendra Modi is up for re-election in 2019. Here are some of the challenges he faces3 Hours AgoRising inequality and job production are some of the challenges India’s Prime Minister Narendra Modi faces ahead of the country’s 2019 election.


India’s Narendra Modi is up for re-election in 2019. Here are some of the challenges he faces3 Hours AgoRising inequality and job production are some of the challenges India’s Prime Minister Narendra Modi faces ahead of the country’s 2019 election.
India’s Narendra Modi is up for re-election in 2019. Here are some of the challenges he faces Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-03
Keywords: news, cnbc, companies, modi, production, 2019, indias, minister, challenges, job, reelection, faces, prime, narendra


India's Narendra Modi is up for re-election in 2019. Here are some of the challenges he faces

India’s Narendra Modi is up for re-election in 2019. Here are some of the challenges he faces

3 Hours Ago

Rising inequality and job production are some of the challenges India’s Prime Minister Narendra Modi faces ahead of the country’s 2019 election.


Company: cnbc, Activity: cnbc, Date: 2019-01-03
Keywords: news, cnbc, companies, modi, production, 2019, indias, minister, challenges, job, reelection, faces, prime, narendra


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Oil and gas business activity plunges, outlook turns negative: Dallas Fed survey

Oil and gas business activity in Texas and neighboring states plunged in the fourth quarter, according to the Dallas Federal Reserve. One of the key findings in the survey shows that oil executives think U.S. crude prices will end 2019 at $59.97 on average. Oil and gas production fared better, but the survey still shows weaker growth in those sectors. The oil production index dropped by 5.7 points, while the natural gas production index moved 10.7 points lower. Sentiment also plunged into negati


Oil and gas business activity in Texas and neighboring states plunged in the fourth quarter, according to the Dallas Federal Reserve. One of the key findings in the survey shows that oil executives think U.S. crude prices will end 2019 at $59.97 on average. Oil and gas production fared better, but the survey still shows weaker growth in those sectors. The oil production index dropped by 5.7 points, while the natural gas production index moved 10.7 points lower. Sentiment also plunged into negati
Oil and gas business activity plunges, outlook turns negative: Dallas Fed survey Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-03  Authors: tom dichristopher, getty images
Keywords: news, cnbc, companies, fed, survey, gas, production, plunges, outlook, oil, dallas, business, activity, shows, services, quarter, negative, points, index, turns, prices


Oil and gas business activity plunges, outlook turns negative: Dallas Fed survey

Oil and gas business activity in Texas and neighboring states plunged in the fourth quarter, according to the Dallas Federal Reserve.

The survey from the Fed’s 11th District also showed company sentiment turned negative for the first time in nearly two years and executives don’t expect much of an oil price recovery in 2019.

The insight is from the Dallas Fed’s latest quarterly Energy Survey, which comes on the heels of a nearly 40 percent plunge in U.S. crude oil prices to about $45 a barrel in the final quarter of 2018. The oil market has been hammered by fears of growing oversupply and slowing economic growth that could weigh on fuel demand.

One of the key findings in the survey shows that oil executives think U.S. crude prices will end 2019 at $59.97 on average. That would mark a fairly moderate recovery — U.S. trade in crude ended Thursday at $47.09.

The Fed’s 11th District includes Texas, northern Louisiana and southern New Mexico and is home to the nation’s top shale oil region, the Permian Basin. Rising output from the Permian has helped push U.S. production to all-time highs above 11.5 million barrels a day, making the United States the world’s biggest producer.

The Dallas Fed survey’s business activity index, a broad measure of conditions impacting the region’s energy firms, plummeted from 43.3 points in the third quarter to 2.3 points in the fourth quarter. That means activity was largely unchanged following 10 straight quarters of increased activity.

The biggest driver of declining activity came from oilfield services firms, the companies that provide equipment and technical expertise to oil producers. An index that measures utilization of equipment by oilfield services fell from 43 points to just 1.6 points in the fourth quarter.

A reading below zero means activity in the sector is shrinking.

Oil and gas production fared better, but the survey still shows weaker growth in those sectors. The oil production index dropped by 5.7 points, while the natural gas production index moved 10.7 points lower.

Sentiment also plunged into negative territory for the first time since the first quarter of 2016, when oil prices hit 12½-year lows.

The broad company outlook index dropped by 57 points to stand at -10.2. The plunge was worse among oilfield services firms, with company outlook down 64 points to -17.2.

The survey also shows companies are feeling less certain about the future. An index of uncertainty jumped 34 points to 42.


Company: cnbc, Activity: cnbc, Date: 2019-01-03  Authors: tom dichristopher, getty images
Keywords: news, cnbc, companies, fed, survey, gas, production, plunges, outlook, oil, dallas, business, activity, shows, services, quarter, negative, points, index, turns, prices


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