LNG MARKET SNAPSHOT - OCTOBER 2015
The LNGC order book expansion has slowed further since September with only two additions. The fleet expansion has slowed considerably, too, with only one delivery this month. The global LNGC fleet grew only marginally but the order book shrunk to 143 vessels vs 147 at the beginning of September.OIL MARKET SNAPSHOT - OCTOBER 2015
The Brent crude spot price has remained below $50/bbl for most of October 2015 due to a persistent global supply glut. This is despite slowing US production on the back of continuing US crude stockpiling ahead of the refinery maintenance season. Concerns over a weaker Chinese economy and the return of Iranian oil to the market have continued to add downward price pressure.Current CAPEX Reductions as Future Price Support
Capex cuts amounting to more than $200 billion across the whole upstream industry has resulted in project delays and cancellations in Europe and elsewhere as well as potential losses in future production. Recent non-OPEC production growth could soon reverse into net decline. The oil market could thus once again face the challenge of meeting demand growth in the future. How can the offshore industry in the Mediterranean position itself to seize on opportunities arising from a more volatile oil market?
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