Oil prices

PNG faces revenue shortfall: Shadow Minister

In a statement, Shadow Minister for Treasury and Finance, Ian Ling-Stuckey, said: “Based on the latest IMF oil price projections and using the figures in the 2019 Budget, PNG is facing a 2019 revenue shortfall of at least K638 million.

Wall St falls on renewed oil price slide

Wall Street started the last week of the year firmly in the red but rallied a little later in the session.

The benchmark S&P 500 index closed down 0.2 per cent at 2,057.

The blue chip Dow Jones Industrial Average was off 0.1 per cent at 17,528.

The tech-heavy Nasdaq was 8 points lower at 5,041.

Energy stocks led the decline after West Texas crude gave up much of last week's near 10 per cent gains.

The benchmark US oil price was off more than 3 per cent to $US36.26 a barrel.

Low oil price reduces Sovereign Wealth savings

He says the government has done the right thing by making estimates according to the trend of oil prices on the global market.

Deloitte, the organisers of the budget breakfast session held today at the Royal Papua Yacht Club, say  the PNG LNG project has been producing consistently in excess of its original rated capacity and this has softened the revenue impact of the reduced oil prices.

Meantime the Government expects the Sovereign Wealth Fund (SWF) to start operations in 2016 and there were some projections made prior when the oil prices were good.

US stocks climb in early trading, led by energy companies

KEEPING SCORE: The Dow Jones industrial average rose 137 points, or 0.8 percent, to 16,925 as of 9:50 a.m. Eastern. The Standard & Poor's 500 index rose 15 points, or 0.8 percent, to 1,995 and the Nasdaq composite rose 33 points, or 0.7 percent, to 4,781. The Dow has risen for the past three days, while the S&P 500 for five days out of the past six.