Opec ready for oil price fall to $40 a barrel: UAE December 14, 2014 Oil prices could fall as low as $40 a barrel and the Organisation of the Petroleum Exporting Countries (Opec) will still refuse to cut production, according to United Arab Emirates’ energy minister Suhail Al-Mazrouei. Speaking at the Asian Business Leadership Forum (ABLF) in Dubai, Al-Mazrouei told Bloomberg: “We are not going to change our minds [...]
Why OPEC will hold out even if oil falls to $40 December 14, 2014 OPEC will not cut production even if oil falls to $40 per barrel as it believes the market will eventually stabilise. The energy minister for the United Arab Emirates told Bloomberg News that the group would wait "at least a quarter" before it considered an urgent session. Suhail Al-Mazrouei said "we are not going to [...]
From Grumpy Cat and falling oil prices to Google blackouts and the weather bomb: Here are 10 things we learned this week December 12, 2014 It's been another busy week… here's our pick of the things we learned. 1. Grumpy Cat may not look too impressed but for once she certainly had something to smile about. Turns out the feline internet celebrity earned £32m last year. That's more than a host of business bosses, including Sir Martin Sorrell, Jamie [...]
Oil drops again as the International Energy Agency slashes its growth forecast December 12, 2014 Is £1-a-litre petrol about to become a reality? Oil prices fell again this morning, after the International Energy Agency (IEA) slashed its forecast for growth in the oil sector. According to the IEA's monthly oil market report, global growth in the market will hit 900,000 barrels a day next year, 230,000 fewer than previously expected. [...]
Russia and Norway take different paths on interest rates as oil price tanks December 11, 2014 The central Bank of Russia yesterday raised interest rates to 10.5 per cent from 9.5 per cent in a bid to strengthen the plummeting rouble and reduce inflation which currently stands at 9.4 per cent. The move contrasts with Norway, which cut rates to 1.25 per cent yesterday from 1.5 per cent. Both nations have [...]
Wood Group brushes off oil price drop fear December 11, 2014 British energy services company John Wood Group yesterday announced that it expects full-year results to be largely in line with expectations – an improvement on last year’s results, and defying fears over possible knock-on effects from the falling price of oil. The announcement comes after expectations arose of a steep fall in oil prices in [...]
What the drop in oil price means to the UK December 11, 2014 The price of Brent crude oil is at its lowest level in more than four years. It has dropped by around 40 per cent this year, and now sits at $64.44 per barrel – significantly below the $107.95 it reached in June. With Opec – the Organisation of Petroleum Exporting Countries – predicting a surplus [...]
Russia raises rates in struggle against crumbling oil prices December 11, 2014 Russia's central bank has raised the country's borrowing costs as part of its struggle against crippling economic sanctions and plummeting oil prices. The Bank of Russia raised its key interest rate by one percentage point to 10.5 per cent, a move which was in line with analysts' expectations. It also said there could be further [...]
FTSE 100 slips again as oil prices hit energy groups – London Report December 10, 2014 Britain's main equity index fell yesterday for a third day in a row as a further drop in the price of oil hit energy stocks. The blue chip FTSE 100 index closed down by 0.5 per cent, or 29.43 points, at 6,500.04 points – its lowest closing level since early November. Following the decline [...]
UK petrol prices fall to four-year lows as oil costs continue to tumble December 10, 2014 The average price of petrol in the UK has hit a four-year low, dropping below 120p a litre for the first time since December 2010. According to government figures, the average cost for a litre of unleaded petrol now stands at just 119.83p – a nine per cent fall from the year high 131.11p [...]