Plummeting oil prices and Western sanctions have cost Russia $140bn, its finance minister says November 24, 2014 Plummeting oil prices and Western sanctions have caused as much as $140bn to flood out of Russia this year, finance minister Anton Siluanov said today. While sanctions against its businesses are hurting the country's economy, falling oil prices are having the biggest impact. Oil and gas makes up the majority of Russian exports – 68 [...]
FTSE rises as energy firms expect Opec to cut production – London Report November 18, 2014 BRITAIN’S top share index yesterday climbed to a seven-week high, helped by better-than-expected German investor sentiment data and a rally in energy stocks on speculation that oil producing countries may agree to cut output. The blue chip FTSE 100 index closed up 0.6 per cent at 6,709.13 points after rising as high as 6,714.12, the [...]
Nigeria factors in lower oil prices as it revises budget for next year November 16, 2014 Nigeria’s finance minister yesterday proposed lowering the assumed benchmark oil price for the country’s 2015 budget to $73 per barrel from the $78 proposed in September, due to the recent sharp fall in global crude prices. Ngozi Okonjo-Iweala said falling oil prices would impact Africa’s largest economy and top oil producer, requiring the government to [...]
FTSE bounces into positive territory as oil price plummets – London Report November 13, 2014 THE FTSE bounced back yesterday from the previous day’s fall, with holiday cruise company Carnival and retailer Dixons Carphone among the top performers. The blue chip index closed up 0.4 per cent at 6,635.45 points, continuing its recovery from 15-month lows in October and marking its highest level in around one-and-a-half months. Carnival rose 2.8 [...]
Tullow switches focus to combat falling oil prices November 12, 2014 LONDON-listed Tullow Oil announced yesterday that it is changing its focus to concentrate on its African assets in response to declining oil prices. The company said that given the current expectations for the oil price and reduced commercial success from offshore drilling, returns from drilling complex, deepwater wells are currently less attractive and so it [...]
As oil prices remain depressed, could this signal the end of the shale revolution? November 5, 2014 Ole Hansen, head of commodity strategy at Saxo Bank, says Yes. A period in which crude oil prices were below $80 per barrel would begin to hurt the US shale industry. Over the past four years, the average price of US-produced WTI crude has been north of $95 per barrel, and while this has triggered [...]
Lower oil prices hit FTSE after Saudi cuts costs – London Report November 4, 2014 BRITAIN’S top equity index yesterday edged lower, hit by losses in heavily weighted oil and gas stocks after the price of Brent crude slid to its lowest point in four years. Falls in the oil and gas sector stripped 30.6 points off the FTSE 100, which closed down 34 points, or 0.5 per cent, at [...]
Brent crude oil price just fell to its lowest in four years after Saudi Arabia slashed contract price for US November 4, 2014 The price of Brent crude oil dropped to a four year low today, after Saudi Arabia unexpectedly cut its contract price for customers in the US. As the world's largest exporter of the commodity, Saudi Arabia's move represents an intensification of the battle between countries to gain control over global energy markets. It [...]
FTSE 100 rebounds as oil price rises and Shire jumps on bid report – London Report October 21, 2014 Gains in big oil companies and drugmaker Shire yesterday lifted Britain’s top equity index, which extended a rebound after falling to 15-month lows last week. The FTSE 100 index closed up by 1.7 per cent, or 105.26 points, at 6,372.33 points. Shire rose 2.61 per cent to 3,848p, after Reuters reported that Botox-maker Allergan shareholder [...]
Oil prices have hit a four-year low October 15, 2014 Brent crude was continuing its long march down today. Already below $90 a barrel, the benchmark price has now gone south of $82. This cost represents the lowest price in four years, dragged down by a deluge of supply and dwindling demand. The International Energy Agency (IEA) recently reduced its 2014 forecast for global oil [...]