Oil prices climbing fast as G7 cap of £49 on Russian crude barrel comes into effect December 5, 2022 Oil prices have risen in response to an agreement by the G7 group of nations which came into effect on Monday. Brent crude climbed to more than 86 dollars (£68) in Asia trading as the price of Russian oil was capped at 60 dollars (£49) a barrel. The move is part of increased pressure by [...]
Poles apart? EU closes in on Russian oil price cap but awaits Poland’s approval December 1, 2022 The EU is poised to agree a $60 price cap for Russian seaborne oil shipments, with Poland the only remaining holdout.
Oil markets endure rollercoaster ride as OPEC rejects reports of production hike November 21, 2022 Oil prices whipsawed in today’s trading, before settling near this morning’s initial prices on both major benchmarks. Prices dipped to their lowest since early January, before rebounding as reports varied over whether Saudi Arabia and other OPEC oil producers are considering a half-million barrel daily output increase. Brent Crude and WTI Crude prices both plummeted [...]
OPEC cuts oil forecasts for fifth time amid growing economic headwinds November 14, 2022 OPEC cut its forecasts for global oil demand this year for a fifth time since April - further cutting into next year's projected figures.
Harbour Energy warns raising windfall tax could risk UK investments November 3, 2022 Harbour Energy has warned it will have to reconsider investments in the UK, if the windfall tax is further expanded.
Glencore told to pay £281m over international bribery scandal November 3, 2022 A London judge today told a UK subsidiary of Glencore to pay a total sum of £281m over an international bribery scandal that saw its staff pay almost $29m (£25.6m) in bribes to officials in Africa. At a sentencing hearing today, Judge Peter Fraser said a “culture” of bribery was “endemic” within Glencore’s West Africa [...]
Glencore execs used private jets to fly cash bribes to Africa, court hears November 2, 2022 Glencore executives used private jets to fly millions of dollars in bribes to officials in Africa to boost their oil trading activities, a London Court heard today. Traders on Glencore’s London-based West Africa trading desk organised to have bribes, which were withdrawn from the commodity trader’s offices in Switzerland, flown to officials in Cameroon and [...]
Court blocks ‘Essex boys’ traders’ bid to overturn City watchdog’s decision November 2, 2022 A group of oil traders, dubbed the “Essex boys,” who made $700m (£614m) from the collapse in oil prices that saw crude trade negatively at the start of Covid-19, have failed in their bid to overturn a decision by the UK’s financial watchdog to assist US authorities. Traders linked to oil brokerage Vega Capital London [...]
OPEC: Oil demand will not peak anytime soon despite IEA forecasts November 1, 2022 OPEC has raised its forecasts for world oil demand over the medium and long term in its annual outlook despite IEA forecasts.
China boosts Russian oil supplies despite Zero Covid slowdown October 24, 2022 China's has ramped up its oil imports from Russia 22 per cent year-on-year, despite a drop in consumption due to its lockdown measures.