Oil prices collapse to February lows amid growing fears of global recession August 8, 2022 Fears of a worldwide recession and weakened demand for oil continues to weigh down prices on both major benchmarks.
OPEC+ hikes production targets by miniscule volumes of 100,000 barrels per day August 3, 2022 The OPEC+ coalition of oil producing countries today agreed to up its production targets by miniscule volumes of just 100,000 barrels of oil per day, in a hike that scuppered hopes for a more substantial increases that could have reversed the recent surge in prices that has wreaked havoc on the global economy. The [...]
G7 weighs up proposals to block transport of Russian oil supplies August 2, 2022 The G7 is considering plans to block the transporting of Russian oil unless it heeds a price cap, amid a supply crunch in Europe.
City giant under fire: BP’s £6.9bn profit labelled ‘obscene’ as energy bills and living costs skyrocket August 2, 2022 After oil giant BP said this morning that it made almost £7bn in profit, the result has been labbeled as “obscene”. Earlier today the company announced underlying replacement cost profits – its preferred measure – jumped to a far better-than-expected $8.5bn (£6.9bn) for the three months to June 30. But the announcement has caused anger [...]
Aviva chief Amanda Blanc joins BP as non-executive director August 2, 2022 British energy major BP today said it has recruited Aviva chief executive and insurance sector veteran Amanda Blanc to sit on its board of directors. The appointment is set to see Blanc sit on BP’s board as a non-executive director, whilst continuing in her current job as chief executive of British insurance giant Aviva. In [...]
BP follows in rivals’ footsteps with near-record £7bn quarterly profits August 2, 2022 BP has unveiled profits of $9.3bn for the second quarter, powered by soaring oil and gas prices following Russia's invasion of Ukraine.
Oil prices tumble as demand dips amid weak manufacturing data from China August 1, 2022 Oil prices dropped sharply across both major benchmarks, as weak manufacturing data from China and Europe weighed down demand.
29m UK households to get £400 in instalments between October and March to help with energy bills July 29, 2022 As millions worry about the prospect of eye-watering energy bills this winter, the government has revealed how its £400 discount will be implemented. 29m households will receive a non-repayable sum of at least £400 over the course of six months as part of the Energy Bills Support Scheme. The initiative, which will be administered by [...]
Energy bosses must be wise to the coming tide of public anger July 28, 2022 ONE OF a City chief exec’s key jobs is horizon scanning. For those in the energy sector, should they be finding their forecasting glasses a little fogged up, we’ll help: you’re about to become the least popular companies in Britain. It is hard to over-egg how painful energy bills could become this winter, with predictions [...]
Europe biggest market for US crude oil for first time in six years as Russia-Ukraine war rages on July 15, 2022 For the first time in six years, Europe was the top market for US crude oil as the Russia-Ukraine war continues to impact global markets. Europe overtook Asia, the previous top market, and received 213.1m barrels of crude while Asia received 191.1m barrels of American crude in the first five months of 2022, US Census [...]