Crude moves: End of oil rally may be in sight with US ramping up production November 16, 2021 Soaring oil prices could be reduced by a global rebound in supplies, the International Energy Agency (IEA) said yesterday. In its November oil report, the organisation argued “the tide might be turning” in the market as supplies catch up with demand. The IEA now expects oil production to increase by 1.5m barrels per day over [...]
Exclusive: En+ chairman and former minister Lord Barker warns ‘don’t expect a big bang’ from COP26 November 14, 2021 Many eyes were on Lord Gregory Barker of Battle earlier this week, as ‘his’ global energy giant En+ was at the heart of COP26’s complex ecosystem of executives, government reps, lobbyists, NGOs and activists in Glasgow. Lord Barker was appointed independent chairman of the En+ Group board of directors in October 2017, just before the company’s [...]
Oil prices fall again amid fears of US interest rate hikes November 12, 2021 Oil prices slumped on Friday afternoon amid swirling rumours of impending interest rate hikes and President Biden releasing stored supplies. WTI Crude plummeted 1.89 per cent to $80.03 a barrel, while Brent Crude futures dropped 1.69 per cent to $81.49, wiping out gains from the past week. Both benchmark crude contracts were poised to end [...]
Oil prices reach two-week highs amid supply pressures and air travel demand November 10, 2021 Oil prices continued their rebound on Wednesday morning, as both major benchmarks reached two-weeks highs. Prices have risen again after US crude stocks unexpectedly dropped last week, alongside rising air travel demand and easing Covid-19 restrictions. API data reportedly revealed U.S. crude stocks declined by 2.5 million barrels for the week to November 5. This [...]
Touchstone Exploration’s shares soar after new light oil discovery November 8, 2021 Touchstone Exploration has discovered light oil through the first of three planned production tests at its Royston-1 exploration well in Trinidad. It is the fourth successful well in the company’s Ortoire Block, following discoveries of hydrocarbons at COHO, Cascadura and Cascadura-Deep. The company’s shares rose by 25.5 per cent today, trading at a peak of [...]
Oil prices rise after US agrees $1tn infrastructure deal November 8, 2021 Oil prices have continued to recover after US congress passed Joe Biden’s $1tn infrastructure deal, improving the global outlook for energy demand. The package includes major upgrades to roads, railways and broadband across the country and could boost economic growth and demand for fuel. Oil prices recovered from last week’s mini-slump with Brent crude up [...]
Saudi Arabia announces 2060 net zero target ahead of COP26 climate summit October 24, 2021 Saudi Arabia has pledged to cut carbon emissions and reach net zero by 2060. Crown prince Mohammed bin Salman announced the country will push its climate agenda while maintaining its role as a leading producer of oil and gas. Speaking at the official launch of Saudi Green Initiative Forum, he revealed the country would spend [...]
Oil hits three year high before falling back October 21, 2021 Brent Crude oil hit a three-year high at $86.10 a barrel on Wednesday night, before falling to $83.51 the following day. The price has risen over 60 per cent this year, supported by a slow ramp-up in supply and a global coal and gas shortage which has driven a switch to oil for power generation. [...]
Petrol prices 2p away from record high October 16, 2021 The pump price for a litre of petrol sold at UK forecourts has reached 140.22p, the highest since September 2012. Data from the RAC Fuel Watch showed that fuel prices – which have gone up 26p a litre in the last year – are two pence away from the record high of 140.24p per litre [...]
Oil prices continue to rise amid energy crisis October 11, 2021 Oil prices passed $84 a barrel last night as Brent Crude’s rally entered a new week. This is oil’s highest valuation on the UK-based index since March last year. The resurgence in oil prices has been boosted by a global shortage of gas and spiralling energy costs. It has resulted in oil stocks gaining 37 [...]