Opec and allies expected to deepen oil production cuts December 5, 2019 Oil producer group Opec has begun its two-day meeting in Vienna, with expectations that the cartel and its allies will deepen oil supply cuts next year. Opec+, a wider grouping that involves countries such as Russia, has curbed production by 1.2m barrels per day since 2017 in a bid to counter the rise of the [...]
Oil prices soar ahead of Opec meeting December 4, 2019 Oil prices shot up today ahead of Thursday’s Opec meeting, which is expected to yield an extension to oil production cuts. West Texas Intermediate rose 4.1 per cent to $58.4 a barrel, with Brent Crude up 3.9 per cent to $63.16 per barrel. Read more: Saudi Arabia pushing Opec for deeper oil production cuts Expectations [...]
BP faces complaint over ‘misleading’ ad campaign December 4, 2019 Environmental law charity Clientearth has accused BP of “misleading” the public regarding its low-carbon credentials with its multimillion pound advertising campaign. Yesterday the non-profit group lodged an official complaint under international guidelines regarding the campaign, which is BP’s first in 10 years. Read more: Spanish oil giant Repsol pledges to cut emissions to zero by [...]
Pump priming: How the shale gas revolution has transformed the US energy industry November 26, 2019 At KD’s Bar-B-Q in Midland, Texas, one can see first hand that the energy boom is still alive and well. Oil service workers, property developers, and financiers stand in a line that snakes out onto the street to order its fabled tri-tip steaks and ribs. In less than a decade, a boom in the country’s [...]
Oil price growth stagnates on China trade worries after two-month highs November 23, 2019 Oil prices fell on Friday after previously hitting two-month highs, negating the week’s gains as fears over China-US trade talks were reignited. Brent crude oil futures fell by 1 per cent to end Friday on $63.39 a barrel, despite hitting a high of $64.27 earlier in the day. Read more: Oil industry reacts to Labour’s [...]
Wall Street stocks rally and oil prices rise on hopes of an end to US-China trade war November 16, 2019 The three major US stock indexes rallied on Friday on hopes that an end to the US-China trade war is near. The S&P 500 posted its sixth straight week of gains as it finished Friday’s session 23.83 points or 0.77 per cent up at 3,120.46. Read more: US President Donald Trump to visit UK ahead [...]
Opec unlikely to increase oil production cuts in December November 11, 2019 Opec and its oil-producing allies are unlikely to approve further cuts to production when they meet in December, according to Oman’s energy minister Mohammed bin Hamad al-Rumhy. Speaking at a press conference in Abu Dhabi this morning, al Rumhy said that he expected the producers’ current deal to limit supply would probably be extended: Read [...]
Chevron latest US major to quit North Sea with $2bn asset sale November 11, 2019 Chevron has become the latest oil major to quit the North Sea, today announcing it had sold its entire oil and gas portfolio to Israeli-owned Ithaca Energy. The deal, which is worth $2bn, will see Ithaca add Chevron’s 10 producing fields to its existing portfolio, giving it a total of 18 field interests. Read more: [...]
UK lowers security risk for Straits of Hormuz shipping November 7, 2019 The UK today lowered the security risk for UK-flagged tankers travelling through the Straits of Hormuz, more than a month after the Stena Impero was released from detention by Iran. The Gulf state’s revolutionary guards seized the British tanker was seized in response to Britain’s capture of an Iranian vessel off Gibraltar. Read more: Saudi [...]
Oil prices drop back after three day surge November 6, 2019 After three days of growth oil prices dropped this morning, as US crude stocks nearly tripled against analyst expectations. Inventories rose by 4.3m barrels last week to 440.5m barrels, far higher than forecasts of a 1.5m barrel increase. Read more: OPEC chief optimistic for 2020 as oil price rises one per cent An easing in [...]