Oil giants BP and Shell expect pumped up profits after barrel price rise October 28, 2018 Oil and gas giants Shell and BP are expected to report boosted profitability this week after oil prices breached $85 (£66.2) dollars per barrel in the third quarter. On Tuesday BP is expected to reveal a jump in profits from £2.82bn to an estimated £2.9bn according to S&P Capital IQ, while on Thursday Royal Dutch [...]
Oil prices steady after four per cent drop despite 6m jump in barrel stockpile October 24, 2018 Oil prices have steadied after hitting low of $75 per barrel this morning, following yesterday’s four per cent price dive amid a continuing political crisis in Saudi Arabia. The price of Brent crude, the global benchmark, steadied to $76.52 this afternoon after it fell to the lowest point since 24 August earlier in the day. Read [...]
BP and Shell get green light for North Sea joint venture, drilling for 20m barrels of oil October 22, 2018 BP and Shell received approval for their 50-50 joint Shetland venture today, which they predict could produce 20m barrels of oil. The Alligin oil field in the North Sea should produce 12,000 barrels of oil per day at its peak once it comes on stream in 2020, the oil giants said. Read more: BP wins [...]
Finance chiefs desert Saudi business summit as backlash to missing journalist intensifies October 16, 2018 The global boycott of a high-profile Saudi investor conference gathered pace yesterday as the bosses of JP Morgan, Ford, Blackstone and BlackRock led an executive exodus following the disappearance of journalist Jamal Khashoggi. The US resident and critic of the Saudi government has not been seen since entering the Saudi consulate in Istanbul on 2 October. [...]
Global equity bloodbath plunges FTSE 100 to six-month low October 11, 2018 A GLOBAL equity bloodbath plunged the FTSE 100 to its lowest level in six months on a “gut-churning” day for investors. The sell-off began in the US on Wednesday before spreading to Europe, Asia, and trading floors across the world on Thursday. Global growth concerns, the prospect of higher US interest rates, as well as [...]
Five charts that explain the case for emerging markets October 8, 2018 | City Talk Investors generally understand the importance of emerging markets in terms of their economic impact but, perhaps due to lack of knowledge, often struggle to know how best to reflect this in their portfolios. Those investors have ignored what are some of the world's best-performing financial markets since the turn of the millennium. What is more, [...]
Oil producers must ‘take steps’ to cool surging prices, IEA boss warns October 4, 2018 The world's major oil producers must “take the right steps” to cool the market amid a continued surge in crude prices, the International Energy Agency boss has warned. The IEA's executive director, Fatih Birol, said: “It is now high time for all the players, especially those key producers and oil exporters, to consider the situation [...]
Saudi oil output reaches record highs, but oil prices remain close to four-year peak October 3, 2018 Saudi Arabia's oil output has reached record highs – and the country could further boost production next month as US sanctions on Iran edge closer. Saudi energy minister Khalid al-Falih said the country had raised output to 10.7m barrels per day in October and announced a further production hike in November. The country's record high [...]
Oil prices hit four-year high as markets await US sanctions on Iran October 1, 2018 Oil prices hit a four-year high this morning as the market reacted to ongoing uncertainty over US sanctions on Iran. Brent crude – considered the international benchmark – rose almost half a per cent to $83.09 (£63.70) per barrel in early trading, after rising as high as $83.32. Read more: Iranian foreign minister claims country [...]
Trump hits out at Iran’s ‘bloody agenda’ in return to US patriotism September 25, 2018 US President Donald Trump upped his criticism of Iran in a speech to the United Nations General Assembly this afternoon, in which he accused its leadership of running a "corrupt dictatorship" with a "bloody agenda". He told the body that the Iranian leadership is sowing "chaos, death and destruction", adding that "they do not respect [...]