Wincanton hit by oil price and retailers’ plans June 4, 2015 LOGISTICS firm Wincanton blamed lower fuel prices and retailers’ restructuring plans for its poor revenue performance in the year to 31 March. Group revenues were up by just 0.9 per cent to £1.1bn, and the company said: “A strong performance on new business wins and renewals was partly offset by the impact of certain site [...]
Opec expected to keep output high as Russian fears heighten June 3, 2015 BRENT crude oil fell slightly yesterday as the Organisation of Petroleum Exporting Countries (Opec) looked set to maintain production at current levels, with commentators citing concerns around Russia as a major reason behind the decision. The benchmark price had rallied on Tuesday, helped by comments from Ali al-Naimi, Saudi Arabia’s petroleum minister, which pointed to [...]
Everything you need to know ahead of the Opec meeting on Friday June 2, 2015 All eyes will be on the organization of petroleum exporting countries (Opec) when it meets in Vienna on Friday to decide whether to increase, decrease or hold its output target from its current level. Why is it interesting? A glut in the global supply of oil pushes prices as low as $45 per barrel in mid-January, [...]
Energy stocks drag FTSE as oil price stays low – London Report June 1, 2015 OIL AND gas led the FTSE down yesterday, while disappointing domestic economic data pointed to a weak manufacturing outlook. Energy stocks shaved more than 10 points off the blue-chip FTSE 100 index, with crude oil prices weak on expectations that the Organisation of Petroleum Exporting Countries’ (Opec) production would remain high, pointing to the potential for [...]
Majors’ capex cuts good for Opec May 19, 2015 THE DECISIONS recently made by many oil majors to slash spending on new projects could be good for the oil price, according to analysts. According to research from Rystad Energy, there has been a $100bn (£65bn) drop in oil and gas capital expenditure since the oil price began to fall from around $115 a barrel [...]
Goldman Sachs slashes its oil price forecast for the next five years May 18, 2015 The good news is that after months of falls, oil prices have begun to tentatively rise (although that was thanks to fighting in Yemen and Iraq). The bad news is that Goldman Sachs doesn't think it's going to last: the investment bank has slashed its oil price forecasts for the next five years. In a [...]
US oil agency IEA warns battle for market share has just begun May 13, 2015 The battle for market share in the oil sector has just begun, according to the International Energy Agency’s (IEA) monthly report. The warning follows a report from the Organisation of Petroleum Exporting Countries (Opec) on Tuesday, which stated that US supply was set to decline over the final two quarters of 2015 while Opec [...]
Saudi Arabia says it’s taking investment away from foreign rivals May 13, 2015 Saudi Arabia, the world's biggest producer of oil, claims to be taking investment away from US shale producers and other foreign competitors, according to the FT. A Saudi official told them there was “no doubt about it”, that the decline in price over recent months had “deterred investors away from expensive oil including US shale, [...]
Opec prediction on global oil demand pushes price back up May 12, 2015 Oil prices rallied again yesterday as the Organisation of Petroleum Exporting Countries (Opec) monthly report revealed that world oil demand is slated to grow at a higher rate than previously expected. Prices fell by over 50 per cent between July 2014 and the start of 2015 due to a combination of falling global demand, growing [...]
Why Opec thinks oil prices will stay below $100 for a decade May 12, 2015 The Organization of the Petroleum Exporting Countries (Opec) thinks oil will stay below $100 for a decade, and it's worried a low oil price environment won't be enough to snuff out the emerging US shale gas industry. A report seen by the Wall Street Journal has said that Opec thinks a best-case scenario will see oil prices [...]