Wood Group to slash thousands of jobs amid oil price plunge August 16, 2015 Top oil contractor Wood Group has been forced to slash thousands of jobs as tumbling commodity prices continue to ravage key North Sea producers. The FTSE 250-listed firm cut more than 4,000 jobs in six months, with at least 1,000 in Britain, its half-year results are expected to show tomorrow. Earlier this year, Wood Group [...]
Diesel price falls to its lowest in five years August 14, 2015 Good news if you're planning a getaway this weekend: the price of diesel has fallen to its lowest in five years, after oil prices continued their inexorable slide yesterday. Figures by Experian Catalist showed prices fell to 112.48p per litre today, its lowest since January 2010. Meanwhile, the price of petrol has dipped to 115.24p [...]
Oil prices: US benchmark WTI crude tumbles to six-year low at $41.92 August 13, 2015 Oil prices continue to tumble as US benchmark West Texas Intermediate (WTI) is trading at a six-year low today. WTI crude fell 3.2 per cent over the day to trade at $41.92 a barrel. The global benchmark Brent crude has also slipped further, trading down to $49.18 a barrel. Oil prices have slumped 60 per [...]
Low oil prices will push demand to a five-year high, says the IEA August 13, 2015 Low oil prices are set to spur on the fastest growth in oil demand for five years, the International Energy Agency (IEA) said today. However, prices could stay lower for a long period as producers opt against rapidly cutting back production. Global oil demand is set to grow by 1.6m barrels per day this year, [...]
IEA: Oil supply glut to last until the end of 2016 August 12, 2015 Low oil prices are set to spur on the fastest growth in oil demand for five years, the International Energy Agency (IEA) said today, but prices could stay lower for a long period as producers opt not to rapidly cut back production. Global oil demand is set to grow by 1.5m barrels per day this [...]
Brent crude oil price falls 1.7 per cent as Opec output reaches three year high August 11, 2015 Crude oil production by members of the Organisation of Petroleum Exporting Countries (Opec) reached its highest in three years in July, despite Saudi Arabia indicating it had pulled back, figures published today showed. Brent crude oil is trading 1.7 per cent lower. Opec's monthly oil market report suggested total output among member countries rose 100,700 [...]
Oil prices: A game of chicken or headless chickens? – CNBC Comment August 11, 2015 Forget QE and low base rates, the real great global stimulus – in the form of tumbling commodities and most importantly oil – continues and it’s hard to see what’s going to change any time soon. This huge transfer of wealth from commodity producers to consumers has shown little sign of abating. In oil, the [...]
Independent Oil and Gas share price plummets after oil price rout squeezes investment in Skipper North Sea exploration August 10, 2015 Shares in Independent Oil and Gas, the Aim-listed oil group with licenses for exploration in the North Sea, have tumbled more than 40 per cent after it lost $10m of investment, wiping several millions from its value. The company said the backing from an internationally listed firm with a multi-billion dollar market cap will not [...]
Saudi Arabia heads to the debt markets as low oil prices weigh on budget deficit August 7, 2015 Saudi Arabia will head to the debt market seeking $27bn as low oil prices begin to weigh on the country's finances. The Kingdom is planning its first sovereign bond issue since 2007, and reportedly hopes to raise $5.3bn each month until the end of the year through tranches of five, seven and ten-year bonds. [...]
Brent crude oil falls towards $49 a barrel August 5, 2015 Brent crude oil has fallen 1.5 per cent in afternoon trading, hitting $49.17 a barrel, a new six month low. Read more: ICE Brent crude oil falls below $50 a barrel The sharp fall comes as figures showing US oil inventories falling by more than expected last week failed to offset the glut in supply. [...]