Opec reveals oil demand is set to grow in 2015 February 9, 2015 BRENT crude oil was up slightly yesterday, to around $58 a barrel, after the Organisation of Petroleum Exporting Countries (Opec) projected that global oil demand will go up over the next 12 months. Demand for Opec crude in 2015 was revised up by 400,000 barrels per day (b/d) from the previous month’s assessment, to average [...]
Oil price jumps as Opec’s strategy undercuts rivals’ supply February 9, 2015 Oil prices rose after the Organisation for Petroleum Exporting Countries (Opec) said demand for its crude oil will rise this year as rivals' supplies suffer, reinforcing the group's decision not to cut production in November. Its monthly oil market report said demand for the group's crude oil will jump by around 100,000 barrels a day to 29.2m [...]
Oil price drop: Bosses at top US firms won’t have their pay cut February 8, 2015 The dramatic fall in oil prices since the middle of 2014 will not affect the pay of those working at the top of the industry. According to compensation consultants and investors who spoke to Reuters, the chief executives at the largest oil companies in the US will not experience reductions in their total pay, [...]
Oil prices just had their best two-week run in 17 years finishing up 2.2 per cent to $57.8 per barrel February 7, 2015 Oil prices roared towards big weekly gains that have not been seen in years on Friday, as investors shrugged off concerns over a global supply glut, and instead focused on future levels of production. Brent crude, the global benchmark, posted a nine per cent gain for the week, or the biggest since 2011. Prices were [...]
European Commission raises Eurozone growth forecast to 1.3 per cent on crumbling oil prices and weak euro February 5, 2015 The European Commission nudged up its official growth forecast for the single currency bloc today, citing crumbling oil prices, a weaker euro and the European Central Bank's (ECB) generous stimulus package unveiled earlier this year. The Eurozone will grow at a rate of 1.3 per cent this year and 1.9 per cent in 2016, the [...]
Afren share price falls 16 per cent after S&P downgrade on possible default February 5, 2015 Embattled oil producer Afren's share price closed down 13 per cent today, after major credit ratings agency Standard & Poor's (S&P) warned of a possible default. Afren's share price had fallen as much as 15.8 per cent to 9.35 per pence share in mid-morning trade. However, it was still above this year's low of 4.2 pence [...]
Cairn Energy and Genel sheltered from oil prices due to cash balances February 4, 2015 London-listed Cairn Energy and Genel Energy are among the oil firms which are least exposed to oil price changes, due to a mixture of their gas price exposure and large cash balances. According to research from Morgan Stanley, if the brent crude oil price moves up or down by $10 per barrel in the long [...]
Rocky market could prompt oil mega-mergers as price fall forces drastic decisions February 3, 2015 After six months of falling oil prices, analysts have pointed to a possible mega-merger between the majors. Chances of a shock deal have been heightened by firms slashing their spending in the face of oil prices that are expected to remain low for at least the next six months and possibly the next three years. [...]
BG Group share price falls 1 per cent after £6bn impairment charge on falling oil prices February 3, 2015 BG Group has written-down the value of its business due to crumbling commodity prices – nonetheless the group believes it is well-placed to weather the oil price rout. The figures The oil and natural gas company was hit by an £5.9bn pre-tax impairment charge mainly due to the fall in global commodity prices. "The substantial [...]
BP share price rises, despite profit slumping as oil price slide takes its toll February 3, 2015 BP's share price opened up this morning after the oil and gas giant reported better than expected results for the year. The numbers The oil price fall has been taking its toll. Underlying profits in the final three months of 2014 were down 20 per cent on a year earlier at $2.2bn (£1.5bn). Including [...]