Oil groups taking action to help North Sea firms as prices continue to fall December 22, 2014 The leader of Aberdeen City Council has called on the Scottish and UK governments to attend a summit on the “emerging crisis” in the North Sea oil industry. Jenny Laing announced yesterday that the council was aiming to bring together governments, trade unions and industry bodies to develop a strategic plan to save jobs in [...]
Why have oil prices dropped? Gulf states blame non-Opec members December 21, 2014 Arab Gulf ministers have argued that tumbling oil prices are not the fault of the Organization of the Petroleum Exporting Countries (Opec), and maintain that their countries will not cut oil production to counteract the fall. The permanent, intergovernmental organisation comprises 12 member states, many of which are in the Middle East. The group [...]
Fitch cuts Venezuela’s credit rating to ‘CCC’ on oil price plunge December 18, 2014 Credit rating agency Fitch has slashed Venezuela's credit to 'CCC' on plunging global oil prices, which means "default is a real possibility." It said the country's economy has little room to manoeuvre in the face of crumbling global oil prices, which has eaten away at its main source of income. Venezuela's oil dependent economy requires an [...]
Putin: Effects of the rouble crisis will “last two years under the most unfavourable circumstances” December 18, 2014 Buoyed, presumably, by the triumph of being named Russia’s man of the year for the 15th year in a row just hours ago, this morning Vladimir Putin climbed on to the podium to give a press conference to 1,300-odd journalists in what has become known as his answer to a “state of the nation address”. [...]
Nicola Horlick: What effects will the fall of oil prices actually have? December 17, 2014 The precipitous fall in the oil price has resulted in sharp declines in share prices around the world, but the long-term effect of a lower oil price is to reduce the amount of cash in the pockets of oil producers and increase the amount available to consumers to spend. Overall, this is positive for markets [...]
Global growth slows despite oil price boost, PMI data shows December 16, 2014 Global growth is experiencing an end-of-year cooling despite plummeting global oil prices, a raft of data has shown. The flash Eurozone services purchasing managers’ index (PMI) – a survey of private sector firms in the service sector – edged upward to 51.9 for December from November’s 51.1, according to figures released by Markit yesterday. A [...]
UK inflation falls to lowest rate since 2002 thanks to plumetting oil prices December 16, 2014 UK inflation fell to its lowest rate since 2002 in November after petrol costs were cut due to plummeting oil prices. The rate of consumer price growth fell to one per cent last month, the lowest rate for 12 years and down from a 1.3 per cent rate in October. Any hopes investors [...]
Oil prices: Brent crude falls below $60 a barrel December 16, 2014 Until recently the joke that was doing the rounds was that the rouble, the price of oil and President Putin would all reach 63 next year. Now just one of those is left waiting – and he's not likely to be in a celebratory mood. Oil prices have fallen to the lowest level in more [...]
Plunging oil prices weigh heavily but Carpetright soars – London Report December 15, 2014 London stocks fell yesterday, with the FTSE 100 down for a sixth consecutive session, as equities markets failed to hold on to an early rally as fears about sliding oil prices and demand for other basic commodities took hold once more. The FTSE 100 ended down 1.9 per cent, or 117.91 points, at 6,182.72, with [...]
The FTSE 100 slumps to a new yearly low amid crumbling oil prices December 15, 2014 Britain's FTSE 100 closed down again today taking the index to its lowest level this year, as crumbling oil prices and fresh concerns about Russia's economy scared investors. The FTSE 100 shed another 1.9 per cent to close down 117.9 points at 6,182.7 which was its lowest closing level since mid-2013. It fell 6.6 per [...]