Shell, BP and Petrofac shares close down as Opec decides not to cut oil production November 27, 2014 FTSE 100 oil producers plummeted this afternoon as the Opec group of oil-producing companies, who met today in Vienna, announced its decision not to curb oil production, despite falling prices. Tullow Oil and BG Group were among the biggest fallers, closing down 7.76 per cent and 6.15 per cent respectively, while Petrofac closed down 5.95 per [...]
Has Opec just reached consensus on oil production? November 27, 2014 Is there a whiff of consensus from Opec over oil prices? The markets seem to think so, with oil prices dropping on either side of the Atlantic. This could be because the consensus means that Opec will be siding with a group of countries – Saudi Arabia, Kuwait, UAE and Qatar – not wanting to [...]
Oil prices just fell to their lowest in four years November 27, 2014 The fall in oil prices continues apace. The price of both West Texas Intermediate (WTI) and Brent oil fell to $72.78 and $76 per barrel respectively this morning – both four-year lows – as traders nervously awaited the outcome of a meeting of the Opec group of oil-producing countries in Vienna today. The 12-member group [...]
Saudis refuse to commit to Opec production curb as falling oil price fears continue November 26, 2014 Fears about falling oil prices continued yesterday as the Saudi Arabian oil minister revealed that Gulf countries in the Organisation of the Petroleum Exporting Countries (Opec) would not move to curb production at its meeting in Vienna today. Saudi’s Ali al-Naimi said the Gulf Co-operation Council, which included Opec members Saudi Arabia, Kuwait, Qatar and [...]
Opec cuts: No line in the sand for oil – CNBC Comment November 24, 2014 Not that I’m trying to do myself out of a job, but I’m a tad amazed by the furore building up about this Thursday’s Opec meeting in Vienna. I haven’t been to all the previous 165 gatherings, but I’ve been to most of the last 25 or so, and all of a sudden it’s become [...]
Plummeting oil prices and Western sanctions have cost Russia $140bn, its finance minister says November 24, 2014 Plummeting oil prices and Western sanctions have caused as much as $140bn to flood out of Russia this year, finance minister Anton Siluanov said today. While sanctions against its businesses are hurting the country's economy, falling oil prices are having the biggest impact. Oil and gas makes up the majority of Russian exports – 68 [...]
FTSE rises as energy firms expect Opec to cut production – London Report November 18, 2014 BRITAIN’S top share index yesterday climbed to a seven-week high, helped by better-than-expected German investor sentiment data and a rally in energy stocks on speculation that oil producing countries may agree to cut output. The blue chip FTSE 100 index closed up 0.6 per cent at 6,709.13 points after rising as high as 6,714.12, the [...]
Nigeria factors in lower oil prices as it revises budget for next year November 16, 2014 Nigeria’s finance minister yesterday proposed lowering the assumed benchmark oil price for the country’s 2015 budget to $73 per barrel from the $78 proposed in September, due to the recent sharp fall in global crude prices. Ngozi Okonjo-Iweala said falling oil prices would impact Africa’s largest economy and top oil producer, requiring the government to [...]
FTSE bounces into positive territory as oil price plummets – London Report November 13, 2014 THE FTSE bounced back yesterday from the previous day’s fall, with holiday cruise company Carnival and retailer Dixons Carphone among the top performers. The blue chip index closed up 0.4 per cent at 6,635.45 points, continuing its recovery from 15-month lows in October and marking its highest level in around one-and-a-half months. Carnival rose 2.8 [...]
Tullow switches focus to combat falling oil prices November 12, 2014 LONDON-listed Tullow Oil announced yesterday that it is changing its focus to concentrate on its African assets in response to declining oil prices. The company said that given the current expectations for the oil price and reduced commercial success from offshore drilling, returns from drilling complex, deepwater wells are currently less attractive and so it [...]