What Saudi Arabia’s new economic vision means for Opec’s June meeting May 26, 2016 Is Saudi Arabia likely to unshackle itself from oil dependency any time soon? Our view is — not. Determined to overcome its oil revenue dependency, the gulf state's deputy crown prince, Mohammed bin Salman, has pledged to implement Vision 2030. It includes an ambitious programme to diversify Saudi’s economy, treble non-oil revenues to $100bn (£68bn) by [...]
Iran nuclear deal: Oil boss Ian Taylor “can’t see” sanctions being lifted till next year September 30, 2015 The Iran nuclear deal may have been reached two months ago, but economic sanctions against the Middle Eastern country are likely to remain in place until February or March next year, the boss of a multinational commodity trader has warned. At the Kazenergy forum in Astana, capital of Kazakhstan's capital, Vitol chief executive Ian [...]
Week ahead: Data set to steer the FTSE after four day rising streak May 30, 2016 Markets are set to be moved by data this week after the FTSE 100 posted its biggest weekly gain since mid-April last week. The blue-chip index closed at 6,270.79 on Friday, a fourth straight day of gains and up two per cent on the week. The FTSE’s winning run is largely due to an oil [...]
Brent and WTI crude: Oil prices fall back below $40 March 14, 2016 Oil prices fell back below $40 per barrel today as oversupply concerns trumped increasing optimism that the market had bottomed out. Brent crude, the global benchmark, reversed earlier gains to fall 1.63 per cent to $39.73 per barrel this morning. West Texas Intermediate crude, the US benchmark, slumped two per cent to $37.72. Iran indicated over the weekend [...]
Iraq announces oil export hike ahead of Thursday Opec meeting May 30, 2016 Iraq has said it will raise its oil exports ahead of a meeting of the Organization of Petroleum Exporting Countries (Opec) on Thursday. It will supply five million barrels of extra crude to its partners in June, Reuters reported. Iran, Kuwait, Saudi Arabia and the United Arab Emirates are also set to raise their supplies in [...]
Royal Dutch Shell opens talks with Iran by promising $2bn debt repayment August 24, 2015 Royal Dutch Shell has become the first UK company to take a major step towards reviving its trade relationship with Iran. Read more: If a nuclear deal is reached, Iran will be bursting with investment opportunities – here's what to look out for During a visit to the oil-rich country yesterday, the company's head [...]
Brent crude and WTI: Oil prices jump back ahead of crucial meeting of producers April 11, 2016 Oil prices shook off early losses today to gain around two per cent, ahead of Sunday's crunch meeting between the world's major producers. Prices had earlier dipped on doubts that a production freeze from some of the countries taking part in the talks in Doha will be enough to balance markets. Brent crude, the global benchmark, fell [...]
IEA: Oil oversupply will finally start drying up in the second half of 2016 April 14, 2016 The embattled oil market will start to rebalance in the second half of this year, as Opec's grand master plan to price out US shale gas producers starts to bear fruit. The International Energy Agency expects that the surplus will fall to 0.2m barrels per day (bpd) in the second half of this year, down from 1.5m [...]
Russia isn’t expecting much from Opec’s next meeting May 20, 2016 Russian energy minister, Alexander Novak, isn't expecting much from the fractured Organisation of Petroleum Exporting Countries' when it meets early next month. "In my opinion, any decisions on coordination which would require an obligatory fulfilment, are unlikely to be taken," Novak told Russian state TV in an interview. Read more: Opec faced with waning influence [...]
Oil slide leads to call from RAC for savings on the forecourt July 13, 2016 Motoring group the RAC is wasting no time in jumping on the falling oil price to urge retailers to slash prices at the pumps. The price of oil has dipped lately on fears of a global slowdown in demand and an uptick in supply from the likes of Iran and Saudi Arabia. A barrel of [...]