S&P: US oil and gas firm tips global corporate defaults to the highest rate at this time of year since 2009 November 18, 2016 The number of companies worldwide that have defaulted reached 146 this week, the highest level at this point in the year since the financial crisis was raging in 2009. A US-based oil and gas company tipped the corporate default scale, Standard & Poor's said today, continuing the trend in energy-firm defaults the credit ratings agency noted [...]
Kazakhstan’s $50bn Kashagan oil field starts up production October 14, 2016 Kazakhstan's huge Kashagan oil field has exported its first ever shipment, the country's energy ministry said today. The field, located in the Caspian Sea, has loaded 26,500 metric tons of crude oil for export into local pipelines, the ministry said in an email. The site has had a troubled history since being discovered in 2000. Bringing it online was [...]
Brent crude oil price dips after eyeing $50 a barrel and West Texas Intermediate crude also slides November 22, 2016 The benchmark oil price pared back earlier gains today, after edging close to $50 a barrel. Brent crude rose as high as $49.96 before losing around one per cent, or 51 cents, on the Monday’s close to reach $48.39 a barrel during early evening trading in London. West Texas Intermediate crude, the US benchmark, slid 1.7 [...]
Brent crude and West Texas Intermediate oil prices fall as US crude inventories rise for the first time in six weeks October 13, 2016 Oil prices have edged down this morning after data from the American Petroleum Institute (API) showed the first rise in US crude stockpiles for six weeks. The API figures, released yesterday, showed a 2.7m barrels build last week. Analysts had expected a 2m barrel build. Brent crude, the global benchmark, was down 0.21 per cent [...]
Rosneft boss says he will not comply with output freeze as oil prices lose some of yesterday’s gains October 11, 2016 Oil prices nudged down slightly this morning after hitting a 14-month high yesterday on indications Russia would take part in an Opec production cut. However, despite Vladimir Putin's remarks that an output cut is likely to be the "only right decision" to maintain stability in the global energy sector, this morning one of Russia's top oil bosses has [...]
UK has the chance to be a leader in safer vice products post-Brexit such as e-cigarettes and synthetic alcohol, Adam Smith Institute argues September 23, 2016 The UK has the opportunity to become a “world leader” in reducing the risks of smoking and drinking by slashing regulation around safer vice products, a new paper has argued. Think tank the Adam Smith Institute (ASI) has recommended the government replaces “self-defeating regulation” on products such as e-cigarettes and hangover-free synthetic alcohol with a system [...]
New York attorney general launches investigation into Exxon Mobil’s accounting practices September 16, 2016 New York attorney general Eric Schneiderman is reportedly probing why Exxon Mobil has not written down the value of its assets, despite the prolonged oil price slump which has riled the industry. The Wall Street Journal reported that Schneiderman's office has launched an investigation into the firm's accounting practices. It's already looking into whether Exxon misled investors over the [...]
Professor Philip Booth to step down from the Institute of Economic Affairs after 14 years May 23, 2016 Professor Philip Booth, the academic and research director at the Institute of Economic Affairs (IEA) is stepping down from his role after 14 years. He is leaving on 7 November to take up the role as director of research and public engagement at St Mary’s University, but will remain at the IEA for one day a [...]
China drives highest global nuclear capacity growth in a quarter-century June 28, 2016 China helped drive nuclear power growth to its highest level in 25 years, according to the International Energy Agency. Speaking at a nuclear conference in Paris, Fatih Birol, the IEA's executive director, said: "We have never seen such an increase in nuclear capacity addition, mainly driven by China, and also South Korea and Russia." Read more: French economy [...]
It’d be a Christmas miracle if the chancellor delivered on these three festive reforms December 16, 2016 While Philip Hammond hasn’t been chancellor for long, he has already adopted George Osborne’s style of giveaways – the gifts aren’t simply bought by taxpayers, but are often funded by taxpayer money that hasn’t been raised yet. Of course, this kind of gift-giving rarely places the goods in the hands of the people who need [...]