Russian oil production shows first sign of freeze deal March 2, 2016 Russian oil production was flat in February, in the first sign of the country's participation in a historic production freeze deal among some of the world's biggest producers. Energy Ministry data showed oil output held at the same rate in January of 10.88m barrels per day. In tonnes, it hit 43.064m compared to 46.006m in January, which [...]
Rosneft buys 30 per cent stake in Eni’s “super-giant” Egyptian Zohr gas field December 12, 2016 Russian oil behemoth Rosneft has snapped up a 30 per cent stake in Eni's Shorouk concession, which contains the Mediterranean's largest gas field, for $1.58bn (£1.25bn). This cuts the Italian oil and gas group's stake in the concession from 90 per cent to 60 per cent. Rosneft will pay $1.13bn in cash for the concession and [...]
Former BP Russia boss lined up for top nuclear decommissioning role February 19, 2017 David Peattie, the former boss at BP’s Russian operations, is the front runner to take over at the Nuclear Decommissioning Authority (NDA), according to reports in the Sunday Times. Tasked with managing Cumbria’s Sellafield estate, the NDA is a state-owned body that receives £3bn a year in public money, which amounts to 25 per cent [...]
Putin pushes oil price higher as Russian oil firms agree not to increase output in 2016 March 1, 2016 The oil price has been sent sharply higher by comments from Russian president Vladimir Putin, promising Russian oil companies will not increase output this year. The price has soared to highs for 2016, with international benchmark Brent crude trading at $36.83 and West Texas Intermediate going for $34.26 dollars a barrel. Putin was speaking at a meeting with [...]
While China’s demand for crude oil is growing, its output is falling January 18, 2017 Crude oil production in the Asia-Pacific is falling at a unique rate, according to a report from Wood Mackenzie, with China accounting for about half of the decline, Wood Mac’s Asia-Pacific upstream research director Angus Roger said. In 2016, the region pumped around 7.5 million barrels daily but this is about to drop to less [...]
London Stock Exchange bounces back to top Europe’s IPO charts December 11, 2017 The London Stock Exchange (LSE) is set to end the year atop the European podium for company floats, bouncing back from a weak 2016 at a crucial time for the exchange. Proceeds from initial public offerings (IPOs) on the London market have been 75 per cent higher than 2016, according to data from accountants PwC. [...]
Glencore and the Qatari sovereign wealth fund have partnered up to buy 20 per cent of Rosneft in the “largest deal in the history of Russia” December 12, 2016 Shares in British mining giant Glencore rose this morning after it confirmed it has teamed up with the Qatari sovereign wealth fund to finalise a deal dubbed the "largest in the history of Russia". Shares were up 1.3 per cent at 304p in early trading, after Glencore said it had launched a strategic partnership with the Qatar [...]
Last Week in the City: England has an 8.5% chance of winning the World Cup May 18, 2018 Garry White, chief investment commentator, looks at the market-moving events that have shaped the UK equity markets this week (14 to 18 May 2018). UBS has used its City analysts’ predictive firepower to try and work out the winner of the upcoming World Cup in Russia – and England came surprisingly high in its league [...]
Brent crude and West Texas Intermediate crude prices slide as production in Russia and Opec member states booms December 6, 2016 A rise in crude output in most major oil-producing regions ahead of a landmark curb to production has driven down the price of the black stuff today. Production among the Organisation of the Petroleum Exporting Countries rose to another record high in November, according to a Reuters survey, reaching 34.19m barrels per day (bpd), up [...]