China now gets more oil from Russia than it does from Saudi Arabia January 24, 2017 Russia last year overtook Saudi Arabia as China’s biggest supplier of crude oil thanks in large part to increased demand from independent refineries, popularly called teapots. This is what statistics data released today by Beijing’s customs authority show. The average daily amount that Russian companies exported to China in 2016 stood at 1.05 million barrels, [...]
Norway doubles down on Arctic oil February 21, 2017 While Canada and the U.S. ban Arctic drilling for oil and gas motivated by environmental concerns, and majors such as Shell pull out of their Arctic projects due to financial pressures, Norwegian energy companies are planning to increase drilling in the country’s Arctic shelf in the Barents Sea. It seems that the limited oil price [...]
Higher oil prices alone won’t rescue failing petro-states like Venezuela March 1, 2017 At the annual International Petroleum Week at Grosvenor House on Park Lane last week, all eyes were on Mohammed bin Saleh al-Sada, the Qatari energy minister. The dignitary was honoured with a special award, “International Oil Diplomacy Man of the Year 2016”, as one of the masterminds behind the production cuts agreed to last November [...]
With the oil price higher, a credible central bank and warmer relations with the US, Russia’s stock market and the rouble could rise even further this year January 10, 2017 Since Donald Trump’s election, investors have embraced his tax-cutting, regulation-ripping agenda, and have been resolute in backing perceived winners and dumping losers. Developed markets are in; emerging ones are out – the obstinate tycoon must be pleased. Since 9 November, the promise of higher fiscal spending in the US has raised bond yields, and caused the [...]
US oil stocks just grew at their highest rate since October February 1, 2017 US oil stocks have spiked at their highest rate since October and marked off a fourth straight week of rises, according to official figures. Crude inventories rose 6.5m barrels for the week ended Friday, the Energy Information Administration said today, almost double analysts' expectations of an increase of 3.3m barrels. Currently, oil prices are rising – global benchmark [...]
Oil price hits one month low as production freeze deal begins to show cracks April 4, 2016 The price of oil has dropped to its lowest in a month as investors fret over the increasingly shaky looking deal between Russia and the Organization of the Petroleum Exporting Countries (Opec) to freeze production at January levels and clear a global supply glut. In mid afternoon trading a barrel of international benchmark Brent crude was going for [...]
Christopher Steele, the man behind the Trump dossier, heads back to work, and breaks his silence to thank people for their support March 7, 2017 The ex-MI6 agent behind the controversial dossier claiming to prove a link between President Donald Trump and the Russian government has returned to work today, stopping to have a quick word with reporters on his way through the door. Christopher Steele, now director of London-based Orbis Business Intelligence, compiled the dossier which was published by Buzzfeed in January. [...]
Oil prices jump after US inventories unexpectedly tumble May 11, 2016 Oil prices shrugged off earlier losses to crawl into positive territory this afternoon, after US oil stocks unexpectedly tumbled. Data released today by the Energy Information Administration showed US oil inventories fell by 3.4m barrels in the week ending 6 May. Analysts had pencilled in a build of 80,000 barrels. Gasoline supplies slumped by 1.2m barrels, while distillate [...]
UK vote fails to float Europe’s IPO boat July 7, 2016 The EU referendum has been blamed for slowing flotation activity levels across Europe in a new report. Mergermarket tracked 77 initial public offerings (IPOs), with €11.6bn (£9.9bn) raised, across the continent during the first six months of the year. This was down from 115 floats, which raised €27.1bn, in the first half of 2015. Read [...]
Polymetal shares slide on rising costs in the year ahead January 26, 2017 Shares in Polymetal slid more than six per cent following news that production was broadly in line with targets but costs will go up in the year ahead. Polymetal, which has mines in Russia, Kazakhstan and Armenia, said it delivered a "strong performance" in the fourth quarter of 2016, producing 375,000 ounces of gold equivalent, a 21 per cent increase, bringing total production for the year to [...]