Brent crude heads back towards $47 despite Saudi Arabia-Russia cooperation September 6, 2016 Brude crude turned lower this morning, despite yesterday's cooperation pledge by two of the world's biggest oil producers. Brent crude, the global benchmark, fell as much as 0.61 per cent to 47.34 per barrel in early morning trading. Its US counterpart, West Texas Intermediate, fared better swelling 1.35 per cent to $45.04. Read more: Experts warn North Sea corporation [...]
Saudi-Russia oil deal doubtful as price stutters February 16, 2016 A deal announced between oil heavyweights Saudi Arabia and Russia to freeze production at January levels if other oil producing countries are to do the same has been dubbed “meaningless” by experts. Saudi, the de-facto leader of oil cartel Opec, has refused to enact a cut unless joined by Russia and the US who have both [...]
Merger of German luxury superyacht giants Blohm+Voss and Luerssen Group steams ahead September 28, 2016 Two of the world’s largest superyacht makers are set to merge after private equity group Star Capital agreed to sell German shipbuilder Blohm+Voss to fellow German boat specialist Luerssen Group. Star Capital bought the group of four Blohm+Voss businesses in 2011 from German steel major ThyssenKrupp and quickly offloaded two businesses, a marine components maker and [...]
Opec begs others to join it in cutting production January 25, 2016 The standoff between Opec and its rivals came to a head today as the cartels secretary-general called on other oil producing countries to put a ceiling on output. Abdalla El-Badri warned that producers would continue to suffer without co-operation to end a supply glut. The call was echoed by a senior Russian oil executive, who said [...]
Oil prices hit one-month high as Opec flirts with freeze August 15, 2016 Crude hit a one-month high today, on rising hopes that some of the world's biggest oil producers will help markets which have been drowning in oversupply for the last two years. Brent crude, the global benchmark, swelled 1.66 per cent to $47.75 per barrel on London's ICE Futures Exchange this afternoon, having hit 47.87 earlier in the day. Its US [...]
Oil somersaults after disappointing US inflation data August 16, 2016 Crude turned negative before recovering slightly this afternoon, after disappointing US inflation data shattered the brighter sentiment which had helped it to a five-week high earlier in the day. Brent crude, the global benchmark, slipped 0.40 per cent to $48.16 (£37.11) per barrel on London's ICE Futures Exchange, before paring losses to trade at about $48.52. West Texas Intermediate crude on [...]
Cairn Energy at centre of HSBC rate-rigging allegations July 21, 2016 Cairn Energy is the client at the centre of a US investigation into rate-rigging, currency fixing and market manipulation, City A.M understands. US prosecutors allege two senior HSBC employees artificially boosted sterling ahead of a $3.5bn deal (£2.7bn in today's prices), netting the bank around $8m in profit. Bloomberg reported that the oil explorer had hired HSBC in 2011 to convert the sales proceeds of [...]
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 [...]
City Moves for 1 August 2016 | Who’s switching jobs August 1, 2016 Independent Oil and Gas Independent Oil and Gas has appointed David Peattie as chairman. David has 35 years’ industry experience and was most recently the CEO of Fairfield Energy, an oil & gas company owned by a syndicate of North American and European private equity investors, led by Riverstone and Warburg Pincus. David began his [...]
E.On to sell Norwegian oil and gas assets to firm owned by Russian billionaire Mikhail Fridman October 14, 2015 German utility giant E.On is selling its Norwegian oil and gas assets to a company owned by Russian billionaire Mikhail Fridman for $1.6bn (£1.04bn), as part of its ongoing restructuring plan for its oil and gas division. The blue-chip firm, whose UK supply arm is one of the big six energy providers, saw its share price [...]