Opec expected to keep output high as Russian fears heighten June 3, 2015 BRENT crude oil fell slightly yesterday as the Organisation of Petroleum Exporting Countries (Opec) looked set to maintain production at current levels, with commentators citing concerns around Russia as a major reason behind the decision. The benchmark price had rallied on Tuesday, helped by comments from Ali al-Naimi, Saudi Arabia’s petroleum minister, which pointed to [...]
This is one oil and gas market that’s booming despite the low brent crude price February 16, 2016 23 oil and gas projects are set to go offline in the Norwegian North Sea between now and 2024, creating NOK 160bn (£12.5bn) of opportunities, according to research from Oil & Gas UK. Decommissioning represents “a significant emerging business in the sector,” the industry body's study said, at a time when the oil and gas industry [...]
Opec is predicting lower demand for oil in 2016, resulting in an increase in excess supply in the market March 14, 2016 Global demand for oil is expected to be less than previously thought in 2016, according to the Organization of the Petroleum Exporting Countries (Opec). Opec has put demand for crude at an average of 31.52m barrels per day in 2016, down 90,000 from last month's forecast. In its latest month report Opec has also predicted that supply from non-Opec [...]
EgyptAir flight MS804 black box has been located, reports suggest May 21, 2016 Update: EgyptAir MS804 latest – forensic official says crash was caused by "explosion" Reports suggest that the black box which will likely reveal what caused the missing EgyptAir flight MS804 to crash has been found. An Egyptian government source told CBS news search crews have located the plane's data recorders, commonly known as the black box. Separate reports [...]
Saudi oil minister denies Opec is at war with US shale but rules out production cut, sending the price of crude lower after multi-day gains February 23, 2016 The Saudi oil minister Ali al-Naimi has denied Opec is at war with the shale oil industry, though has said production cuts are not going to happen. His comments have pushed the oil price down by around two per cent to $31.87 dollars per barrel for West Texas Intermediate and $33.33 for Brent crude. The oil price [...]
Brent and WTI crude: Oil prices jump on hopes Opec and Russia will cut production January 28, 2016 Oil prices jumped today on hopes that some of the world's biggest oil producers could finally cut production in response to plummeting prices. Brent crude, the international benchmark, jumped 5.47 per cent to $34.91 per barrel. Meanwhile, West Texas Intermediate crude, the US benchmark, rose 5.82 per cent to $34.18. Russian energy minister, Alexander Novak, said today [...]
The world’s largest sovereign wealth fund had its worst year since 2011 last year, but managed to avoid negative returns March 9, 2016 The Norwegian Sovereign Wealth Fund has returned 2.7 per cent on its investments in 2015 thanks to a rally in equities late in the year. The low oil price and slowing emerging markets dragged on returns however, meaning the world’s largest sovereign wealth fund recorded its weakest performance since 2011. The oil fund, managed by [...]
Galvin at The Athenaeum: the brothers are on top form again with their latest Mayfair venture July 26, 2016 I’d been planning a self-congratulatory column when I reached 100 restaurant reviews for City A.M. but I took my eye off the ball and now we're up to number 105. When the centenary klaxon should have been sounding, I was too busy drooling over the tinned black pudding at Six Portland Road. So I’ll spare you [...]
Brent crude and WTI: Oil prices fall as hope over production cut fades January 29, 2016 Oil prices wavered today, as soaring oil output coincided with dampened optimism around a possible production cut from some of the world's biggest producers, the Organization of the Petroleum Exporting Countries (Opec) and Russia. Brent crude, the global benchmark, fell 0.35 per cent to $33.77 per barrel, after ending 2.4 per cent higher yesterday. West Texas Intermediate, the US [...]
At the close: FTSE 100 index falls as share prices of Standard Chartered and miners including Anglo American and Glencore drop further while housebuilders make gains February 24, 2016 The FTSE 100 index closed lower on Wednesday as the price of oil slid further and miners and Standard Chartered extended losses. The UK's blue-chip index dropped 1.6 per cent to 5,867 points, led lower by Anglo American and Glencore. "European markets tripped up again on Wednesday as volatile moves in the price of oil [...]