Barclays rubbishes talk of oil production cuts as oil price jumps on hopes Opec is open to working with Russia on managing supply January 29, 2016 Oil prices have gained almost 6.5 per cent on the week, largely thanks to a recent surge on the back of rumours Opec is willing to work with Russia in managing oil supply. Yesterday the Russian energy minister, Alexander Novak, said it was reasonable to discuss the situation in the oil market, and possible cuts to [...]
Algy Cluff warns George Osborne must cut taxes and says there needs to be more drilling in the North Sea March 11, 2016 Oil baron Algy Cluff is warning of dire consequences for Britain’s energy future, unless the government takes swift action. Cluff, who pioneered exploration in the North Sea in the 1970s, has added his voice to a growing number of industry figures urging chancellor George Osborne to make significant tax and rebate concessions in his Budget next [...]
Déjà vu… US crude is under $30 again as industry leaders predict the supply glut will continue February 8, 2016 The US oil benchmark, West Texas Intermediate (WTI), has once again dipped under the $30 per barrel mark, having hovered over the psychological barrier for a week. Brent crude was trading around $33.29 when WTI fell under $30. The latest drop comes as world’s largest independent oil-trading house warns the oil prices could stay low for as long as [...]
Russian rouble dives against the dollar as economic picture darkens December 31, 2015 The Russian rouble tumbled yesterday as concerns over a prolonged oil price rout stoked fears surrounding the country's economy. The rouble sank 1.2 per cent at Rbs73.15 against the dollar yesterday, taking it to a record low. It has since recovered somewhat, and was last up 0.1 per cent at Rsb73.9. Russia's economy is heavily dependent on oil [...]
US West Texas Intermediate crude oil price just went below $30 per barrel again as talks of a deal dwindle February 2, 2016 The US oil benchmark, West Texas Intermediate (WTI), has fallen under $30 per barrel for the first time in over a week as rumours of a production cut deal between Opec and non-Opec members diminished. Brent crude was trading around $32.61 when WTI dipped under the psychological $30 barrier. WTI, also known as Texas light sweet, came into price parity [...]
US WTI crude oil below $27 as MSCI’s benchmark global stock index enters bear market territory January 20, 2016 US crude oil dipped below $27 per barrel today, while the MSCI's benchmark global stock index fell into a bear market. West Texas Intermediate crude, the US benchmark, slumped 5.73 per cent to $26.83 per barrel. And Brent, the global benchmark, shed 4.35 per cent to $27.51. Concern over lower for even longer oil prices have dominated Davos, an annual meeting [...]
Heineken share price soars as the Dutch brewer toasts first quarter sales triumph and beats analyst expectations April 20, 2016 Dutch brewer Heineken's share price has soared after the brewer swept ahead of analyst expectations in its first quarter results, where it received one-off sales boosts from the Vietnamese and Chinese New Years and an early Easter. The figures Heineken's share price jumped 4.7 per cent to an all-time high of €86.95 this morning after the lager giant reported [...]
Premier Oil snaps up E.On’s North Sea assets January 13, 2016 Premier Oil today announced it's agreed to acquire E.On's North Sea assets for $120m (£83m) plus working capital adjustments. Premier said the deal would add "significant" production and cashflow in 2016 and 2017, even at current oil and gas prices. It will add around 15,000 barrels of oil equivalent per day to the company's production and give it access [...]
Putin is playing bad cards well in Syria and Ukraine – but his days are numbered February 22, 2016 Given the hustle and bustle of modern life, a primary problem for political risk analysts is that they have far too much information rather than too little. I could literally spend the whole day reading other people’s articles, and never make a dent in a day’s worth of foreign policy analysis around the world. Given [...]
JKX Oil & Gas blocks shareholders Eclairs and Glengary from vote over Proxima bid January 25, 2016 JKX Oil & Gas has blocked two of its biggest shareholders from attending or voting at a general meeting this week, at which the board risks being ejected. Eclairs Group and Glengary Overseas – who own 27.5 per cent and 11.4 per cent respectively – have been banned from taking part in the meeting on Thursday, [...]