Oil price stable following Fed interest rate hike December 16, 2015 The price of oil was stable following the expected US Federal Reserve decision to raise interest rates by 0.25 percentage points. Fed chair Janet Yellen said: “I have been surprised by the further downward movement in oil prices. Oil prices need to stabilise for inflation to move up.” The oil price has been falling since Saudi [...]
Turmoil: Oil price rebounds slightly from 11 year lows recorded earlier in the day December 21, 2015 The price of oil has recovered somewhat from its 11 year lows earlier on today, continuing the sell off that was sparked by oil cartel Opec’s decision not to curb production earlier this month. Early this morning the price of Brent crude hit $36.05 before bouncing back to around $36.35. In the US, the price [...]
Syria crisis: London mayor Boris Johnson says UK should work with Russian president Vladimir Putin and Syrian President Bashar Al-Assad December 7, 2015 London mayor Boris Johnson has said that the UK should work with Russian president Vladimir Putin and Syrian President Bashar Al-Assad to defeat the Islamic State (Isis). Writing in the Telegraph, Johnson said: "This is the time to set aside our Cold War mindset. It is just not true that whatever is good for Putin must automatically [...]
Turmoil: Analysts cut oil forecast as glut woes intensify December 15, 2015 Citi analysts are the latest to lower their expectations for the short term future of the oil price, predicting a “very weak first quarter”. The supply glut is now widely expected to run on well into 2016 due to Opec reiterating its dedication to unrestricted pumping, Iran charging into the market once sanctions are lifted [...]
Turkey shoots down Russian plane: Investors seek safety after Vladimir Putin’s strong remarks November 25, 2015 Vladimir Putin’s strong worded remarks following the downing of a Russian jet along the Turkish-Syrian border saw investors turn to safe havens and caused market jitters yesterday. The Russian President called Turkey’s actions a "stab in the back" and accused the country of being an "accomplice of terrorists". Putin, whose country has close economic ties [...]
JKX Oil & Gas loses bid to prevent board being ousted as Proxima wins votes January 28, 2016 The board of JKX Oil & Gas has lost its bid to remain in place, with nine directors being ousted as a result. The Ukraine-based business, which is listed in London, had blocked two of its biggest shareholders from voting in today's meeting, called to discuss a bid approach made by Proxima as well as the [...]
UK pressures Russian tycoon Mikhail Fridman to sell North Sea oil fields April 20, 2015 Unfortunate news for Russian tycoon Mikhail Fridman: the government has threatened to revoke the licenses of a dozen North Sea gas fields belonging to his investment vehicle, L1 Energy, unless they're sold. The Department of Energy and Climate Change said LetterOne, the owner of subsidiary L1, must sell the oil and gas fields within three [...]
Russia levies Islamic state oil claims at Turkey December 2, 2015 Russia's defence ministry today claimed that it has proof Turkish president Tayyip Erdogan and his family were benefiting from the illegal smuggling of oil from Islamic State (Isis) held territory in Syria and Iraq. Deputy defence minister, Anatoly Antonov, said during a major briefing on new findings concerning Isis funding by Moscow: "Today, we are presenting only some facts [...]
Sanctions will cost Turkey and Russia billions, IHS economists warn November 30, 2015 The Russian and Turkish economies will both suffer heavy losses after Moscow imposed economic sanctions in response to the downing of a fighter jet, a new economic report has warned. Turkey was a major beneficiary of sanctions imposed on Russia by the EU last year in response to its involvement in the annexation of Crimea in [...]
Government bonds, the Swiss franc, the Japanese yen: Safe havens gain after Turkey downs Russia jet November 24, 2015 Investors piled into low-risk assets such as government debt and traditionally safe haven currencies following the downing of a Russian military aircraft by Turkish warplanes earlier today. It's still unclear exactly how significant the incident could be, although Russian President Vladimir Putin has condemned it as a "stab in the back", claiming it showed Turkey's support for terrorists. Turkey, a Nato member, claims [...]