Oil prices hit four-year high as markets await US sanctions on Iran October 1, 2018 Oil prices hit a four-year high this morning as the market reacted to ongoing uncertainty over US sanctions on Iran. Brent crude – considered the international benchmark – rose almost half a per cent to $83.09 (£63.70) per barrel in early trading, after rising as high as $83.32. Read more: Iranian foreign minister claims country [...]
Trump hits out at Iran’s ‘bloody agenda’ in return to US patriotism September 25, 2018 US President Donald Trump upped his criticism of Iran in a speech to the United Nations General Assembly this afternoon, in which he accused its leadership of running a "corrupt dictatorship" with a "bloody agenda". He told the body that the Iranian leadership is sowing "chaos, death and destruction", adding that "they do not respect [...]
Oil-producing giants in reported talks to raise supply amid US sanctions on Iran September 22, 2018 Some of the world’s largest oil producers are mulling the possibility of raising oil supply by as much as 500,000 barrels per day (bpd) in a bid to compensate for Iran’s falling output, it has been reported this morning. Countries within the Organisation of the Petroleum Exporting Countries (Opec) as well as other producers are [...]
Trump slams Opec, urging oil cartel to ‘get prices down now’ September 20, 2018 Donald Trump has slammed the Opec and urged the cartel to “get prices down”, citing the protection the US provides for countries in the Middle East. Trump has urged Saudi Arabia to increase oil production in recent months to combat higher oil prices brought about by his own sanctions on Iran. He has also previously [...]
Russia is not interested in joining Opec September 7, 2015 Russia has no plans to join the Organisation of Petroleum Exporting Countries (Opec), an oil-producing cartel of mostly Middle Eastern countries, according the to boss of a major Russian energy company. “Opec has lost its influence as a key market regulator, [there’s] no interest for Russia to join,” said Igor Sechin, chief executive of state-owned [...]
North Sea oil industry has lost 5,500 jobs since late 2014, says regulator September 7, 2015 The North Sea oil and gas industry has cut 5,500 jobs since late last year, according to the Oil and Gas Authority (OGA), the UK's oil and gas regulator. In a report published this morning, the OGA said plummeting oil prices had created an even more challenging economic environment for the North Sea's oil and [...]
Falling crude oil prices drop Canada into its first recession since 2009 September 2, 2015 Canada has officially entered a recession, after their economy shrank again in the second quarter of this year, by 0.5 per cent. Plunging oil prices were blamed for putting the country back into recession for the first time since the financial crisis, though the 0.5 per cent GDP contraction beat forecasts. Lower oil [...]
Oil prices plunge on disappointing economic data from China September 1, 2015 Oil's upward streak has come to an abrupt end, after the commodity was hit by disappointing manufacturing data released by China this morning. Read more: Oil prices jump more than 10 per cent in biggest one-day rally since 2009 In August, the world's second-largest economy experienced a contraction in its factory activity to 49.7 [...]
Italy’s Eni discovers potentially one of “world’s largest” natural gas fields off the Egyptian coast August 30, 2015 Italian oil and gas company Eni today said it's discovered a "super-giant" natural-gas field off the Egyptian coast and it could be one of largest in the world. Eni said the discovery, at its Zohr prospect, was the largest discovery ever made in the Mediterranean Sea. It potentially holds 30 trillion cubic feet of lean [...]
Oil prices keep rising – just in time for the great bank holiday getaway (but the good news is Morrisons and Sainsbury’s have cut petrol prices) August 28, 2015 After Brent crude made its biggest one-day gain in six and a half years yesterday, rising more than 10 per cent to $47.56 per barrel, it looks like oil prices are continuing to rise today – just in time for the great bank holiday getaway. This morning Brent crude was up more than one per [...]