Shell share price dips as weak oil price forces firm to quit Qatar plant plan January 14, 2015 Shares in oil firm Shell fell by 3.32 per cent yesterday after the company announced it had abandoned plans for a petrochemicals plant it was building in partnership with Qatar Petroleum (QP). The company cited “high capital costs rendering it commercially unfeasible, particularly in the current economic climate prevailing in the energy industry”. The global [...]
Top economists cheer falling price of oil and say higher US growth is on the way January 14, 2015 The sharp drop in the price of oil is good news for the US economy and will result in higher growth over the next few years, according to a panel of top economists. The IGM Panel of 41 distinguished economists was polled on this statement: The recent decline in oil prices will promote higher real [...]
Premier Oil share price plummets after taking $300m hit as oil price slides January 14, 2015 Premier Oil enjoyed record production last year with 63.6 thousand barrels of oil equivalent per day (kboepd), an increase of 9.3 per cent on the previous year. The company's share price though has dropped six per cent UK production soared 30.2 per cent to 19.4 kboepd. The company expects production in 2015 from its existing assets, excluding [...]
UK joins US as economic growth engine of world January 13, 2015 Britain and the US are set to grow strongly, the World Bank said last night, defying the malaise which is overtaking the Eurozone and much of the developing world. Crashing oil prices should give those economies a cushion, which the analysts said should be used for crucial economic reforms to restore competitiveness and growth. Economists [...]
More money in your pocket: Tumbling oil prices, £1 a litre petrol, supermarket price wars and mortgage provider competition January 12, 2015 Britons should be able to loosen their purse strings further this year, with tumbling oil prices, a supermarket price war and intense competition between mortgage providers forcing down the average cost of living. Supermarket chains Morrisons and Sainsbury’s – which together operate over 600 petrol stations – will both cut the price of unleaded petrol [...]
Tumbling oil price eats into FTSE 100’s morning increase – London Report January 12, 2015 FALLS on Wall Street dragged back the FTSE 100’s early gains yesterday, as heavily weighted oil and energy companies dropped there as well as in Europe. The premier index was little changed at 6,501.42, up just 0.28 points. By comparison, Germany’s Dax and France’s Cac, which have less exposure to oil producers, were up over [...]
Oil crashes to new six-year low after Goldman Sachs cuts forecasts January 12, 2015 Oil crashed to a new six-year low after Goldman Sachs became the latest banking giant to cut forecasts, saying the price of the black stuff must fall further if it's to discourage investment in its rival shale gas. Brent crude broke the $48 per barrel mark this afternoon taking it to its lowest level since [...]
Petrol price cut by 2p as big four supermarkets fuel price war brings £1 a lite petrol ever closer January 12, 2015 There seems to be no let-up in the supermarket fuel price war as another wave of cuts to the price of petrol was announced on Monday. The big four supermarkets are all slicing 2p off their petrol and diesel. Unfortunately for motorists, the supermarkets are still some way off being able to retail for below [...]
At last – 99p petrol is here… in Birmingham January 12, 2015 Motorists can finally fill up their tanks for less than £1 a litre – as long as they’re prepared to drive to the Midlands. The bargain petrol went on sale at the Harvest Energy service station in Birmingham for 99.7p. The motoring organisation RAC said the price was the lowest it had seen in the [...]
George Osborne warned oil and gas firms cannot afford North Sea tax regime January 11, 2015 The chancellor must drop taxes on North Sea oil and gas firms as quickly as he raised them, Oil & Gas UK said yesterday. Following the Autumn Statement in December, the Treasury said it would introduce a single basin-wide investment allowance, designed to “reward investment and simplify the tax regime”, as part of a package [...]