Crude rebounds after dropping to 18-year low
Oil rebounded after plunging to the lowest level in 18 years as investors weigh efforts by policy makers across the globe to strengthen economies against the impact of the coronavirus pandemic.
brent
Rout on oil price puts supply chain firms at risk of collapse, OGUK warns
A dramatic crude price rout has left the UK oil industry on thin ice, with the supply chain expected to go through more “pain”, a trade body warned today.
Updated: Oil slumps to 18-year low as Saudi Arabia ramps up price war
Oil futures plunged as much as 26% to the lowest levels since 2002 after Saudi Arabia vowed to keep producing at a record high “over the coming months,” doubling down in its price war with Russia.
Huge demand drop forces oil price down further
Oil’s spectacular collapse deepened as widening global efforts to fight the spread of coronavirus were set to trigger the most severe contraction in annual oil demand in history.
TransGlobe slashes spending, dividend
TransGlobe Energy has responded to the oil market’s recent plunge by slashing planned spending in 2020, from $37.1 million to $7.1mn.
Prolonged price war threatens return of ‘brutal’ cost cuts, experts say
A price war between two of the world’s biggest oil producers has sparked one of the worst crude routs in decades, putting companies under “huge pressure” and threatening “brutal” cost cuts.
Saudi Arabia to escalate price war with huge oil output hike
Saudi Arabia escalated its oil price war with Russia on Tuesday, with its state-owned company pledging to supply a record 12.3 million barrels a day next month, a massive production hike to flood the market.
Oil crashes as Russia-Saudi price war breaks out
Oil markets crashed more than 30% this morning after the disintegration of the OPEC+ alliance triggered an all-out price war between Saudi Arabia and Russia that is likely to have sweeping political and economic consequences.
North Sea firms to ‘think harder’ about investments after Brent slipped below $50
Plunging oil prices are likely to make North Sea companies “think harder” before making investment decisions, industry experts said on Friday.
Brent crude drops below $50 as coronavirus spreads around world
Oil slipped below $50 a barrel in London as the fast-spreading coronavirus riled global markets, intensifying speculation that OPEC and its allies will strike a deal to support prices.
Oil set for weekly gain after finding floor amid virus confusion
Oil headed for its first weekly gain since early January after prices found a floor amid uncertainty over how the coronavirus will play out and whether OPEC+ will respond with additional production cuts.
Updated: Virus-induced oil price slump harks back to Sars, Aberdeen oil experts say
Oil and gas shares were hit yesterday by a drop in crude prices brought on by the deadly Coronavirus outbreak originating in China.
Oil gets boost from trade deals, but demand concerns persist
Oil held its biggest gain in almost two weeks on optimism a more conciliatory approach on trade from the U.S. will help revive growth, but was still headed for a weekly drop amid persistent demand concerns.
Oil prices up after Iran attacks reignite supply fears
Oil prices jumped back above $70 a barrel after Iran attacked two U.S.-Iraqi bases in its first response to the killing of its top general, before paring much of their advance as Tehran signaled the strike was over.
Updated: Oil flirts with $70 as Middle East crisis deepens fear of supply disruption
Oil extended its gains, briefly surpassing $70 a barrel in London for the first time since September, as Middle East tensions flared after the U.S. assassinated one of Iran’s most powerful generals.
‘Elevation’ for oil prices as Iran threatens retaliation for US attacks, Kemp says
Oil prices are likely to remain “elevated” after a US airstrike heightened the prospect of supply disruption from the Middle East, a prominent Aberdeen petro-economist said today.
Brent nears $70 as US strike on Iran general raises conflict fears
Oil jumped close to $70 a barrel after a U.S. airstrike ordered by President Donald Trump killed a top Iranian general in Iraq, intensifying fears of conflict in the world’s most important crude-producing region.
Oil poised for best year since 2016 as Middle East risks flare
Oil is poised for the biggest yearly gain since 2016 as fresh geopolitical tensions erupted in the Middle East and as U.S. crude stockpiles are forecast to extend declines.
Oil holds near three-month high as US crude stockpiles shrink
Oil held gains near the highest close in over three months after U.S. crude stockpiles declined more than expected.
Shell gets £60m refund from UK Government for Brent field decommissioning
Shell has revealed it received more than £60m back from the UK Government last year in relation to decommissioning its Brent field in the North Sea.
‘There was a pretty candid conversation with Greenpeace’ – BP boss on North Sea protests
BP’s North Sea boss has said Greenpeace activists told him they targeted the company because they believed BP “can actually make a difference” on climate change.
Opec+ hints at sticking with current oil cuts
OPEC and its allies sent more signals that they’ll stick with existing output cuts at their meeting next week.
2019 a year of ‘scrutiny’ for decommissioning sector, and it isn’t a one-off
A UK Government official said yesterday that 2019 was a “year of scrutiny” for the offshore oil and gas decommissioning industry - and it was not a “one-off”.
Oil falls for a third day after Trump dampens trade-deal optimism
Oil fell for a third day as President Donald Trump failed to provide any fresh details on trade negotiations with China, disappointing investors who had been hoping for some progress toward a limited deal.
No easy answer for the future of Shell’s Brent field
It was the beginning of an exciting week when Greenpeace announced they had sent activists to the middle of the North Sea to climb the remains of Shell’s Brent platforms, brandishing signs of “clean up your mess”.