Budget forecasts on North Sea revenues will be ‘wrong’ due to oil price freefall
The oil price freefall means projections for the UK’s North Sea revenues are already out of date before the Budget is even published, according to a leading analyst.
oil price
Experts predict joy for motorists as oil prices collapse
Petrol prices across the country could fall by up to 10p if the cost of oil continues to stay low, experts have said.
Global recession ‘almost inevitable’ as oil price plummets, deVere boss warns
A global recession is now almost inevitable this year, warns the chief executive of one of the world’s largest independent financial advisory and services organisations.
Fall in oil price as Asian stocks tumble
Asian stock markets have fallen sharply reflecting a downturn in global oil prices.
Nigeria plans budget review after Covid-19 hits oil prices
Nigeria may have to adjust its budget this year after fears of coronavirus pandemic dragged the price of crude under the target set in its 2020 spending plan.
Goldman Sachs sees Coronavirus as largest commodity demand shock since 2008
The world is facing the biggest commodity demand shock since the global financial crisis as the coronavirus outbreak that’s already rocked Asia spreads to the U.S. and Europe, according to Goldman Sachs Group Inc.
Oil extends losses amid continuing coronavirus fears
Oil extended losses after closing at a 13-month low as more new coronavirus cases were reported outside China than within, adding to fears the world is on the brink of a pandemic that will take a hefty toll on growth.
Oil tumbles on Coronavirus fear while Saudis see ‘very limited’ impact
Oil tumbled on fears China’s deadly coronavirus will crimp demand, prompting Saudi Arabia to say it was closely monitoring the situation.
Oil price uncertainty could continue for ‘weeks’ amid US-Iran conflict
Analysts have warned uncertainty on the global oil price could continue for weeks amid the US-Iran conflict.
‘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.
Oil trades near three-month high amid signs of shrinking supplies
Oil held gains near the highest level in more than three months on indications of shrinking U.S. crude stockpiles and optimism in the global economic outlook.
The lost decade: energy stocks seek relevancy as investors flee
It’s been a tough run for energy stocks.
North Sea industry transition to continue in 2020
The North Sea oil industry has been in transition for some years following the collapse of oil prices in late 2014. Large cost reductions have been painfully achieved. Production has increased due to a combination of new fields coming on stream plus a substantial increase in production efficiency to around 75%. But new field investment expenditure has fallen dramatically since 2015 and exploration remains at a relatively low level reflecting principally the maturity of the province as well as oil and gas prices far below their pre-2015 levels.
The great decoupling of energy stocks from oil creates carnage
This year has been one of moderate gains for the price of oil, but it has been bleak for producers.
Aberdeen named UK’s wealthiest city and has two of the country’s most expensive streets
Two Aberdeen streets have been named among the most expensive in the country, while the Granite City has been recognised as the wealthiest region in the UK.
Oil holds above $60 thanks to easing China-US tensions
Oil held gains above $60 a barrel on optimism that cooling trade tensions between the U.S. and China will spur demand and as analysts forecast a decline in American crude inventories.
OPEC cuts need to be ‘credible’ says Aberdeen petroleum economist
A group of nations which aims to manage the global oil supply was last night poised to make further production cuts in a bid to stabilise the oil price.
Update: Iranian tanker ‘struck by two missiles’ off coast of Saudi Arabia
Two missiles have struck an Iranian tanker travelling through the Red Sea off the coast of Saudi Arabia, according to Iranian officials.
Oil plunges on report Saudis may soon resume 70% of lost output
Oil plunged nearly 7% in London after Reuters reported Saudi Arabia is close to restoring 70% of the oil production it lost after this weekend’s attack on a key crude facility in the kingdom.
Oil price spike a welcome but short-lived boost for North Sea, Prof Kemp says
The oil price spike caused by a drone attack on a major Saudi processing facility will provide a welcome − but short-lived − boost to North Sea revenues, a prominent petroleum economist has said.
Oil set to drop as IEA warns OPEC faces looming surplus
Oil is set for its biggest weekly loss in nearly two months as the International Energy Agency warned of a looming supply glut, while OPEC and its allies urged members to maintain, rather than deepen, output cuts.
Aberdeen Harbour hails surge of imports thanks to rising oil price
Aberdeen Harbour has hailed a burst of new activity thanks to the rising oil price.
Brexit and oil price dent profits at Burness Paull
Brexit and the delay in oil price recovery caused profits at Burness Paull to fall in the last 12 months.
Untapped ‘clusters’ present two billion barrel prize for North Sea
The North Sea energy industry could recover another two billion barrels of oil if operators can collaborate on untapped discoveries, according to a new study.
Oil price struggles to recover after worst reaction to OPEC in four years
Oil struggled to recover after suffering its worst reaction to an OPEC meeting in more than four years.