With oil trading near $30 a barrel, calls for orchestrated output cuts to quell global oversupply have intensified this week. Trouble is, none of the world’s largest producers, most notably Russia and Saudi Arabia, have shown they’re ready to make a move.
There is an army of oil analysts out there, constantly predicting that a day of reckoning is coming, but wisely omitting details about which day that will be. There are the broken-clock forecasters, always predicting an oil price collapse, and anxious to take credit when right – once a decade or so.
Stock markets once again sunk deep into the red after a renewed slump in the price of oil saw investors head for the exit.
Oil extended its decline back below $30 a barrel before weekly U.S. government data forecast to show crude stockpiles expanded for a third week, exacerbating a global glut.
Oil gave up its gains after the world’s biggest crude exporter said it’s keeping up investments in energy projects.
Maersk has the ability to withstand continued low oil prices, and “would have no problems” if crude remains below $30 a barrel for the rest of the year, according to its chief executive.
China's Cnooc plans to cut spending and reduce production as it grapples with the sub $30 oil environment in 2016.
Refining profits that buttressed earnings for Exxon Mobil Corp. and Royal Dutch Shell Plc as crude prices plunged are now slumping, further pressuring all of the world’s biggest oil companies as they move into 2016.
Saudi Oil Minister Ali al-Naimi said crude prices will rise and foresees that market forces and cooperation among producing nations will lead in time to renewed stability.
Iran is beginning efforts to boost oil production and exports amid a global supply glut after the removal of sanctions that shackled its economy and capped crude sales.
Oil dropped to a new 12-year low below $30 a barrel in New York, while the discount on global benchmark Brent reached a five-year high as Iran moved closer to restoring exports.
The Footsie closed down as falling oil prices kept global markets under pressure, but Tesco shares surged after it revealed better-than-expected Christmas trading.
The London market tumbled this morning due to fears over low oil prices, though supermarket Tesco saw its shares surge after better-than-expected Christmas trading.
The Scottish economy slowed in the final quarter of 2015 with confidence in international markets and a drop in the oil industry constraining growth, according to economic researchers.
Oil extended declines from the lowest close in more than 12 years before U.S. government data forecast to show crude supplies expanded, exacerbating a global glut.
A rapid appreciation of the U.S. dollar may send Brent oil as low as $20 a barrel, according to Morgan Stanley.
Crude extended its slide from an 11-year low, confirming the view of hedge funds that cut bullish price bets to the lowest since 2010.
London’s blue chip share index has tumbled deeper into the red amid a global stock market rout sparked off by woes in China and plunging oil prices.
Turmoil in China’s markets is pushing oil closer to $30 a barrel.
The ramping up of tension between Saudi Arabia and Iran makes it highly unlikely Saudi Arabia will cut its output to help Iran regain market share, according to Wood Mackenzie.
Developing political tensions between Iran and Saudi Arabia have resulted in fluctuating oil prices, with the price of Brent crude having risen to $38.50/bbl, its highest level for three weeks.
Shanghai’s stock index plunged nearly 7% on Monday, sparking a halt in trading of Chinese shares, after weak manufacturing data and Middle East tensions weighed on Asian markets.
Oil gained for a second day as Saudi Arabia cut ties with Iran a day after its embassy in Tehran was attacked to protest the Saudis’ execution of a prominent Shiite cleric.
The London market opened on the back foot on the final day of the year, as oil prices loitered close to 11-year lows.
Calendar year end is traditionally a time to pause and reflect on events, while casting an eye forward to what the year ahead may bring.