Markets buoyed by ‘Trump bounce’
Markets enjoyed a “Trump bounce” today amid talk of a trillion dollar (£780 billion) infrastructure package in the US.
oil price
Oil continues decline as fears over second coronavirus wave persist
Oil resumed declines as fears a second coronavirus wave could threaten a recovery in demand outweighed further output cuts from major producers and more Federal Reserve support for the U.S. economy.
Airlines lose billions of dollars in oil market casino
Many of the world’s airlines already stung by the pandemic grounding flights are now finding out what a risky place the oil market can be.
Subsea 7 to cut 3,000 jobs in the next year
Energy service firm Subsea 7 said today that it intends to lay off 3,000 workers over the next year.
Oil rises on view that demand may rebound beyond pre-virus level
Oil rose as the head of the International Energy Agency forecast demand will likely grow past its level before the global pandemic.
A month after historic crash, situation ‘not nearly as dire’ for US oil prices, experts say
U.S. oil prices aren’t expected to repeat last month’s unprecedented collapse into negative territory, industry experts say, because the nation’s stockpile has slowly decreased, easing a storage crisis, while traders “learned their lesson.”
North Sea catering firm ESS plans dozens of job cuts
Aberdeen-based offshore catering firm ESS Support Services Worldwide has announced plans to cut dozens of jobs due to a “dramatic decrease” in demand.
US oil anchored near $25 as market braces for uncertain recovery
WTI was anchored near $25 a barrel as investors weighed cuts to supply by major producers such as Saudi Arabia against lingering concerns over the pace of recovery from virus-led demand destruction.
Oil edges higher on signs of recovery as Saudis pledge deeper cuts
Oil edged higher as signs of a recovery in demand continued to surface following the easing of virus-led lockdowns in some regions, while Saudi Arabia pledged to cut production further.
Oil edges lower after weekly gain as investors mull recovery
Oil edged lower after posting its first back-to-back weekly gain since February as investors weighed nascent signs of a recovery in demand against a huge global glut and the risk of a resurgence in virus cases.
Oil set for second weekly gain with market starting to rebalance
Oil headed for its first back-to-back weekly gain since February as output cuts from the biggest producers and a nascent recovery in demand began to rebalance a market awash with crude.
Equinor’s profits crash by 98% due to oil price slump
Norway’s Equinor saw its profits slide by 98% - a drop of £3.8billion – year-on-year as the Covid-19 pandemic and oil price crash took effect.
Oil workers facing redundancy urged to seek financial advice
Workers facing redundancy are being urged to seek independent financial advice to plot the best road ahead.
Oil rebounds to $30 but still too low for North Sea
Brent Crude’s rebound yesterday brought it up beyond $30, but the figure is still too low to make an impact for the UK North Sea.
Total barely stays in profit amid ‘economic and oil crisis’, sets 2050 net zero target
Total barely managed to stay in profit for the start of 2020 as oil prices took a nosedive due to the Covid-19 outbreak.
Oil rises for a fifth day with output cuts easing glut concern
Oil was headed for the longest run of daily gains in more than nine months on signs the worst of the supply glut may be over as production cuts start to take effect.
More than 500 Bilfinger Salamis jobs at risk
More than 500 jobs are at risk at Aberdeen-based energy services firm Bilfinger Salamis, which has started a redundancy consultation with its workforce.
Stop hoping for a boom
In the ’80s, well before my time in industry, there was allegedly a popular bumper sticker in oil towns.
Norway will cut production by 250,000 barrels per day to lift prices
Norway, western Europe’s biggest oil producer, joined international efforts to curb supply for the first time in almost two decades after prices fell to new depths.
BP using ‘lessons’ from Deepwater Horizon to weather Covid-19 crisis
Energy giant BP has told investors it is using business lessons from the aftermath of the Deepwater Horizon disaster to weather the current Covid-19 crisis.
Job security ‘is a major concern’ says BP chief, but gives no answer on potential cuts
The chief executive of BP has said “job security is going to be a major concern” amid the Covid-19 pandemic but gave no answers on any potential cuts the energy giant might make.
US oil bounces back after fund switching drives wild gyrations
Oil climbed after losing more than a quarter of its value over the past two days with volatility likely to continue on concern prices may drop below zero again as investors and a major fund exit the June contract.
Worley cuts 3,000 jobs in response to Covid-19 crisis
Energy services giant Worley has revealed it has cut 3,000 jobs in response to the coronavirus pandemic and oil price crash.
BP sinks to £3.6bn pre-tax loss as Covid-19 and oil price plummet take effect
Energy giant BP fell to a £3.6billion pre-tax loss in the first quarter of 2020 as the coronavirus and oil price slump made its impact on the business.
Forced sales, mergers and consolidations on the cards for offshore vessel owners, says analyst
Forced vessel sales, mergers and consolidations are on the cards for the offshore industry as assets decline in value, according to a consultancy.