Oil’s 5 percent tumble Wednesday, the biggest slide since March, followed government data that showed U.S. crude and fuel stockpiles unexpectedly soaring at a time of year when they normally decline. Here are three charts showing what made oil bulls run scared.
Royal Dutch Shell Plc lifted restrictions on exports of a key Nigerian crude oil, 472 days after imposing them following militant attacks. The extra flows alone amount to about 20 percent of the supply OPEC has pledged to cut from world markets.
Oil erased earlier gains as a diplomatic clash involving OPEC members Saudi Arabia and Qatar was seen having limited impact on the group’s policy.
The good news from OPEC wasn’t good enough.
One of the stodgier corners of the energy industry is getting more relaxed.
An oil chief has revealed how the special forces regularly stormed rigs in the North Sea for anti-terror training.
Secret records recently made public revealed that UK defence chiefs considered turning the North Sea into a minefield in the 1970s amid fears that terrorists would hi-jack a rig.
A north-east MSP called for “urgent government action” after oil giant Shell said yesterday it was axeing 90 onshore roles in Aberdeen.
Oil rebounded from the lowest close in more than two weeks after industry data showed U.S. crude stockpiles extended declines, easing an inventory overhang.
The next UK Government, of whatever colour, will face important challenges when it comes to energy. As the UK has traditionally been a net-importer of energy, there will be a fresh focus on how we will generate and consume energy, make it as secure as possible and ensure we use it efficiently as part of the UK’s industrial strategy.
Oil fell amid doubts that prolonged cuts by OPEC and its allies will succeed in clearing a surplus while U.S. output remains so resilient.
Russians warships in the Mediterranean Sea have fired four cruise missiles at the Islamic State group’s positions in Syria, the defence ministry in Moscow said.
London’s premier index rebounded to within a whisker of a new mid-session record after choppy trading for the pound handed a boost to blue-chip stocks.
Military chiefs secretly planned to re-use defunct oil platforms off the Caithness coast as training facilities.
North Sea operator EnQuest has asked for permission to put a new water injection pipeline in the Greater Kittiwake Area (GKA).
The number of energy industry vacancies advertised in the UK has soared in the past year as the sector shows signs of recovery, a new report said.
As expected following comments ahead of the meeting on behalf of Saudi Arabia and Russia, OPEC members have agreed to prolong the existing production curtailment (a cut of 1.8m bbl/d including Russia’s cuts) to the first quarter of 2018. OPEC has a self-imposed goal of bringing stocks down from a record high of 3bn bbls to the five-year average of 2.7bn bbls.
A Scottish conservationist has said changing European laws to allow more oil rigs to be left at sea could present a “colossal opportunity” for the North Sea.
Norway is seeking greater leeway to restrict foreign ownership of its offshore fields, a move seen to be potentially targeting a growing Russian interest in its resources.
Chartered accountant and business advisor Anderson Anderson and Brown (AAB), of Aberdeen, has topped a list of Scottish “dealmakers” for a 12th consecutive year.
Oil traded below $50 a barrel after OPEC underwhelmed investors with its production-cut extension deal.
OPEC and its allies came one step closer to agreeing to extend their oil supply deal after a ministerial committee recommended another nine months of cuts.
Statoil's chief executive Eldar Saetre is "optimistic" that OPEC and non-OPEC countries will agree to extend oil output curbs to reduce a global supply glut.
Oil major BP is celebrating the start of production from Quad 204, one of the largest field redevelopments in North Sea history.
All producers agree to extend crude output cuts by nine months to help trim a supply glut, according to Saudi Arabia’s energy minister.