Oil set for weekly loss as China optimism dims, stockpiles swell
Oil headed for a second weekly drop as optimism over a recovery in Chinese demand dimmed and US stockpiles kept rising.
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$674m gas project stalls as Australia meddles in markets
The risk to future investment from the Australian Government’s radical intervention in the gas market has been demonstrated, with Senex Energy pausing a A$1 billion (US$674 million) domestic gas supply expansion, involving hundreds of new jobs and millions of dollars of investment in regional communities, according to APPEA.
Europe’s New Sanctions on Russian Oil Kick In: What Changes?
After months of planning and negotiations, the biggest tranche of sanctions on Russian oil to date take effect on Monday. How big their impact will be remains uncertain.
Oil gets mauled again with demand concerns spurring weekly drop
Oil headed for a back-to-back weekly loss, burdened by demand concerns, rising stockpiles, and the possibility the Biden administration may make a fresh release from emergency reserves.
Oil drops as concerns over slowdown offset tight crude market
Oil declined at the start of the week as concerns about an economic slowdown overshadowed signs of a tight physical crude market.
Wall Street is about to take oil out to a wild party
Supply and demand fundamentals drive oil prices. Things like OPEC+ production plans and US driving patterns matter the most — until they don’t. That’s when the wizardry of Wall Street takes over, giving prices a push up or down beyond what the physical fundamentals warrant.
Oil edges higher as Libyan output falls ahead of OPEC+ meeting
Oil edged higher as Libyan supply tightened ahead of an OPEC+ meeting on Tuesday to discuss production policy for February.
OPEC+ seen reviving output in sign of confidence for 2022 demand
OPEC and its allies are expected to revive more oil supplies when they meet on Tuesday, underscoring the group’s optimism in the outlook for global demand.
Oil steadies as global release of strategic reserves underwhelms
Oil was steady after the biggest gain in two weeks following an announcement by the US of a coordinated release of strategic petroleum reserves (SPR) with other countries that fell short of expectations.
Hurricane-hit US oil industry examines damage, crude price volatility expected
Oil and gas producers, and refineries that fuel the US, are assessing the impact on operations after the passage of Hurricane Ida, with peak daily supply curtailment of 1.8 million barrels per day recorded in the Gulf of Mexico. As a result of the disruption price volatility can be expected in global crude markets.
Crude oil steadies after three-day slump driven by delta threat
Oil steadied after a three-day slide that was driven by the growing threat to demand from the spread of the delta coronavirus variant.
OPEC+ crisis deepens as Saudi Arabia refuses to budge
Saudi Arabia and the United Arab Emirates cranked up the tension in their OPEC standoff as the rare diplomatic spat between long-time allies leaves the global economy guessing how much oil it will get next month.
Oil jumps above $71 after key Saudi crude terminal attacked
Oil surged above $71 a barrel in Asian trading after Saudi Arabia said the world’s largest crude terminal was attacked, although output appeared to be unaffected after the missiles and drones were intercepted.
Covid-19 and cap scrap put our industry under threat
A toxic cocktail of the Covid-19 outbreak and an act of self-sabotage by two of the world’s biggest oil nations has created unprecedented and overwhelming currents for the oil and gas industry to swim against.
Oil trades near two-week low as US fuel stockpile increases
Oil traded near a two-week low as an increase in U.S. fuel stockpiles spurred concern that demand is waning in the world’s biggest crude consumer.
Oil reaches highest since June 2015 as US stockpiles dwindle
Oil climbed to the highest level in two and a half years on expectations a U.S. government report will register the longest decline in crude stockpiles since the summer driving season.
Average diesel price accelerates to two-year high of 122.1P
Diesel has reached its most expensive price in more than two years.
Iran’s oil minister confident of output deal, predicts prices will rise
Iran's oil minister said he was confident both OPEC and non-OPEC members would commit to the output cut deal agreed in November.
Oil prices rise above $50 mark as OPEC meets to tackle excess supply
Oil prices have soared as the Opec cartel gathered in Vienna in an attempt to thrash out a deal to tackle the global supply glut.
Russia, Belarus said to be close on resolution over gas prices
Russia and Belarus are said to be close to solving a dispute over gas prices.
ATR, Neptune invest in life beyond lower-for-longer oil prices
Energy service companies ATR Group and Neptune Marine Services both announced key investments yesterday as they gear up for growth after the oil price slump.
Oil heads for weekly drop as OPEC meets to discuss output quotas
US oil is set for the first weekly drop since mid-September as an OPEC committee meets in Vienna on Friday to discuss output quotas for members participating in an agreement to cut production.
How actual nuts and bolts are bringing down oil prices
Last spring, Statoil ASA announced it had used the same oil well design and components to drill three reservoirs for the price of one.
Russia’s Central Bank could resume foreign currency purchase with oil at $55
Russia's Central Bank said it could resume purchase of foreign currency for the country's reserves if oil prices were to hit $55 a barrel in 2019.
Opinion: ‘To let’ signs drive home Aberdeen’s current challenges
When in Aberdeen last weekend, I walked through Golden Square for the first time this year. I was shocked to see the number of empty buildings with ‘To Let’ signs on them in this once busy part of town. I knew things were hard in Aberdeen, but this really drove it home.