The USis adapting its money- tracking tactics to choke off Islamic State’s lucrative oil- smuggling routes and restrict its use of Iraqi and Syrian banks, the Treasury Department’s top anti-terrorism official said.
Norwegian oil and gas geoscience specialists TGS have seen a slight dip in their third quarter profits compared with 2013. The company’s net revenues were $190million, $1million less since the same time last year.
The bear market in oil has analysts reassessing the U.S. shale boom after five years of historic growth.
The price of Brent crude has steadied at $86 a barrel after the announcement of a cut in Saudi-Kuwait oil output. Production at the Khafji oilfield has been stopped temporarily for environmental reasons.
Blue-chip shares were back in positive territory today after steep losses earlier in the week left the FTSE 100 Index at levels not seen since June last year.
The FTSE 100 Index slumped by another 2% today as fears over the global economy triggered another bleak session for volatile stock markets.
The bear market in oil is showing the world there’s still only one country in a position to choose winners and losers in the global market: Saudi Arabia.
A slump in energy stocks hit a rebound in Wall Street indexes yesterday as the price of oil plunged the most in two years.
A fresh fall in the price of oil put pressure on energy giants BP and Royal Dutch Shell during another session of weakness for global investors. Brent crude slipped another 1% to 88 US dollars a barrel after the International Energy Agency cut its forecast for oil demand growth this year by 200,000 barrels a day to 700,000 barrels a day.
Crude oil dropped in New York, extending declines from a 22-month low amid concern over a global glut in the commodity. Australian stocks climbed with US index futures after the Standard & Poor’s 500 Index capped its biggest three-day loss since 2011, while gold held gains.
Iraq will sell its Basrah Light crude to Asia at the biggest discount since January 2009 as it follows Saudi Arabia and Iran in cutting prices amid a slump in Brent futures to the lowest in almost four years.
Pipeline engineering specialist Stats Group has invested more than £1million in a double-pronged expansion in North America and the Middle East. In Canada, the firm has doubled the size of its Edmonton operation and opened a project support office in Calgary.
Aberdeen and Grampian Chamber of Commerce (AGCC) has urged the chancellor to cut the tax rate for the oil and gas industry in his Autumn Statement.
The United Arab Emirates(UAE) based company RAK Petroleum plans to launch an initial public offering in Norway by the end of the year. RAK Petroleum said the decision to list followed a fifth year of increasing profits which included AED (United Arab Emirates Dirham) 58.1 million in 2013.
Colette Cohen has moved almost 20 times during her career. By any standard hers has been an adventure . . . from starting out as the only woman on a BP platform in the UK North Sea, to today's role as senior VP, UK and Netherlands at Centrica Energy.
Brent crude traded on the brink of a bear market on speculation that Saudi Arabia will maintain output even as supplies from the US and Russia increase and demand slows.
Brent and West Texas Intermediate headed for the biggest quarterly decline in more than two years amid speculation that rising crude output would buffer the market from potential supply disruptions in the Middle East. Futures were little changed in London, down 13% from the beginning of July. The US and its European and Arab allies have conducted thousands of air missions since starting a bombing campaign to counter Islamic State militants in Syria and Iraq, OPEC’s second-largest producer. US crude stockpiles probably expanded by 1.5 million barrels last week, a Bloomberg News survey shows before an Energy Information Administration report tomorrow.
Trident is an unlisted Australian company with onshore and offshore oil interests in Australia. The deal was estimated to cost around $2.75million, based on a binding bid implementation agreement.
Sumitomo will set up a special investigation into how it lost almost $1.8billion in Texas shale oil and Australian coal mining. The probe comes after the company, Japan’s fourth-biggest trading house, cut its annual profit forecast by 96% after writing down the value of the two investments.
Saudi Arabia, the largest crude producer in OPEC, plans to keep output steady until the end of the year, a person with knowledge of the country’s oil policy said. It made the biggest cut in 20 months in August. Output through the end of the year won’t differ much from August, when the country pumped 9.597 million barrels a day, according to the person, who isn’t allowed to be identified. The nation reduced production by 408,500 barrels a day last month, the most since December 2012, according to its most-recent submission to the Organization of Petroleum Exporting Countries. Demand will rise by the end of the year because of northern hemisphere winter, the person said.
Oil trading will continue unabated amid a UK review on whether to criminalize manipulation of the world’s most-traded crude-futures contract, brokers and analysts involved in the industry said.
Plentiful oil supplies are pinning oil prices near a two-year low as the US extends its campaign against Islamic State militants into Syria. Brent crude, which has traded below $100 a barrel for more than two weeks, touched $95.60 a barrel yesterday, the lowest since July 2012, after the broadest Arab-US military coalition since the 1991 Gulf War struck Islamic State targets in Syria. U.S. aircraft began bombing the group six weeks earlier in Iraq, OPEC’s second-largest producer and holder of the world’s fifth- biggest reserves.
The Oslo Stock Exchange has approved the listing of Aker Solutions Holding ASA.
Brent rose from a one-week low after a Chinese manufacturing gauge beat forecasts, signaling increased demand from the world’s second-biggest oil consumer. West Texas Intermediate climbed in New York.
Rig company Seadrill Ltd. and salmon farmer Marine Harvest ASA slumped in Oslo trading amid a fallout between their main owner, billionaire John Fredriksen, and his long-time adviser Tor Olav Troeim.sins