The North Sea oil industry must keep a lid on costs if measures taken by Opec and its allies push crude prices much higher, top Aberdeen energy experts have said.
Oil edged lower as investors weighed troubling economic data from around the world against OPEC’s extension of output cuts into 2020.
Crude kept rising following its biggest weekly gain since late 2016 after PresidentDonald Trump said he would impose “major additional sanctions” on Iran, exacerbating tensions in the oil-rich Middle East.
Oil rebounded from near the lowest level in five months after two tankers were damaged in a suspected attack in the Gulf of Oman.
Oil headed for its biggest weekly drop since December as the rapidly escalating trade war caused investors to reassess the outlook for global growth, drowning out concern over multiple supply risks.
Shell is expected to spend $1.5bn (£1.152bn) on decommissioning in the North Sea over the next six years, according to a new forecast.
The German government has made a formal objection to Shell’s plans to decommission the Brent field in the North Sea.
Brent crude nosed above $70 for the first time since November but couldn’t hold the gains, as signs of tightening global supplies were countered by an uncertain economic outlook.
Oil rose to almost $70 a barrel in London, a level last breached in November, as global crude supplies tightened while hopes for an end to the U.S.-China trade impasse lifted financial markets.
Intercontinental Exchange Inc. says its Dutch natural gas market has the potential to become a world beater in energy trading.
The UK Government last night refuted claims it has made a decision on whether to back Shell’s plans to leave large parts of three oil and gas platforms on the seabed.
Oil fell toward the lowest level in almost two weeks as global growth concerns continued to damp the demand outlook, with investors hoping for positive news from high-level U.S.-China trade talks this week.
OPEC and its allies plan to hold a meeting in March to assess their oil-production accord in Azerbaijan, and then ministers will gather to set policy in April, according to the organisation’s top official.
Oil extended its retreat as investor appetite for risk assets shrank and uncertainty persisted over how much OPEC output will need to be cut to counter booming U.S. shale supplies.
Oil’s taking a breather after bursting into a bull market on growing optimism over OPEC cuts, U.S.-China trade talks and the Federal Reserve’s interest rate policy.
Brent oil extended its longest rally in a year and a half, rebounding above $60 a barrel, on hopes of a resolution in the U.S.-China trade dispute.
Oil extended its longest run of daily gains in 17 months on renewed efforts between the U.S. and China to reach a trade deal, and expectations the market will be tightened by OPEC’s output cuts.
Brent crude oil averaged $72 per barrel (b) in 2018, and West Texas Intermediate (WTI) averaged $65/b in 2018.
Oil retreated from a two-week high as risk appetite faltered after a revival of investor fears over the health of the global economy.
Oil’s beginning 2019 with the same price volatility that marked the end of last year, as uncertainty over crude output and the health of the global economy keep investors wary.
Oil headed for its first annual decline since 2015, slumping more than 20 percent in a turbulent year that saw fears of supply scarcity turn to expectations of a surplus.
Hedge funds are keeping their cool in the most tumultuous end of the year for oil since the 2008 financial crisis, betting on better days ahead.
Oil continued on its rollercoaster ride, with volatility soaring on uncertainty over OPEC and American supply, a trade war between the U.S. and China and the Federal Reserve’s monetary policy.
Oil dipped below $55 a barrel in London after the U.S. Federal Reserve raised interest rates, stoking fears over economic growth at a time when investors face a supply glut.
Oil prices will stabilise over the coming weeks as cuts agreed by OPEC kick in, an analyst has said.