OPEC ministers took a gamble, agreeing on a large production cut to offset the demand hit from the coronavirus epidemic without having overcome Russian opposition to the move.
Russian oil output remained unchanged last month despite agreeing to production cuts.
Subsea 7 has posted a net profit of $418million last year, up from a loss of $37million in 2015.
Dozens of jobs have been lost after a Scottish oil and gas safety specialist went into administration due to the Brent crude price plunge.
Dolphin Drilling will cut more than 150 jobs in a fresh round of redundancies, the company has confirmed.
Shell is to dramatically scale down investment and look for more cost savings as it attempts to adapt to a lower oil price environment.
An oil shock may be lurking around the corner as the price bust has hammered investment in future supply, according to the International Energy Agency.
Ministers are understood to be considering a "big" tax cut to help the North Sea oil and gas industry.
Cuts in Government support for renewable energy send a “perverse signal” to other countries about the UK’s attitude on the issue, the head of the UN environment programme has said. As other countries embrace renewable energy Britain looks to be going the other way, Professor Jacqueline McGlade said. Recent moves by the Government to cut support for clean onshore wind and solar power send out the wrong message, she said, ahead of the UN climate change conference which begins in Paris at the end of next month.
John Swinney has urged the Chancellor to ditch his “fundamentally flawed“ economic policy and call an end to “deep spending cuts”. The Deputy First Minister also demanded George Osborne use his pre-election Budget to bring in a package of measures to help the North Sea oil and gas industry. Scottish Conservative leader Ruth Davidson and shadow Scottish Secretary Margaret Curran also joined in demands for Mr Osborne to take action in the wake of the “emergency in the North Sea”, where plunging oil prices have seen firms cut staff. Holyrood ministers have been urging the UK Government to reverse previous hikes in the supplementary charge, which is paid by the sector.
Premier Oil said it expects to book a $300million impairment charge due to the plunge in oil prices. The company plans to cut jobs as well as rein in investments costs. The announcement comes just a day after it was reported Tullow Oil would be making job reductions.
Oil major BP said deeper cuts could be made to its 2015 budget on the back of OPEC’s recent position and falling oil prices. The company has already announced up to $1billion in restructuring costs as it cuts thousands of jobs across its global oil and gas business. BP head of upstream, Lamar McKay, announced the company’s future plans at a meeting of investors in London.
Oil major BP said it expects to incur restructuring charges of $1billion over the next five quarters. The company will present its future strategy to investors in London following an announcement earlier this week that job cuts would be made. Chief executive of BP Upstream, Lamar McKay, and a senior members of the management team are set to outline its changing position on the back of falling oil prices.