Oil plunged nearly 7% in London after Reuters reported Saudi Arabia is close to restoring 70% of the oil production it lost after this weekend’s attack on a key crude facility in the kingdom.
The oil price spike caused by a drone attack on a major Saudi processing facility will provide a welcome − but short-lived − boost to North Sea revenues, a prominent petroleum economist has said.
Oil is set for its biggest weekly loss in nearly two months as the International Energy Agency warned of a looming supply glut, while OPEC and its allies urged members to maintain, rather than deepen, output cuts.
Aberdeen Harbour has hailed a burst of new activity thanks to the rising oil price.
Brexit and the delay in oil price recovery caused profits at Burness Paull to fall in the last 12 months.
The North Sea energy industry could recover another two billion barrels of oil if operators can collaborate on untapped discoveries, according to a new study.
Oil struggled to recover after suffering its worst reaction to an OPEC meeting in more than four years.
Oil edged lower as investors weighed troubling economic data from around the world against OPEC’s extension of output cuts into 2020.
The OPEC+ alliance is poised to extend production cuts into 2020 as the world’s leading oil exporters fret about a weakening outlook for global demand growth and the relentless rise in output from America’s shale fields.
A recovering oil price drove a boost to profits for Cnooc’s operations in the UK and Ireland in 2018.
Oil closed down in New York for the first time in three days amid rising concerns about the likelihood of a global economic contraction and mounting supplies.
Hedge funds kept running away from oil as prices tumbled into a bear market.
Saudi Arabia and other key producers in OPEC signaled their intention to keep oil supplies constrained for the rest of the year, while pledging to prevent any genuine shortages.
Oil started the week strongly after Saudi Arabia and other OPEC+ members signaled intentions to keep supplies constrained for the rest of the year, while U.S. tensions with Iran ratcheted up as President Donald Trump threatened the country in a tweet.
The global oil price could shoot “violently upwards” following supply disruptions in the Middle East, including attacks on a pair of oil tankers.
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Crude closed at a five-month high after U.S. government data showed the biggest decline in gasoline stockpiles since 2017, offsetting an increase in crude inventories.
OPEC and its allies have much work ahead to balance global oil markets and are prepared to do what’s necessary in the second half, Saudi Energy Minister Khalid Al-Falih said.
Oil headed for its biggest weekly gain in a month as the OPEC+ coalition’s supply cuts and reduced output from the world’s biggest offshore field overshadowed renewed concern over the U.S.-China trade war.
Oil extended its retreat as investor appetite for risk assets shrank and uncertainty persisted over how much OPEC will need to cut output to counter booming U.S. shale supplies.
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 held its biggest gain in two years, after being swept up in a rebound across risk assets spurred by optimism about the global economy.
OPEC hasn’t even started implementing its new six-month agreement to cut output, and already members responsible for most of the reductions have pledged to extend or even deepen it.
Brent crude is unlikely to go above $70 a barrel through 2020, according to US credit rating agency and financial analyst Moody’s.
Opec countries are meeting to find a way to support the falling price of oil, with analysts predicting the cartel will agree to cut production by at least one million barrels per day.
