Oil tumbles on Coronavirus fear while Saudis see ‘very limited’ impact
Oil tumbled on fears China’s deadly coronavirus will crimp demand, prompting Saudi Arabia to say it was closely monitoring the situation.
oil price
Oil price uncertainty could continue for ‘weeks’ amid US-Iran conflict
Analysts have warned uncertainty on the global oil price could continue for weeks amid the US-Iran conflict.
‘Elevation’ for oil prices as Iran threatens retaliation for US attacks, Kemp says
Oil prices are likely to remain “elevated” after a US airstrike heightened the prospect of supply disruption from the Middle East, a prominent Aberdeen petro-economist said today.
Oil trades near three-month high amid signs of shrinking supplies
Oil held gains near the highest level in more than three months on indications of shrinking U.S. crude stockpiles and optimism in the global economic outlook.
The lost decade: energy stocks seek relevancy as investors flee
It’s been a tough run for energy stocks.
North Sea industry transition to continue in 2020
The North Sea oil industry has been in transition for some years following the collapse of oil prices in late 2014. Large cost reductions have been painfully achieved. Production has increased due to a combination of new fields coming on stream plus a substantial increase in production efficiency to around 75%. But new field investment expenditure has fallen dramatically since 2015 and exploration remains at a relatively low level reflecting principally the maturity of the province as well as oil and gas prices far below their pre-2015 levels.
The great decoupling of energy stocks from oil creates carnage
This year has been one of moderate gains for the price of oil, but it has been bleak for producers.
Aberdeen named UK’s wealthiest city and has two of the country’s most expensive streets
Two Aberdeen streets have been named among the most expensive in the country, while the Granite City has been recognised as the wealthiest region in the UK.
Oil holds above $60 thanks to easing China-US tensions
Oil held gains above $60 a barrel on optimism that cooling trade tensions between the U.S. and China will spur demand and as analysts forecast a decline in American crude inventories.
OPEC cuts need to be ‘credible’ says Aberdeen petroleum economist
A group of nations which aims to manage the global oil supply was last night poised to make further production cuts in a bid to stabilise the oil price.
Update: Iranian tanker ‘struck by two missiles’ off coast of Saudi Arabia
Two missiles have struck an Iranian tanker travelling through the Red Sea off the coast of Saudi Arabia, according to Iranian officials.
Oil plunges on report Saudis may soon resume 70% of lost output
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.
Oil price spike a welcome but short-lived boost for North Sea, Prof Kemp says
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 set to drop as IEA warns OPEC faces looming surplus
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 hails surge of imports thanks to rising oil price
Aberdeen Harbour has hailed a burst of new activity thanks to the rising oil price.
Brexit and oil price dent profits at Burness Paull
Brexit and the delay in oil price recovery caused profits at Burness Paull to fall in the last 12 months.
Untapped ‘clusters’ present two billion barrel prize for North Sea
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 price struggles to recover after worst reaction to OPEC in four years
Oil struggled to recover after suffering its worst reaction to an OPEC meeting in more than four years.
Oil slips as gloomy economic data takes shine off OPEC deal
Oil edged lower as investors weighed troubling economic data from around the world against OPEC’s extension of output cuts into 2020.
OPEC set to extend oil output cuts into 2020 as demand falters
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.
Cnooc’s UK business posts £1bn pre-tax profit
A recovering oil price drove a boost to profits for Cnooc’s operations in the UK and Ireland in 2018.
Oil drops below $54 as global recession, supply concerns mount
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.
Oil optimism slumps to 12-week low as price dips to bear market
Hedge funds kept running away from oil as prices tumbled into a bear market.
OPEC suggests oil supply freeze could continue ‘for months to come’
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 jumps as OPEC signals continued cuts and U.S. threatens Iran
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.