The price of a barrel of Brent crude oil has dropped for a fifth consecutive day, its longest retreat in almost three months, amid signs that the global supply glut will persist. Brent fell as much as 2.9% in London and 1.9% in New York today.
The Scottish Government’s energy jobs taskforce is “delivering the goods” for energy workers made redundant by the recent slump in oil prices, MSPs have been told.
The FTSE 100 Index saw its steepest one-day fall in five months today as the prospect of higher US interest rates and the latest drop in oil prices combined to send stocks tumbling. London’s top-flight saw £44billion wiped off its value as it fell 2.5%, or 173.6 points, to 6,702.8 - the heaviest percentage fall since October 15.
Staff from the Bank of Canada and Suncor Energy are among scheduled speakers at a Canadian parliamentary committee that will review the impact of falling oil prices on the country’s economy. Executives from Canada’s energy, finance and manufacturing sectors are scheduled to speak to the standing committee on finance this week.
The biggest slowdown in oil drilling on record is showing signs of reining in the US shale boom. American shale oil output is expected to post the slowest growth in more than four years in April, the country's Energy Information Administration (EIA) said.
There is no denying that the UK oil and gas industry is in the throes of a difficult year. The sudden and unexpected drop in oil prices has resulted in very difficult times for all UK continental shelf (UKCS)-related projects, creating uncertainty for North Sea operators, service companies and all those who work in the supply chain.
Policymakers responsible for oil and gas industry taxation and regulation should be relocated from London to Aberdeen, a think-tank has said. Business organisation N-56 has set out a five-point action plan for the North Sea oil and gas industry in a letter to First Minister Nicola Sturgeon and UK Chancellor George Osborne.
The drop in crude prices has bumped Scotland's employment outlook down to its lowest level in two years, according to a new survey from recruitment agency Manpower. At minus 1%, Scotland is the only part of the UK with a negative outlook going into the second quarter.
Service companies have experienced a marked fall in new business as a result of uncertainly in the oil and gas industry, according to new research. The latest Bank of Scotland PMI (purchasing managers index) report found that levels of incoming business in the sector declined for the first time in two-and-a-half years in February, with manufacturing also experiencing a fall in new orders for a second successive month.
A low oil price of $50 a barrel could create 90,000 UK jobs by 2020, a new report has predicted, but government would need to act to support the North Sea. Big four accountancy firm PWC said the sharp fall in oil prices since mid-2014 should boost output and employment in most sectors of the UK economy compared to when Brent crude was riding high at $108 per barrel.
The most read story this week on the Energy Voice website was on a call made by the boss of one of the world's largest energy services firms for the oil and gas sector to "reinvent" itself.
A US oil and gas company has pulled out of a farm-out and exploration deal with another firm, citing the falling price of oil as a factor in the decision. Texas-based companies Caza Oil and Gas and Clayton Williams Energy Inc (CWEI) have mutually agreed to terminate their deal to develop the latter's 14,738-acres site in Reeves County, Texas.
A date has been set for the North Sea oil summit. Politicians will meet with industry leaders in Aberdeen on February 2.
BP workers will tomorrow find out if cuts are to affect their jobs. The energy giant is soon expected to share findings of an exercise aimed at saving money.
A new taskforce will be created to support Scotland's oil and gas sector.