oil prices

Markets

Oil up more than 5% as supply deal inches closer

Oil rose more than 5% yesterday, with Brent going above $32 a barrel on hopes Opec and non-Opec producers were inching closer to a deal to reduce output in the face of one of the biggest supply gluts in decades.

Oil & Gas

Oil down 3% after Iraq reports record output

Oil prices are down by 3% after Iraq announced record-high production feeding into a heavily oversupplied market, wiping out much of the gains made in one of the biggest-ever daily rallies last week.

Markets

Russian oil major sees growth undimmed by price war with Saudis

Russian energy firms are weathering low oil prices and will continue to increase output in the next few years even if Saudi Arabia raises production to depress prices further, one of Russia's fastest growing oil companies says. Gazprom Neft, Russia's third-largest oil producer owned by state-run gas producer Gazprom, said that due to abundant supply and technological developments oil prices may have returned for a prolonged period to the $30-$40 per barrel range seen before the commodities boom of the 2000s. Some oil projects won't be viable at such low prices but most of those won't be in Russia, where field development will prove resilient even at $20-$35 per barrel - much lower than in the United States, the Arctic or on large offshore deposits.

Markets

Iraq Basra crude Sept exports to be near record, heavy oil jumps

OPEC's second-largest producer, Iraq, plans to export near-record volumes of Basra crude in September, up 20 percent from August, as it ramps up heavy oil production, trade sources said on Thursday. "There were a number of wells shut-in before Basra Heavy came out to minimise the quality impact on Basra Light," a source with knowledge of Iraqi oil production said. "Those are now being restarted." Iraq allocated 3.017 million barrels per day (bpd) of Basra crude for export in September, up from 2.52 million bpd in August, traders said, citing a preliminary loading programme from the State Oil Marketing Organization (SOMO).

Markets

OPEC signals oil supply from rivals proving resilient to low prices

OPEC on Tuesday raised its forecast of oil supplies from non-member countries in 2015, a sign that oil's price collapse is taking longer to impact on shale and other competing sources than previously thought. In a monthly report, the Organization of the Petroleum Exporting Countries (OPEC) raised its forecast for non-OPEC supply this year by about 90,000 barrels per day (bpd).

Oil & Gas

Canacol Energy increases 2015 budget

Canacol Energy has increased its budget for 2015. The Colombian-based firm has upped its spending in light of newly acquired contracts and a major gas discovery. Last year, the company executed three new gas sales contracts for a combined 65 million standard cubic feet per day.

Markets

Opinion: Do the low oil prices spell gloom for the UK?

For over 20 years I have analysed oil price fluctuations. Why? Well, every country’s economic prospects and people’s jobs, yours and mine, are affected in one way or another by what happens to oil prices. Life and death decisions, including continuing national sovereignty for some nations, hinge on the price of oil. The current dramatic and fast 35% fall in oil price could be a pivotal moment in historical events. For example, will the oil revenue dependent Russian economy survive if oil prices stay at around $70 a barrel? If not, what action will Russia take?