Oil traded near $45 a barrel as investors weighed data that showed US crude stockpiles expanded more than twice as much as forecast.
December futures rose 0.5 percent in New York after falling 2.4 percent Wednesday. Inventories climbed by 8.03 million barrels last week, the biggest gain since April, according to U.S. government data. A Bloomberg survey forecast a gain of 3.75 million.
Venezuela proposed a summit between OPEC heads of state and other producing nations in November to discuss the price needed to sustain future supplies, according to its oil minister Eulogio del Pino.
A global decline in the oil price since last year may have hindered upstream business in regions such as the UKCS.
But for Hungary's MOL Group, the lower oil price has prompted an unexpected boost in its downstream operations.
David Pullan, group downstream development senior vice president for the company, told delegates at the Central Eastern Europe and Turkey Refinery Summit in Budapest his side of the business had seen "very good" results.
In the third part of our week long series from MOL's headquarters in Hungary, we look to its successes in its downstream business.
It’s been an extraordinary year for the National Subsea Research Initiative (NSRI) whose launch coincided with the global decline in oil price.
Project director Gordon Drummond said while the situation added a whole “new dynamic” to what NSRI was trying to do, the body’s creation has been “hugely positive”.
Speaking to Energy Voice Drummond said within the subsea sector there remained a lot of activity in the research and development phase of work.
Canadian factory sales declined by 0.2 percent in August, and the first decline in four months was smaller than economists forecast with damage from falling energy prices curbed by gains for automakers.
The decline followed two months of 1.7 percent increases, and lowered sales to C$52.1 billion ($40.4 billion) from C$52.2 billion, Statistics Canada reported Friday from Ottawa. Economists forecast August sales would decline by 1 percent according to the median of a Bloomberg survey with 18 responses.
Oil headed for the biggest weekly gain since August amid speculation an increase in demand will ease a global glut.
Futures climbed as much as 1 percent in New York and are up 9.4 percent this week. A “new capital discipline” in the industry will allow consumption to catch up with supply, boosting prices, Gary Ross, the founder and chairman of PIRA Energy Group, said Thursday.
World oil use will expand more than forecast this year, according to Abdalla Salem El-Badri, the secretary-general of the Organization of Petroleum Exporting Countries.
Oil prices will rise again by 2018 and reinvigorate economic activity in the North Sea, according to a billionaire Scottish Government adviser.
Jim McColl, who sits on the Scottish Government’s Council of Economic Advisers, told Holyrood’s Economy Committee his own Clyde Blowers’ engineering investment firm is “holding out quite well” in the economically-depressed North Sea and he predicted the downturn will reverse in the next two years.
Increased oil and gas production contributed to the 0.7% rise in the UK economy announced yesterday but this has yet to feed through to the Scottish onshore economy, leaving Scotland’s GDP lagging behind at just 0.1% growth.
Oil climbed to the highest level in a month amid speculation that falling crude production will ease the global supply glut.
Futures rose as much as 5.6 percent in London and 5.1 percent in New York. The first signs of recovery in the oil market are beginning to appear, Royal Dutch Shell Plc Chief Executive Officer Ben Van Beurden said at an industry conference in London Tuesday, though the company still plans for a long period of low prices. U.S. crude output fell 120,000 barrels a day in September, the Energy Information Administration said.
Oil has held near $45 a barrel for more than four weeks after plunging to a six-year low in August amid speculation a global glut will be prolonged. U.S. crude stockpiles remain about 100 million barrels above the five-year average, while OPEC continues to pump above its collective quota.
ProSep has made a number of changes to its senior team as it looks to strengthen its position amid the oil price decline.
The company said Patrick McCarthy, who joined the board of directors one year ago, will become the chief executive.
Former boss Neil Poxon will remain with ProSep to oversee the transition until the end of this year.
Oil’s holding near $45 while the bad news keeps coming. For investor Jim Rogers, that’s usually a sign a rebound’s round the corner.
The Organization of Petroleum Exporting Countries is still pumping near record amounts of oil, China’s imports have slowed and US crude stockpiles remain about 100 million barrels above the five-year seasonal average.
Yet, US benchmark prices have held steady for more than four weeks since plunging to a six- year low at the end of August.
Brent prices jumped by $11 in the month of September marking the largest gain in three days since 1990, according to a market update.
The latest findings from KPMG showed volatility in the oil markets has persisted in August and mid-September brought on by China’s financial slump and its wider effect on the markets.
The price jump per barrel was influenced by speculation of an OPEC production cut.
Iraq asked oil companies to reduce their 2016 spending plans in the country by Sept. 30, citing lower oil prices and government revenue.
The reduced budgets shouldn’t affect 2015 production, Abdul Mahdy Al-Ameedi, director of licensing at Iraq’s oil ministry, said by phone Tuesday, citing a letter that the ministry sent to companies.
Iraq is now producing more than 3 million barrels a day, he said.
“We’ve asked them in a letter we sent them to take into consideration the drop in oil prices and the low revenues of the government that may not cover their investments,” al-Ameedi said. “There was a stipulation that this investment reduction must not affect oil output from the fields that was in the 2015 schedule.”
Crude dropped below $45 a barrel before U.S. government data forecast to show stockpiles expanded in the world’s biggest oil consumer.
Futures slid as much as 3.4 percent in New York, extending Tuesday’s 7.7 percent decline. Inventories probably increased by 900,000 barrels last week, according to a Bloomberg survey before a report from the Energy Information Administration Wednesday. Iran will boost output by 1 million barrels a day as sanctions on its exports are removed, Oil Minister Bijan Namdar Zanganeh said.
Oil has faltered after the biggest three-day rally in 25 years amid speculation a global glut that drove prices into a bear market will be prolonged. Crude will trade at $40 to $60 a barrel into 2016 as rising supplies overwhelm demand, according to Ian Taylor, chief executive officer of Vitol Group BV, the biggest independent oil trader.
With WTI on the precipice of breaking below $40/bbl, chatter abounds on just how low oil prices can go from here, with some discussing prices in the low $30s, or potentially lower.
While this type of price action is not without possibility, Bentek does not believe this is rooted in fundamentals, but rather, would be a short term phenomenon spurred by speculative trade capitulation and/or a brief storage shock.
In terms of the former, should the paper losses from traders holding long positions in oil become too difficult to bear, the market has the potential for a short term rout if/when there is a liquidation of positioning.
Santos Ltd. Chief Executive Officer David Knox will step down after seven years in the role as the Australian oil producer reviews its options amid a plunge in crude prices, the company said Friday.
Knox will depart once a successor has been named, the Adelaide-based company said in a statement after reporting an 82 percent drop in first-half profit.
The slide in oil prices has put pressure on Santos as the company prepares to start its $18.5 billion liquefied natural gas project in Queensland state. The Australian energy producer has cut spending and jobs while flagging the possibility of asset sales as it copes with the oil market downturn. Santos shares have fallen 62 percent in the last year.
Blue-chip shares headed cautiously higher today after a Greek parliamentary vote approving the terms of its 85 billion euro (£61 billion) bail-out package.
Sentiment over the world economic picture was also eased by a second day of China’s currency stabilising after sharp declines earlier in the week.
But tepid second quarter growth figures from Europe and continued stagnation in the oil price meant the FTSE 100 Index added just 24.6 points to 6592.9, having lost more than 150 points in the last few days.
Indian explorer Oil and Natural Gas corp (ONGC) has reported a 14% increase in quarterly net profit.
The rise was seen as the company significantly cut its discounts on crude oil to refiners after global oil prices fell.
The company's net income for the first fiscal quarter rose to 54.59billion rupees from 47.82billion rupees a year earlier.
The cost of filling up an average diesel car has dropped by £3 in a month as the average price of diesel at the pumps fell 5p a litre, data shows.
The fall - hailed as good news for people setting off on holidays - came as retailers began passing on the savings in the cost of wholesale diesel, which has been below that of petrol since the end of May.
At the start of the month diesel was 120.63p, but by the end it had dropped almost 5p to 115.74p, according to the RAC’s Fuel Watch data for July.
And on Wednesday July 29 the country saw the first forecourt price flip between diesel and petrol since summer 2001 with diesel at 116.28p, just below the average petrol price of 116.64p, the RAC said.
British Gas said operating profits have risen by 44% as more energy was used by consumers due to colder weather conditions.
The company, owned by Centrica, said consumption was up by 11% compared to a “warm first half” of 2014.
The first six months of the year have seen profits surge to £528million up from £265million a year earlier.
Consultancy firm Turner & Townsend (T&T) has unveiled an 11 % rise in profits after its infrastructure and property practices helped its natural resources division to shrug off plummeting oil prices.
The group, which has 4,100 staff in 90 offices throughout the world, grew its pre-tax profits to an all-time high of £36.7million in the year to 30 April on the back of a 9% rise in revenues to £380million, also a record figure.
Work undertaken in the past year by T&T’s Aberdeen office included project management and cost and construction design management on phase one of the Aberdeen International Business Park (AIBP) on behalf of developer Abstract Securities.
The United Arab Emirates, the third-biggest OPEC oil producer, will link gasoline and diesel prices to global oil markets as the government seeks to remove subsidies.
Fuel prices will deregulated from August 1, state-run WAM news agency reported, citing a statement from the Ministry of Energy on Wednesday. The change was ratified by the cabinet.
Oil dropped to a three-month low in New York on the prospect that increasing Iranian shipments will extend the global supply glut.
West Texas Intermediate crude extended losses in the wake of a third weekly retreat.
Iran will focus on regaining oil sales it lost due to sanctions regardless of the impact on prices, Oil Minister Bijan Namdar Zanganeh said in Tehran. The United Nations Security Council unanimously adopted an Iran deal resolution Monday.
A report from the IMF (International Monetary Fund) has found oil prices have rebounded more than expected, after falling by more than half a year ago.
The findings were revealed in the latest World Economic Outlook which said the rise in the price of oil reflected higher demand and expectations that oil production growth in the US would slow faster than previously forecast.
It predicted the average price of oil to be $59 per barrel over the year.
Petrol prices have pushed up a further 3p a litre in the last month, according to the AA.
The rise means the cost of petrol at the pumps has increased more than 10p a litre since February.
The average price has risen from 113.29p in mid-April to 116.42p now, while diesel has gone up from 118.83p to 120.70p.
The fall in oil price has seen more than $100billion of spending on new projects suspended, postponed or stopped, according to new research.
According to research conducted for business broadsheet the Financial Times, companies including Shell, BP and ConocoPhillips and Statoil have moved to prevent capital spending on 26 major projects in 13 countries.
Thousands of jobs have been lost across the globe as companies look to save costs during the price decline.
