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.
Russia
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.
Russian oil to parts of Europe halted due to contamination
Russian oil flows to parts of Europe were halted after customers complained of unusual impurities in the crude, adding another disruption to the global oil market and pushing prices in London above $75 a barrel.
Kremlin offers oil giants $8bn as Russians Struggle
Vladimir Putin’s poll ratings are down after a tax hike squeezed cash-strapped consumers. But the Kremlin has opened the coffers to give as much as $8 billion this year to another key constituency: oil companies awash in record profits.
Plexus Holdings narrows losses to £2.3million
Depreciation costs, corporation tax and discontinued operations have led to heavy losses for Aberdeen-based Plexus Holdings.
Maduro gets oil lifeline from Russia after US sanctions hit
Just as Venezuelan state-run oil company PDVSA was running out of an obscure product needed to thin out its crude and keep exports flowing in the wake of U.S. sanctions, Russia is coming to the rescue.
Germany to take more Russian gas, ignoring Trump
Germany is preparing one of its biggest sustained increases in natural gas consumption in almost two decades, regardless of U.S. admonitions that it shouldn’t draw so much of its energy from Russia.
Russia to speed up output cuts as Saudis lament pace
Russia is aiming to accelerate the pace of oil production cuts after its reductions drew criticism from Saudi Arabia.
Plexus to buy back 5m shares from Russian partner
Plexus Holdings has agreed to buy back 4.95 million shares in the company from its Russian partner Gusar.
A year in review – Oil benchmarks trail at the end of 2018
Brent crude oil averaged $72 per barrel (b) in 2018, and West Texas Intermediate (WTI) averaged $65/b in 2018.
Expect oil price slide to halt as Opec cuts kick in, analyst says
Oil prices will stabilise over the coming weeks as cuts agreed by OPEC kick in, an analyst has said.
Oil rebound if traders convinced OPEC cuts are ‘for real’
A backstop could be placed on the recent oil price freefall if traders are convinced OPEC proposals to cut production are "for real", according to a leading petroleum economist.
OPEC deal in balance as Saudi Arabia, Russia meet for talks
As ministers from OPEC and its allies arrive in Vienna for crucial talks, all have made clear they agree on the need for a cut in oil production. But none have explained how they’ll turn that desire into a reality.
Saudi leadership of OPEC shaky after Qatar’s surprise exit
Qatar’s “surprise” decision to withdraw from OPEC raises questions about the loyalty of the cartel’s remaining members, analysts said.
Oil slides as Russian minister says current crude prices are fine
Oil headed for its biggest monthly decline since 2008 as Russia reiterated it’s comfortable with current prices, just a week before it meets with OPEC in Vienna to discuss possible production curbs.
Oil market hinges on Saudi dilemma: Bust budget or anger Trump?
The choice facing Saudi Arabia at next week’s OPEC meeting is dramatic: cut oil production and enrage Donald Trump, or keep pumping and risk ultra-low prices blowing up its economy.
Energy companies lead US stocks lower after oil price plunge
The steepest drop in oil prices in more than three years put investors in the US in a selling mood, extending a losing streak for the S&P 500 index to a fourth day.
Russia looks to hydrogen as way to make gas greener for Europe
Russia is looking at how to develop a market for hydrogen in Europe, a move that would help maintain demand for one of its primary exports as governments everywhere work to cut pollution.
Russian oil set to lose billions in ship-fuel overhaul
Russia is set to suffer the biggest revenue losses from rules mandating cleaner marine fuels from 2020, because the world’s top exporter of the sulfurous residual oil that powers ships doesn’t look prepared for the change.
Trump’s sanctions hammer tested as US retreats from Rusal penalty
President Donald Trump’s attempt to wield U.S. economic strength as a weapon against foreign adversaries is being tested as the Treasury Department struggles to contain the fallout from its sanctions against the world’s second-largest aluminum producer.
$100 oil cannot be ruled out, says Aberdeen petro-economist
A senior lecturer at Aberdeen University has argued $100 oil “cannot be ruled out” as Brent’s price surge continues.
Russia’s biggest oil producers have never had it so good
Russia’s oil and gas companies are living through the best of times, simultaneously enjoying record production and the highest prices ever in the local currency.
Concern Russian cyberwar could hit North Sea operators
Premier Oil’s head of cybersecurity has expressed concern that any action against Russia could lead to retaliation against North Sea operators.
Rosneft sets cashflow record as Russian oil hits the sweet spot
Rosneft PJSC posted record cash flow in the second quarter as Russian oil companies hit a sweet spot of rising crude prices and a weakening ruble.
18 killed in Siberian oil worker copter crash
A Russian helicopter carrying oil workers has crashed shortly after take-off in Siberia, killing all 18 people on board.