Oil prices fell again on Monday on news of the restart of the UK North Sea’s Buzzard oil field and Iraq’s decision not to take part in OPEC’s planned production cuts.
The oil industry at the Norwegian Continental Shelf (NCS) is expected to see a decrease in oil spending in 2016-2020 of approximately US$50 billion (£38.16 billion) on increased figures for deferred or scrapped projects.
Oil prices have slumped by 1% in Asia today as a result of an oversupply in crude and refined products.
Saudi Aramco just announced it has lowered the price of its Arab Light crude by the most since October 2015, showing it does not intend to change its plans amid Iran’s strong revival.
Royal Dutch Shell posted a downfall in its earnings as a result of the decline in oil, gas and liquefied natural gas (LNG) prices.
Oil prices have registered an increase after a sharp loss, but analysts are saying that the downward trend could resume soon.
Oil prices have increased since Saudi Arabia Energy Minister’s agreement with OPEC that the global market is finally heading towards a balance
This month saw oil finally pushing up past the US$50 per barrel mark. According to a team of US analysts, it is likely it won’t stop here.
Brent crude oil prices rose again today, pushed by a weakened U.S. dollar and a tightened supply caused by outages in Canada and Nigeria.
Over half (51%) of oil and gas companies present in the North Sea have cut jobs in 2015, and expected to continue though 2016 according to Bank of Scotland
The price of crude oil broke the US$50 mark again yesterday, despite the lack of resolutions during the meeting of the OPEC nations.
Crude oil prices showed no evolution in early Asian trade today, sending mixed signals just before an OPEC meeting in Vienna today.
The price of Brent crude oil has topped US$50 per barrel – the first time the oil benchmark has achieved such a high this year, and the first time since November 2015.
Global job losses in the oil & gas industry have just topped 350,000, more than 43% of the industry’s total workforce worldwide.
A three-day long strike action by Kuwaiti oil and gas workers has come to an end, causing the crude oil price to drop further.