Persian Gulf officials said that Saudi Arabia would be vouching for augmentation of oil supply cuts through to the end of June 2020 in a stakeholder meeting set to be held this Thursday and Friday. As we approach this week’s OPEC+ meeting, the oil market has been stalling as…
With the growing unrest over the details of OPEC+’s 5th & 6th December meeting in Vienna, the oil market stalled for the better part of last week. For the bullish investors, the noise surrounding the possible outcome of the meeting is not the most effective. Russian oil companies are…
A recent industry report showed that the US Crude Oil inventories had been boosted by a pending US-China trade deal that may bring to end months of standoffs between the two states. Following reports of growing inventories, the oil price stabilized above $64 on Wednesday.At the same time, gasoline stocks…
According to several forecasts, there’s likely going to be an oil surplus in 2020. But most of the outlooks are only based on the shale growth of the US next year, an assumption that may be unrealistic.The dominoes keep falling but financial restraints are well-known. In its recent report,…
Crude oil dropped 0.10% on Thursday, bringing its cumulative dip this week to about 4.7%. The markets are likely to experience further movements in the US after the Federal Reserve Bank published the FOMC minutes.But even with a series of slides, Crude has been on a recovery path (somewhat)…
Exxon Mobil is set to sell $25 billion worth of its oil and gas fields located in Africa, Asia, and Europe. The move entitled the greatest asset sales by Exxon Mobil in the past few decades is aimed at collecting sufficient investment to focus entirely on a few mega-projects. The…
Hedge-fund managers unwound bets that crude oil would fall at the fastest pace in 16 months. Prospects for a trade war deal and a slowdown in Shale drilling helped futures rebound. According to the Friday data, oil short-sellers cut their bearish positions on West Texas Intermediate crude by 41% in…
During the week ending 25 October, the Energy Information Administration registered a crude oil inventory build of 5.7 million barrels pressuring the prices of oil even further. A day before, the American Petroleum Institute had reported an inventory build of 592,000 barrels for the fourth consecutive time. Industry experts…
The world-renowned Dutch-British oil and gas company, Royal Dutch Shell, announced its earnings report for the third quarter on Thursday. Having reported a sharp decline of 15% in net profit, Shell’s stock was seen trading 1% lower (year-over-year) as of Thursday. The Chief Executive, Ben van Beurden of Royal…
A fraternity of top oil executives and city financiers are injecting more than £65 million into Well-Safe Solutions (WSS), a well decommissioning pundit. The new round of investment is meant to solve one of Britain’s most daunting industrial problems. Sky News learnt that the new WSS investors include MW&L Capital…
The FTSE 100 has fallen marginally lower in London this Monday, with a surge in BP (LON:BP) and Royal Dutch Shell (LON:RDSA) limiting the index’s losses over geopolitical concerns in the wake of the attacks on two Saudi Arabian facilities. Cruise operator Carnival (LON:CCL) meanwhile is in…
British energy major BP (LON:BP) could offload some oil projects to align its operations with the Paris accord, Bloomberg News has reported. The update comes ahead of the blue-chip company’s third-quarter results and dividend announcement on October 29. BP’s share price has fallen deep into the red in today’s session,…
Royal Dutch Shell’s (LON:RDSA) share price has taken a hit this morning as the blue-chip oil major revealed a drop in profits, having suffered from lower crude prices. The update follows FTSE 100 peer BP’s (LON:BP) better-than-expected results earlier in the…
The UK benchmark index has slipped into the red in today’s session, pressured by a fall in oil prices and worries over China’s stimulus policy. Investors are also digesting FTSE 100 company updates, including results by Primark owner Associated British Foods (LON:ABF). FTSE 100 in negative territory As…
The FTSE 100 is seen opening lower this morning, giving up some of the previous session’s gains, as oil retreated. Barclays (LON:BARC) will be in focus today amid prospects for a protest vote at its upcoming annual general meeting (AGM) early next month. FTSE 100 seen lower IG’s…
The FTSE 100 has climbed higher after the long Easter weekend, benefitting from a rise in oil prices. In individual Footsie movers, British Land (LON:BLND) is in the red as it announced a deal to exchange on the sale of 12 superstores from its joint venture with Sainsbury’s (LON:SBRY).
The UK benchmark index looks set to open higher this morning, finding support in higher oil prices and a positive lead from Asia. Banks will be in focus on the corporate front, amid news about Royal Bank of Scotland (LON:RBS) and FTSE 100 peer Barclays (LON:BARC). FTSE…
