Shell, Exonn and now BP – all have been hurt by low oil prices. The UK giant’s underlying profits in the final quarter were down 20% on a year earlier at $2.2bln. Full year profit was 10% lower at just over $12bln. BP is slashing capital spending by a fifth to $20bln as a result. The oil giant did at least beat fourth quarter expectations thanks to a surprise profit from its Russian partner Rosneft. […]
Tag: oil
Islamic State attacks Kurdish outposts in Kirkuk
Islamic State militants struck at Kurdish forces in the northern province of Kirkuk on Friday (January 30). Police said Islamic State launched mortars and attacked positions of Kurdish fighters in four districts southwest of Kirkuk city. Militants later detonated a car bomb at a disused hotel in Kirkuk city centre and clashed with peshmerga forces. Kurdish forces later found the body of a militant in the hotel and threw the body over a balcony down […]
Oil surges 8% as U.S. rig count plunges, shorts scramble
(Reuters) – Oil prices roared back from six-year lows on Friday, rocketing more than 8 percent as a record weekly decline in U.S. oil drilling fueled a frenzy of short-covering. In a rally that may spur speculation that a seven-month price collapse has ended, global benchmark Brent crude shot up to more than $53 per barrel, its highest in more than three weeks in its biggest one-day gain since 2009. The late-session surge was primed […]
Oil slides as Saudi Naimi tells market to forget OPEC cuts
(Reuters) – Oil prices resumed their downward march on Monday, doubling back on the biggest one-day gain in over two years, after Saudi Arabia’s powerful oil minister said OPEC would not cut production at any price. After a weekend of comments from several Gulf OPEC members reiterating their intent not to intervene in oil markets despite oil prices that have halved since June, Ali al-Naimi told the Middle East Economic Survey it was “not in […]
Oil falls below $86 as oversupply, global economy worries weigh
(Reuters) – Brent crude fell on Monday, dropping below $86 a barrel as worries about booming supply and sluggish demand pushed the global oil benchmark back toward last week’s four-year low. U.S. crude hovered below $83 a barrel. Brent tumbled more than a dollar in early U.S. trade, but bounced off session lows as global equities markets gained. Oil prices are down more than 25 percent since June on concern about a saturated global oil […]
China’s oil rig finds major gas field at paracels island
China has reportedly discovered a gas field in the northern part of the South China Sea.
Oil price hike
Petroleum products add more than 1 peso to their prices due to the crisis in Iraq.
Oil topping $116 seen possible as Iraq conflict widens
The growing crisis in Iraq is threatening to send gas prices skyrocketing.
Conflict in Iraq drives oil prices higher
The sudden eruption of an al Qaeda-linked militant insurgency in northern Iraq last week triggered the biggest oil price spike in almost a year, as traders feared a civil war that might also draw in oil-rich neighbors.
Asian shares slip, crude firms as market eyes Iraq
(Reuters) – Asian shares got off on the back foot on Monday, as crude extended gains and tested nine-month highs on fears the insurgency in Iraq could spread – disrupting oil exports. Sunni insurgents seized a mainly ethnic Turkmen city in northwestern Iraq on Sunday, while the United States boosted security for its diplomatic staff in Baghdad and said some personnel had evacuated from the embassy. Brent LCOc1 rose about 0.5 percent to $113.07 per barrel, after touching $114.69 […]
