Oil

North Sea oil workers vote to strike

Tags

Oil

Workers on Shell’s giant Brent oilfield platform have voted for strike action that could take place in the next couple of weeks. Workers and Unions are angry at proposed cuts to salaries and increased working hours. If the strike takes place it will be the first industrial action in the North Sea for a generation.

The trade union Unite says the proposals are unfair and that they break an agreement made just six months ago. With 99.1% of voters taking place in the ballot voting for strike action, it is clear that their member agree the proposals are unfair.

Saudi Arabia to end their addiction to oil

Tags

Oil

Saudi Arabia has announced ambitious plans to end their ‘addiction’ to oil revenues this week after Prince Mohammad Bin Salman said the Kingdom would not allow their economy to be dictated by volatility in commodity markets.

Could the UK be sitting on £52.6 billion?

Tags

Oil

A potential £52.6 billion worth of oil could be sitting under Gatwick and other areas of the South East according to a new report by UK Oil & Gas. The company who plans to extract oil from the Gatwick area have said that they believe there is a considerable amount of oil in the area, which will be a huge boost to the region.

Oil output freeze discussions end without a deal

A meeting between oil producing nations over the weekend to discuss a possible output freeze has ended without a deal. It was hoped that this meeting would finally see OPEC cut its production and force the price of oil up. However, the familiar issue of Saudi Arabia not wanting to loose market share to Iran forced the meeting to end without a deal being made.

Have oil prices bottomed out?

With oil prices rising sharply over the past couple of weeks, many are wondering if the price has bottomed out. In early February the price of Brent Crude Oil hit $28 per barrel, however talks of an output freeze between the Saudis and Russia has fuelled a sharp recovery, with prices opening on Monday the 14th of March at just over $40 per barrel.

International Energy Agency warns about oil supply security

The International Energy Agency (IEA) has released its latest medium term oil market report, issuing a warning about supply security. The IEA expects the oil price to rebalance and recover throughout 2017, where we will start to see prices increase to levels we had seen a few years ago.

Oil prices spike as OPEC meets with Russia and Iran

Tags

Oil

OPEC oil ministers have travelled to Iran to discuss a possible production freeze between OPEC, Russia, Iran and the US. OPEC hope that the production freeze would push prices higher after they have been lingering around the $30 per barrel mark.

Possible oil production cuts spike prices

Late on Thursday afternoon there was an announcement from the Russian oil minister that they will be meeting with OPEC in early February to discuss a 5% cut in oil production. The market has been flooded with over supply, which has caused the oil price to fall as low at $27 a barrel, however, this announcement caused a spike in prices with oil hitting $36 a barrel briefly before trading closed.

Oil drops below $28 a barrel due to Iranian sanctions being lifted

Tags

Oil

Oil prices on Monday morning fell to their lowest since 2003 as Western sanctions on Iran were lifted at the weekend. The price briefly fell to $27.67 a barrel before recovering slightly due to fears over more oversupply on the market.

Oil hits 11 year low

Tags

Oil

Brent Crude Oil on Monday fell to its lowest price since July 2004 when it sank to $36.05 a barrel. The huge amount of oversupply on the market is causing the price to fall, with experts predicting that we could see prices close to $20 a barrel before it starts to recover, causing a huge headache for the oil industry but a huge relief to consumers at the pumps who can now purchase petrol for under £1 a litre for the first time since 2008.

Pages