BREAKING NEWS

Oil market

Business

Oil extends gains ahead of OPEC talks

Oil prices extended gains for a second session running on Friday – fuelled by optimism that non-OPEC producers will agree to reduce output following a cartel agreement to limit…

Oil prices extended gains for a second session running on Friday – fuelled by optimism that non-OPEC producers will agree to reduce output following a cartel agreement to limit…

Business

OPEC agrees first production cut in eight years

OPEC gets its act together in first co-ordinated action in ages and agrees production cut, but analysts say no oil price shock is on the cards.

OPEC gets its act together in first co-ordinated action in ages and agrees production cut, but analysts say no oil price shock is on the cards.

Business

Oil prices surge up on output cut hopes

Oil prices rose to three-week highs on Monday amid expectations that OPEC is moving close to a deal to cut output when it meets next week.

Oil prices rose to three-week highs on Monday amid expectations that OPEC is moving close to a deal to cut output when it meets next week.

Business

OPEC deal optimism pushes up oil prices

There is renewed optimism that the producer group OPEC might agree to limit the amount it pumps, thereby addressing a supply glut and low prices.

There is renewed optimism that the producer group OPEC might agree to limit the amount it pumps, thereby addressing a supply glut and low prices.

Business

Oil bounces back on OPEC deal hopes

Oil prices jumped on Tuesday on expectations that OPEC may be nearing an agreement to reduce a huge supply glut.

Oil prices jumped on Tuesday on expectations that OPEC may be nearing an agreement to reduce a huge supply glut.

Business

BP hit worse than Shell by low oil prices

BP's latest quarterly earnings were almost halved while Shell announced its highest profit in five quarters thanks to the purchase of rival BG Group.

BP's latest quarterly earnings were almost halved while Shell announced its highest profit in five quarters thanks to the purchase of rival BG Group.

Business

Saudi Aramco boss warns low prices threaten future energy supplies

Saudi Aramco's head Amin Nasser says low prices mean cash-strapped energy companies are not investing risking shortages of oil and gas in the future.

Saudi Aramco's head Amin Nasser says low prices mean cash-strapped energy companies are not investing risking shortages of oil and gas in the future.

Business

Scepticism mounts over OPEC production cut move

Oil producers in the OPEC cartel have agreed they need to cut production to address a supply glut and lift prices - but the devil is in the details.

Oil producers in the OPEC cartel have agreed they need to cut production to address a supply glut and lift prices - but the devil is in the details.

Business

Madagascar drills deep to make most of unused resources

Madagascar is on the verge of an oil and gas revolution, but how will it develop these new sectors of the economy for the benefit of all without ruining the environment?

Madagascar is on the verge of an oil and gas revolution, but how will it develop these new sectors of the economy for the benefit of all without ruining the environment?

Business

Glut alert! Oil demand slowing, production still high

Oil prices were down again on Tuesday following pessimistic predictions about the growth in demand from the International Energy Agency.

Oil prices were down again on Tuesday following pessimistic predictions about the growth in demand from the International Energy Agency.

News

Haftar's oil blitz could fatally undermine Libyan government

The internationally-recognised Libyan government’s loss of key oil facilities to forces loyal to the eastern administration and General Kalifa Haftar is a potentially serious blow that could starve Tr

The internationally-recognised Libyan government’s loss of key oil facilities to forces loyal to the eastern administration and General Kalifa Haftar is a potentially serious blow that could starve Tr

Business

European markets hit by worries over US rate hike timing

Monday was a rough day for the world's financial markets amid fears that the Federal Reserve could raise interest rates again as early as next week.

Monday was a rough day for the world's financial markets amid fears that the Federal Reserve could raise interest rates again as early as next week.

Business

Saudi Arabia and Russia signed an oil deal - but what does it mean?

Saudi Arabia and Russia have agreed to cooperate over oil, with a task force to recommend measures and actions, but no immediate action by the world's two top producers.

Saudi Arabia and Russia have agreed to cooperate over oil, with a task force to recommend measures and actions, but no immediate action by the world's two top producers.

Business

Oil production freeze speculation increases

A freeze of oil output by major producers is looking more likely as Saudi Arabia signals a change in approach ahead of an OPEC meeting in Algeria later this month.

A freeze of oil output by major producers is looking more likely as Saudi Arabia signals a change in approach ahead of an OPEC meeting in Algeria later this month.

Business

Oil price slump hits Sinopec profit

The sliding price of crude has again hit the profits of Sinopec - the state-controlled China Petroleum and Chemical Corporation.

The sliding price of crude has again hit the profits of Sinopec - the state-controlled China Petroleum and Chemical Corporation.

Business

Statoil promises more for less from Sverdrup field

The biggest Norwegian offshore oil project in decades is going to be cheaper and more productive according to energy firm Statoil.

The biggest Norwegian offshore oil project in decades is going to be cheaper and more productive according to energy firm Statoil.

News

Iran and Venezuela cooperate to boost oil prices

Venezuela’s president said he expects new measures to stabalise oil markets and strengthen OPEC to be announced soon.

Venezuela’s president said he expects new measures to stabalise oil markets and strengthen OPEC to be announced soon.

Business

Oil dips below $50 a barrel as production limit hopes fade

Crude oil prices have slipped back after hitting an eight-week high following their longest run of gains in four years in the belief that a limit on output will not be agreed by producers.

Crude oil prices have slipped back after hitting an eight-week high following their longest run of gains in four years in the belief that a limit on output will not be agreed by producers.

Business

Big job cuts in Britain's oil and gas sector

As many as 120,000 workers will have lost their jobs in Britain's oil and gas sector by the end of the year, according to the industry's lobby group.

As many as 120,000 workers will have lost their jobs in Britain's oil and gas sector by the end of the year, according to the industry's lobby group.

News

Oil prices rise to almost double January's lows

Oil prices have hit their highest in 10 months due to a fall in stockpiles in the United States and supply disruptions in Canada, Nigeria, Venezuela and Libya.

Oil prices have hit their highest in 10 months due to a fall in stockpiles in the United States and supply disruptions in Canada, Nigeria, Venezuela and Libya.