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Oil market

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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.

Business

Rosneft's quarterly net profit falls 75 percent

Rosneft's quarterly net profit fell by 75 percent as crude oil prices declined, but Russia's top oil producer also blamed heavy investment in the period.

Rosneft's quarterly net profit fell by 75 percent as crude oil prices declined, but Russia's top oil producer also blamed heavy investment in the period.

Business

Lukoil profits hit by oil price slump

Russia's Lukoil has said its profits in the first three months of this year were down by 59 percent as oil prices fell to a 12-year low and its output declined.

Russia's Lukoil has said its profits in the first three months of this year were down by 59 percent as oil prices fell to a 12-year low and its output declined.

Business

Oil tops $50 a barrel for first time this year

Brent crude oil has been above $50 a barrel for the first time this year, up 80 percent on the January price.

Brent crude oil has been above $50 a barrel for the first time this year, up 80 percent on the January price.

Business

French fuel strike: frustration at the pumps and an investment warning

The boss of French energy firm Total has warned it will "seriously reconsider" its future investment plans in France due to the strikes at its refineries against labour law reform.

The boss of French energy firm Total has warned it will "seriously reconsider" its future investment plans in France due to the strikes at its refineries against labour law reform.

Business

Brazil's Petrobras gets new boss with same old problems

Pedro Parente, the new boss of Brazil's scandal-ridden state-controlled energy firm Petrobras, has been talking about the challenges ahead.

Pedro Parente, the new boss of Brazil's scandal-ridden state-controlled energy firm Petrobras, has been talking about the challenges ahead.

News

Divided Libya agrees on oil

Rival Libyan factions have reached an outline agreement to join forces and form a single oil authority operating throughout the country.

Rival Libyan factions have reached an outline agreement to join forces and form a single oil authority operating throughout the country.

Business

IEA oil forecast brightens

The International Energy Agency is no longer so concerned about the oil market "drowning in supply" this year and says unplanned disruptions to output could help run down the global glut of crude.

The International Energy Agency is no longer so concerned about the oil market "drowning in supply" this year and says unplanned disruptions to output could help run down the global glut of crude.

News

Oil production resumes in fire-hit Fort McMurray

The blaze continues to spread but experts say it is in uninhabited areas to the east and south of the town.

The blaze continues to spread but experts say it is in uninhabited areas to the east and south of the town.

Business

Oil price rise from disruption by Canada's McMurray wildfire

Crude prices have risen on fears of significant delays to the restart of production near the wildfire-devastated Canadian oil town of Fort McMurray.

Crude prices have risen on fears of significant delays to the restart of production near the wildfire-devastated Canadian oil town of Fort McMurray.