LONDON (Reuters) – Oil and gas major BP Plc more than tripled Chief Executive Bob Dudley’s pay last year, the firm’s annual report showed on Thursday, with cash and performance-related bonuses taking his total remuneration to $8.7 million.
The payout came as the CEO works to right the course of BP following the 2010 Gulf of Mexico oil spill and streamline the business, returning cash to shareholders.
LONDON, March 5 (Reuters) – Brent crude oil futures fell for
the second straight session on Wednesday, dropping below $109 a
barrel on an easing of fears that Russia’s incursion into
Ukraine could lead to war.
Brent is now more than $3 below a two-month high hit at the
start of the week following Russia’s seizure of Ukraine’s
autonomous Crimea region, with prices having retraced all the
gains seen on Monday.
LONDON, Feb 21 (Reuters) – Brent crude oil slipped towards
$110 a barrel on Friday but remained on course for its highest
weekly close this year, as supply disruptions in Africa tighten
U.S. benchmark West Texas Intermediate was heading for its
sixth straight weekly rise and its discount to Brent has shrunk
to the narrowest in four months, as a new pipeline helps drain
supplies from WTI’s delivery point at Cushing, Oklahoma.
LONDON, Feb 13 (Reuters) – Stronger-than-expected demand has
drained oil inventories to the lowest level since 2008,
tightening the market and defying predictions of a glut, the
West’s energy watchdog said on Thursday.
The International Energy Agency (IEA) said oil inventories
in the developed world plummeted by 1.5 million barrels per day
(bpd) in the last three months of 2013, the steepest quarterly
decline since 1999
LONDON, Feb 13 (Reuters) – Brent crude oil slipped towards
$108 a barrel on Thursday, easing for the first time in three
sessions ahead of an expected dip in demand during the refinery
Losses were limited by an upbeat report from the
International Energy Agency (IEA), which said inventories in the
developed world fell by 1.5 million barrels per day (bpd) at the
end of last year, the steepest quarterly decline since 1999.
LONDON, Feb 11 (Reuters) – Goldman Sachs and Deutsche
Bank are quietly trying to get out of a business few
people know they are even in: trading supplies of raw uranium
known as yellowcake.
In the last four years, the banks have amassed low-grade
stockpiles of the nuclear fuel ingredient larger than those held
by Iran, and enough to run China’s nuclear plants for a year.
LONDON, Feb 6 (Reuters) – Brent crude rose further above
$106 a barrel on Thursday, recovering from a near three-month
low hit at the start of the week as traders weighed Libyan
supply disruptions against fears turmoil in emerging economies
could slow global growth.
Brent’s premium over U.S. crude has fallen to its lowest
since October. On Thursday the two benchmark contracts rose in
tandem, with West Texas Intermediate (WTI) approaching $98 a
LONDON, Jan 17 (Reuters) – Brent crude oil reversed early
losses on Friday after touching a two-month low near $105 a
barrel, but remained on course to finish down for the week as
traders assessed the likelihood of a sustained recovery in
supply from Libya.
Brent’s premium over U.S. crude also fell to its lowest in
almost a month, as the start-up of a major pipeline next week is
expected to help ease a bottleneck in the Midwest and let more
fast-rising shale production flow to Gulf Coast refineries.
LONDON, Jan 8 (Reuters) – Brent crude oil rose towards $108
per barrel on Wednesday, supported by new worries over Libyan
supplies and expectations for a drop in crude inventories in the
Tensions in Libya escalated after a heavily armed eastern
autonomy group said on Tuesday it would invite foreign companies
to buy oil from seized ports and protect arriving tankers, in
defiance of the government in Tripoli, which has vowed to stop
LONDON (Reuters) – Bank of America-Merrill Lynch shut its European power and gas sales and trading operation on Tuesday, the fourth major player to close parts of its commodities business as tighter regulation and fewer arbitrage opportunities erode profits.
Last month Morgan Stanley (MS.N: Quote, Profile, Research, Stock Buzz) sold its main physical oil trading unit to Russian state-run oil major Rosneft, and Deutsche Bank said it was largely exiting commodities trading. In July, JPMorgan (JPM.N: Quote, Profile, Research, Stock Buzz) put its physical trading operations up for sale.