Correspondent, London
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Jan 7, 2015

Brent oil slips below $50 on mounting glut, slack demand

LONDON (Reuters) – Brent crude oil fell below $50 a barrel for the first time since May 2009 on Wednesday, hammered by a growing supply glut and weak global demand.

The pace of global business growth eased to its weakest rate in over a year at the end of 2014, according to JPMorgan’s Global All-Industry Output Index, produced with Markit. Weak economic activity is adding to fears of deflation, with euro zone inflation data due later on Wednesday expected to show the first annual fall in consumer prices since 2009.

Jan 7, 2015

Shell to pay out $83 mln to settle Nigeria oil spill claims

ABUJA/LONDON, Jan 7 (Reuters) – Royal Dutch Shell
will pay out 55 million pounds ($83.4 million) in compensation
for two oil spills in Nigeria in 2008 after agreeing a
settlement with the affected community.

The largest ever out-of-court settlement relating to oil
spills in Nigeria is a step forward for the oil-rich Niger Delta
region that has been hit by regular environmental damage, but it
is tiny compared with the billions in compensation and fines BP
had to pay after the Macondo rig disaster in the Gulf of
Mexico in 2010.

Dec 30, 2014

Pricing-war hotspot for African, Gulf oil producers

SINGAPORE/LONDON (Reuters) – Asia has become a hotspot for a price war between African and Gulf oil producers who, hobbled by bulging global supplies and waning demand, are offering steep discounts to defend their market share in the world’s top net crude buying region.

The competition is welcome news for Asian buyers. If oil stays near $60 per barrel, import costs for the world’s No.2 oil consumer, China, would drop to under $125 billion a year, versus $222 billion in 2013 when crude averaged $110.

Dec 30, 2014

Asia: Pricing-war hotspot for African, Gulf oil producers

SINGAPORE/LONDON, Dec 30 (Reuters) – Asia has become a
hotspot for a price war between African and Gulf oil producers
who, hobbled by bulging global supplies and waning demand, are
offering steep discounts to defend their market share in the
world’s top net crude buying region.

The competition is welcome news for Asian buyers. If oil
stays near $60 per barrel, import costs for the world’s
No.2 oil consumer, China, would drop to under $125 billion a
year, versus $222 billion in 2013 when crude averaged $110.

Dec 29, 2014

Oil rises to $60 per barrel, Libya fire supports

LONDON (Reuters) – Brent crude oil rose to $60 per barrel on Monday, supported by concern about disruption to exports from Libya, but a global supply glut kept prices nearly 50 percent off their peak for the year.

A fire caused by fighting at one of Libya’s main export terminals has destroyed 800,000 barrels of crude – more than two days of the country’s output, officials said, amid clashes between factions battling for control of the nation..

Dec 24, 2014

Oil drops below $61 on supply glut, strong dollar

LONDON (Reuters) – Brent oil fell below $61 per barrel on Wednesday, weighed down by strong supply in the United States and a rising dollar.

Brent for February delivery dropped $1.02 to $60.67 by 0959 GMT (4.59 a.m. ET) after settling up $1.58 on Tuesday.

Dec 22, 2014

Oil rebounds above $62, tracking broader markets

LONDON (Reuters) – Oil rose above $62 a barrel on Monday, mirroring gains in equities, as investors became confident there would be no further substantial price loss in the run-up to the new year.

Saudi Arabia’s powerful oil minister, Ali al-Naimi, said on Sunday that lower crude prices would help demand by stimulating the economy and slow down supply growth.

Dec 12, 2014

Oil hits lowest in more than five years at $63 on supply glut

LONDON (Reuters) – Brent crude oil slipped on Friday to $63 a barrel, its lowest since July 2009, dragged down by persistent concerns over a global supply glut and a sluggish demand outlook.

Brent is down 8 percent this week, 45 percent below its June peak above $115 per barrel.

Dec 10, 2014

Algeria plans oil and gas bidding round by Q3 2015 -Sonatrach

LONDON, Dec 10 (Reuters) – Algeria will open a new round of
bidding for investment in its oil and gas fields by the third
quarter of 2015 and may improve the terms for companies, the
head of state energy company Sonatrach said on Wednesday.

Sonatrach’s interim chief, Said Sahnoun, said Algeria was
considering improving terms to attract more interest after the
last round in September awarded just four out of 31 blocks on
offer.

Dec 5, 2014

Blame game in Europe as pump prices lag the drop in crude

LONDON, Dec 5 (Reuters) – A slide in the price of crude oil
is not being matched in Europe by a fall at the pump, and as
political pressure for cheaper petrol mounts, retailers and
consumer groups differ over what causes the lag.

Retail petrol taxes and the strength of the dollar mean that
drivers in Europe can not expect to see the full benefit of the
more than 40 percent drop in crude prices since June.

    • About Simon

      "I am a senior correspondent at Reuters in London, working on the energy desk covering the oil market, both physical and futures, with a particular focus on oil products. I have been at Reuters since January 2007, and did stints on the foreign exchange and stockmarkets desk before moving to commodities. I sometimes write lifestyle pieces, and have a particular interest in food and literature."
      Joined Reuters:
      2007
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