Correspondent, London
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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.

Nov 24, 2014

Ineos hires to expand into North Sea oil and gas production

LONDON, Nov 24 (Reuters) – Swiss-based petrochemical and
refining company Ineos is looking to expand into North Sea oil
and gas production by hiring a number of senior and mid-level
staff, its website showed on Monday.

The post of CEO of the new offshore oil and gas business has
a remit “for leading a strategic review to support the INEOS
entry into North Sea production, culminating in investment
recommendations to the main INEOS board,” the website said.

Nov 20, 2014

Oil slips below $78 a barrel, hit by Europe, China data

LONDON, Nov 20 (Reuters) – Brent crude oil fell below $78 a
barrel on Thursday, as the demand outlook was hit by weak
economic data in China and Europe, outweighing support from
possible cuts in oil output at an OPEC meeting next week.

“We’ve had disappointing data from China and Europe, and
U.S. crude inventories are high, so there’s plenty of supply,
but tepid demand,” said Michael Hewson, chief market analyst at
CMC Markets.

Nov 14, 2014

Ghana national oil company, Trafigura discuss $700 mln loan

ACCRA/LONDON, Nov 14 (Reuters) – Ghana National Petroleum
Corporation (GNPC) is in talks with commodities trader Trafigura
and banks for a $700 million five-year loan at 4.43
percent to fund oil and gas projects, GNPC and a source close to
the deal said on Friday.

The deal would be Trafigura’s first in Ghana and GNPC said
it would be funded through its mandated share of national oil
export revenue rather than using oil as collateral.

Nov 10, 2014

Wrong place, small size, ailing industry kill Welsh refinery

LONDON, Nov 10 (Reuters) – U.S. company Murphy Oil
tried for more than four years to sell its Milford Haven
refinery in Wales. The plant was finally doomed last week when a
deal with entrepreneur Gary Klesch fell through because he could
not secure financing.

Banks were not convinced Klesch’s plans to buy Britain’s
smallest and least sophisticated plant were viable, sources
familiar with the transaction said.

Nov 5, 2014

Brent oil reverses fall, rises above $84 on mixed data

LONDON (Reuters) – Brent oil rose above $84 on Wednesday after touching a four-year low below $82 in a day of volatile trading, which also saw U.S. crude gain more than a dollar, as strong signals from the United States outgunned weak data from China and Europe.

U.S. crude inventories increased by 460,000 barrels last week, according to the Energy Information Administration (EIA), while stocks of gasoline and diesel fell.

Nov 5, 2014

UK Milford Haven refinery sale fails; plant shuttered

LONDON, Nov 4 (Reuters) – A deal to rescue the UK’s Milford
Haven oil refinery has collapsed, forcing operator Murphy Oil to
shut the plant with the loss of hundreds of jobs, the latest
victim of a slump in the European refining industry.

Emphasising the political cost of jobs being axed in the run
up to a UK general election next year, British Prime Minister
David Cameron called the decision “very disappointing”.

Nov 5, 2014

Oil falls below $82 on weak Chinese data, supply glut

LONDON, Nov 5 (Reuters) – Brent oil dropped to a new
four-year low below $82 a barrel on Wednesday, a fifth straight
day of losses, as weak economic data from top energy consumer
China intensified worries about demand as a global supply glut
grows.

Services sector growth in China weakened in October as new
business cooled, a private survey showed, coming just days after
data revealed sluggish factory growth in the world’s
second-largest economy.

    • 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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