Correspondent, London
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Oct 15, 2014

Angolan oil output squeezed by LNG plant closure

MILAN/LONDON, Oct 15 (Reuters) – The lengthy shutdown of a
liquefied natural gas (LNG) plant is helping push Angola’s crude
oil exports to their lowest levels since 2006, having clogged
offshore platforms with unwanted gas supplies and forced
operators to limit extraction.

With few alternatives available to unblock oil flows, the
highly polluting practice of burning off gas in flare stacks,
which the plant was built to prevent, looks set to return for as
long as it takes to carry out repairs, local industry sources
with knowledge of the matter said.

Oct 14, 2014

Nearly three percent of output vulnerable if oil falls to $80: IEA

LONDON (Reuters) – Nearly 3 percent of global oil production is vulnerable to cuts if prices fall to $80 per barrel, making some projects in Canada, Angola, Brazil and Norway unprofitable, the International Energy Agency said.

The estimate was included in a monthly report in which the IEA also cut its forecasts for oil demand and said prices may drop further.

Oct 14, 2014

Nearly 3 pct of output vulnerable if oil falls to $80 -IEA

LONDON, Oct 14 (Reuters) – Nearly 3 percent of global oil
production is vulnerable to cuts if prices fall to $80 per
barrel, making some projects in Canada, Angola, Brazil and
Norway unprofitable, the International Energy Agency said.

The estimate was included in a monthly report in which the
IEA also cut its forecasts for oil demand and said prices may
drop further.

Oct 13, 2014

Oil price slump yet to hit US shale oil production: IEA chief

LONDON (Reuters) – The vast majority of shale oil in the United States is produced at costs far below the current price of crude, the head of the west’s energy watchdog said, which means U.S. projects can withstand the market slump squeezing other producers.

Brent oil stands at around $88 per barrel, down more than 23 percent from the year’s peak above $115 in June, raising concern that some shale oil projects will become un-economic.

Oct 9, 2014

Oil resumes fall back to $91 on economy worries, supply glut

LONDON (Reuters) – Brent oil fell to $91 a barrel on Thursday, heading back to over two year lows, as a supply glut and concerns about global growth have pushed it 20 percent down from its peak in June.

Brent for November delivery was down 34 cents at $91.04 by 1005 GMT (0605 EDT), having fallen to $90.98 minutes earlier. The front-month contract fell as low as $90.57 on Wednesday, the lowest since June 2012, before recovering to close at $91.38 – still down 73 cents.

Oct 9, 2014

Oil edges further above $91, supported by weaker dollar

LONDON, Oct 9 (Reuters) – Brent oil futures steadied above
$91 a barrel on Thursday, supported by a slide in the dollar but
a glut in supply and concerns about global growth kept it not
far above a 27 month low hit in the previous day.

Brent for November delivery was up 26 cents at
$91.64 by 0819 GMT. The front-month contract fell as low as
$90.57 on Wednesday, the lowest since June 2012, before
recovering to close at $91.38 – still down 73 cents.

Sep 30, 2014

Oil steadies above $97, supported by U.S., Chinese data

LONDON, Sept 30 (Reuters) – Brent oil steadied above $97 a
barrel on Tuesday, supported by U.S. and Chinese economic data,
but was still set for its deepest quarterly drop in more than
two years because of strong supply.

Brent crude has slumped since June, when it hit this year’s
high of $115.71. Strong supply, a strong dollar and lacklustre
economic data drove prices to a 26-month trough last week.

Sep 24, 2014

Oil slips towards $96 on ample supply, slack demand

LONDON, Sept 24 (Reuters) – Oil fell towards $96 a barrel as
rising supply from Africa and Iraq offset rising tension in the
Middle East and better than expected data in China.

Weak European economic data and a rise in oil exports from
Iraq, Libya and Nigeria have hammered the oil price, which is
down nearly 14 percent this quarter.

Sep 16, 2014

Oil dips towards $97, hit by weak demand, strong supply

LONDON, Sept 16 (Reuters) – Brent crude oil fell towards $97
a barrel on Tuesday, pressured by weak economic data from the
world’s two biggest energy consumers which pointed to weak
demand growth at a time of strong supply.

November Brent was down 37 cents to $97.51 a barrel
by 0810 GMT. The October contract which expired on Monday dipped
to a 26-month low at $96.21 in its final session.

Sep 9, 2014

Brent oil bounces higher after three-day losing run

LONDON (Reuters) – Brent crude oil prices gained on Tuesday in volatile trade, snapping a three-day losing streak as investors returned their focus to potential supply risks.

However, prices remained not far above a recent 16-month low, under pressure from steady global supplies and slower-than-expected growth in the world’s top oil consumers.

    • 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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