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
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
LONDON, Oct 23 (Reuters) – PetroIneos is ramping up imports
of West African crude to its Grangemouth refinery in Scotland,
according to shipping fixtures, booking at least 5 million
barrels since the start of October amid lower prices and
technical problems at the plant.
The joint venture between PetroChina and Ineos
which runs the 210,000 barrel-per-day plant booked
the latest 1 million barrel Suezmax tanker on Thursday, shipping
fixtures show, with another four or five listed since the start
of the month.
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.
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.
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
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.
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.
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.
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.
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.