Oil price rises due to middle east conflict, UK energy secretary says UK needs to become more energy independent. UK Energy Secretary Chris Huhne has called for the UK to speed up a move away from foreign oil vulnerable to factors such as civil unrest. The recent turmoil throughout the Middle East has sent the price of oil up dramatically, … Read More
BP looking at North Sea asset sale
British Petroleum are thought to be looking at the sale of North Sea assets worth £633 million ($1 billion). The sale is thought to be being considered to help the company ease the financial burdens caused by the Gulf of Mexico oil spill. The spill, a saga which started in mid April of this year, has cost BP billions of … Read More
Oil found off coast of Greenland
Scottish firm Cairn energy have found new oil just off the coast of Greenland Edinburgh based energy company Cairn Energy have struck oil for the first time just off the coast of Greenland. Early analysis indicates two types of oil have been found, with natural gas also present in the Baffin Bay basin. Further analysis is needed to determine the … Read More
Gulf Oil spill has cost BP 3.8 billion pounds
BP says they have spent nearly four billion pounds since April, when the Deepwater Horizon rig exploded in Mexico. The staggering sums have accumulated in scarcely three months since the disaster. BP attribute the majority of the sum to their initial spill response, namely the 31,000 people deployed in the numerous containment attempts. The gushing oil well was finally stopped … Read More
The effects of the BP oil spill
BP hit hard in the aftermath of the disaster in the Gulf of Mexico It’s almost two months since the widely reported disastrous oil spill in the Gulf of Mexico, where the Deepwater Horizon BP oil rig exploded and was sunk on April 20, killing 11 workers and leaving a hole in the ocean floor spewing around 5000 barrels of … Read More
Oil demand to rise
The International Energy Agency (IEA) has forecast that oil demand will hit an all time high this year. This comes after recent news that oil prices went up to $87 per barrel, the highest it has been in the 18 months since October 2008. The IEA has reported that due to a big increase in global oil demand including a … Read More
Oil demand to rise in 2010, says IEA
The IEA has claimed the demand for oil will increase by 1.7 percent next year as the world recovers from the recession. Oil price has most recently dropped below $60 per barrel, amidst concerns about the state of the global economy. The IEA (International Energy Agency) has predicted demand to fall by 2.9% in 2009.
Rise in crude stocks causes further price drops
U.S. crude oil stockpiles rose by millions more than expected this week, dropping oil prices. The American Petroleum Institute reported rises in crude stocks that were much higher than expected. This comes soon after OPEC’s decision not to decrease crude output last month. Crude stocks rose by about 7 million barrels, 5 million more than expected. Petroleum and distillate stocks … Read More
OPEC decides on no cuts to crude oil output
The intergovernmental consortium has decided not to further reduce the amount of crude oil exported in fear of damaging the global economy. The Organisation of Petroleum Exporting Countries (OPEC) controls 40% of the world’s oil. The decision came at a meeting in Vienna, and it was unclear as to what OPEC would decide, given that Algeria and Libya were calling … Read More
Global oil production slows faster than expected
Oil down to $35 a barrel as decrease in global demand leads to oil production slowdown. The supply cuts announced by OPEC last month coupled with worries about the current economic climate are finally having an affect on the global oil market. An oil price rise looks more likely after Opec nations and those outside the cartel have lessened their … Read More