Brent Oil Climbed 5% This Week
Brent oil rallied above $65 per barrel on Friday and was on track for a 5% gain this week on fears of a U.S. military attack on Iran that would disrupt flows from the Middle East, which provides more than a fifth of the world's oil output.Brent crude was up $0.69, or 1.07%, at $65.14 a barrel at 1210 GMT.
Shell Outperforms Rivals in Q1
Royal Dutch Shell reported on Thursday a small drop in first quarter profit to $5.4 billion, but still easily beat forecasts, helped by stronger trading and liquefied natural gas earnings.Shell's results outshone those of rivals Exxon Mobil, Chevron and BP which all saw sharp declines in profits…
Oil Falls Below $60 a barrel as Inventories Stay High
North Sea Brent crude oil fell below $60 a barrel on Thursday, under pressure from high global inventories and a smaller-than-expected drawdown in U.S. crude stockpiles."The energy complex is drifting lower as sellers continue to bask in the bearish afterglow of yesterday's (U.S.) stats," PVM…
Shell Profits Soar
Royal Dutch Shell's profits soared to a four-year high in the third quarter, boosted by rising oil and gas prices as the company accelerated its giant $25 billion share buyback program.Although the $5.6 billion quarterly profit slightly missed forecasts for a fourth quarter, investors took heart…
Oil Up On Supply Concerns Ahead of OPEC Meeting
Oil prices rose on Friday ahead of a meeting of OPEC and other large crude exporters that will focus on production increases as U.S. sanctions restrict Iranian exports.OPEC and its allies are scheduled to gather in Algeria on Sunday to discuss how to allocate higher supply to offset the shortage…
Oil Rises as Outages Balance Trade Dispute, OPEC
Oil prices rose on Tuesday, supported by production losses in Canada, Libya and from the Neutral Zone between Saudi Arabia and Kuwait, but under pressure from higher supply from elsewhere in OPEC and escalating trade conflicts.Brent crude was up 45 cents at $75.18 a barrel by 1335 GMT. U.S. light…
Oil Steady as Outages Balance Trade Dispute, OPEC
Libyan uncertainty supports Brent as * Canada outage lifts prompt U.S. crude prices. Oil prices steadied on Tuesday, supported by Canadian production losses and uncertainty over Libyan exports, but under pressure from climbing OPEC supply and escalating trade conflicts between the United States and other major economies.
OPEC Output Hike Will Squeeze Oil Buffer to Historic Lows
The oil industry will face the biggest squeeze on its spare production capacity in more than three decades if OPEC and its allies agree next week to hike crude output, leaving the world more at risk of a price spike from any supply disruption.Spare capacity is the extra production oil producing states can bring onstream and sustain at short notice…
Oil Slips after Harvey Floods U.S. Refineries
Storm Harvey shuts U.S. oil refineries; U.S. government releases oil from reserves. Oil prices slipped on Friday in the wake of Hurricane Harvey, which has killed more than 40 people and brought record flooding to the oil heartland of Texas, paralysing a quarter of the U.S. refining industry.
Oil Set for First Weekly Gain in Five
Strong dollar weighs as chance for U.S. Fed rate hike increases; Saudi energy minister urges OPEC to cut output ahead of meeting. Brent crude oil prices were headed for their first weekly gain in five on Friday buoyed by renewed hopes that OPEC might agree production cuts, but a stronger U.S. dollar capped gains.
Oil Prices Rise on Saudi Optimism Over OPEC Deal
Oil prices rose on Thursday as expectations of an OPEC deal to limit production outweighed evidence of global oversupply and rising inventories, particularly in the United States. Saudi Energy Minister Khalid al-Falih said he was optimistic OPEC would formalise a preliminary oil output deal reached in Algeria in September.
Oil Rises on Saudi Optimism over OPEC Deal
Saudi Arabia says oil market on way to becoming balanced, but markets oversupplied as OPEC production surges. Oil prices rose on Thursday as expectations of an OPEC deal to limit production outweighed evidence of global oversupply and rising inventories, particularly in the United States. Saudi…
Shell, Aramco U.S. Refining Breakup Lets Both Pursue Ambitious Goals
The breakup of Royal Dutch Shell's and Saudi Aramco's giant U.S. refining joint venture draws a line under an often rocky relationship and allows Aramco to accelerate an ambitious public offering and Shell to push ahead with a large asset sale. The two energy giants' plan to dissolve Motiva Enterprises…
Shell Names Top Exec to Head BG During Integration
Royal Dutch Shell's top executive planning the integration of BG Group will become transitional CEO of BG after expected completion of the $48 billion acquisition next month, company sources said. The appointment of Dutchman Huibert Vigeveno to oversee the complex merger of the two global businesses comes as no surprise.
Shell's Profits Hit by Arctic, Canadian Write-offs
Royal Dutch Shell on Thursday reported a hefty $8.2 billion charge, equivalent to around 5 percent of its market value, due to write-offs on projects in the Alaskan Arctic and Canada as Europe's biggest oil producer grapples with weak oil prices. The oil major's third-quarter current cost of supplies earnings…
Price Fall Hastens Western Oil Majors Retreat
Seven oil majors ran annual cash deficit of $55 bln; falling oil price to force new wave of asset sales. This year's fall in energy prices is hastening the decline of big oil, as the seven Western majors sell-off assets, cut investment, return money to shareholders and shrink in size, leaving ever more output to small producers and state firms.
BP Can Absorb New Oil Spill Fine Say Analysts
BP should be able to meet the cost of up to $18 billion of new fines for the 2010 Gulf of Mexico oil spill without major asset sales or a big cut in its dividend, analysts say. The oil group's shares dropped nearly 6 percent on Thursday after U.S. District Judge Carl Barbier in New Orleans, Louisiana…
BP 'Grossly Negligent' in 2010 US Spill, Fines Could Be $18b
A U.S. judge has decided that BP Plc was "grossly negligent" and "reckless" in the Gulf of Mexico oil spill four years ago, a ruling that could add nearly $18 billion in fines to more than $42 billion in charges the company took for the worst offshore environmental disaster in U.S. history. BP said it would appeal Thursday's ruling by U.S.
