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BP expects to pay $1 billion under the UK’s windfall tax on the oil and gas sector between May 2022 and April 2023, the company said on Tuesday.
BP paid a total of $650 million in tax in the UK in the first quarter of 2023, of which $300 million came under the Energy Price Levy, a company spokesperson said after the firm reported a $5 billion quarterly profit.
Last year BP paid $700 million under the EPL, bringing the total to $1 billion, it said.
The UK government imposed a 25 percent windfall tax on oil and gas producers last May in the wake of soaring energy prices after Russia’s invasion of Ukraine.
The government increased the EPL in November to 35 percent, bringing Britain’s total tax rate on the sector to 75 percent, one of the highest in the world.
Meoryou - I'm sure I'll pop in from time to time. It's generally speaking a nice board with plenty of opposing views and a diverse group of (generally!) well mannered people. I hope that continues.
I've no real complaints with my overall returns from either BP or Shell.
BP provided me a total return of 46% (16% capital / 30% dividends), and
Shell provided me a total return of 80% (45% capital / 35% dividends)
Now just seems to be the right time to move on. Time will tell. Good Luck!!
Have a great weekend.
Https://www.reuters.com/business/energy/bp-talks-over-insurance-deal-pension-scheme-ft-2023-07-07/
Https://www.livecharts.co.uk/MarketCharts/brent.php
Good luck Zac hope it works out for you
I can’t believe people still can’t see that high oil price are the problem. If oil drops so does inflation and interest rates will come down opec is a problem. Shell boss is spot on with his comment but was criticised for what he said. Oil cuts to push up oil prices is dangerous and irresponsible.
Zac
Hope you still turn up from time to time.
Your views were always interesting..
Ps still hoping you got it totally wrong and oil rises to the mid $80s with BP over £6, but so far no chance.
Your reasons are hard to fault.
I also have tucked away recently better div payers than BP.
Good luck
. . . to my directly held oil shares. Sold BP in Feb and have sold my total holding in Shell this morning. I've had a target sell price in mind of around £25 for some time now. I could have sold for that price earlier but for various reasons chose not to.
However, although the price I sold for today is below my target price a number of other holdings after yesterday's sell off are now at levels where (i) their dividend yield is more attractive, and (ii) they look as likely to deliver a 10% growth in share price as Shell does.
The result is I'll now enjoy a 12% increase in annual dividend payments, hopefully the growth prospects in share price are no worse and I have 25% of my capital from the sale to invest elsewhere.
I realise it's Shell and not BP I'm talking about but it maybe of interest.
Oil prices are on course for a second consecutive weekly gain, with WTI trading above $72 and Brent moving toward the $77 mark.
Recent inventory data from the United States has helped alleviate some demand concerns, with the EIA reporting a third draw in a row.
On the supply side, Russia’s decision to cut its oil exports combined with Saudi Arabia’s production cut extension are set to tighten the oil market.
Crude oil prices were set for their second consecutive week of gains today as supply concerns began to seep through a preoccupation with demand.
The latest inventory data from the United States helped alleviate concerns about demand, according to Reuters, as the EIA reported a larger-than-expected draw. Even though it was much slimmer than the inventory draw estimated for the previous week, which came in at 9.6 million barrels.
Yet last week’s inventory draw was the third in a row, strengthening the impression of a stronger demand environment in the world’s largest consumer of crude oil.
Meanwhile, minutes from the Fed’s meeting from last month revealed that the U.S. central bank is still determined to continue raising interest rates until it is satisfied with inflation levels. That’s bearish for oil but it seems supply news is countering the effect for the moment.
In related news, the FT reported that U.S. borrowing costs had jumped to the highest in 16 years as employment strengthened further. That, the FT noted, would likely strengthen the Fed’s resolve for more rate hikes.
“The global economy will break eventually, and the higher rates go, the bigger the cracks will be,” an Allianz bond fund portfolio manager warned.
Meanwhile in oil, "The crude demand outlook is starting to look better as we enter peak summer travel in the U.S., and as the Saudis were able to raise prices to Europe and Asia," OANDA analyst Edward Moya told Reuters.
The outlook for supply is helping support a less bearish view on oil prices, after the news about Saudi Arabia’s production cut extension and Russia’s planned export cuts began to sink in.
The two measures would take 1.5 million bpd off the market in August at a time when growth in production in the U.S. is slowing down and about to reverse later in the year, at least according to Reuters’ John Kemp.
Subject: Competition 2023 Christmas ( Bottle of Champagne for winner)
y11-shx £4.05
Gingy £4.20
Christmas 2023 Jeffrey1979 £4.60
WeirdPal £4.64
Christmas 2023 Owls £4.71
1Armani £4.75
Cunningfox £4.79
Christmas 2023 Spikeyj £4.84
Christmas 2023. ClydeCrusader £4.85
Christmas 2023 wolfiebill £4.87
Christmas 2023 beecknot £4.95
Redjim £4.97
Christmas 2023Selecta6 £5
Grezz £5.05
AimingForProfit £5.09
Christmas 2023 Halma 1983 £5.10
Christmas 2023 Pang £5.12
Rupert Bear £5.15
Christmas 2023 Boxter £5.18
Christmas 2023 GKerr £5.20
Christmas 2023 J.S.B £5,24
Christmas 2023 Bruce77 £5.27
Christmas 2023 Neil 74 £5.33
Christmas 2023. Keepergy £5.45
Sundezena £5.48
Christmas 2023 Harmonica £5.50
Christmas 2023 Rjb 92 £5.55
Christmas 2023 Redjim £5.65
Christmas 2023 GoodTo Go £5.70
Christmas 2023 Jezzo £5.75
Christmas 2023. meoryou £5.78
cChristmas KPMAN £5.83
Christmas 2023 Jakers £5.85
Christmas 2023 MarkGo £5.90
Rhino2K £5.97
Christmas 2023 Happy investor 100 £6.00
Cong £6.15
Christmas 2023 Spights £6.45
Christmas 2023 jamtart 1 £6.50
Hi Guys,
Please add me @ 475p
ATB
OPEC Maintains Its Rosy Outlook For Oil Demand In 2024
By Julianne Geiger - Jul 06, 2023, 10:30 AM CDT
OPEC is expected to keep a bullish view on next year’s oil demand growth when it publishes its outlook on July 13, according to Reuters.
Anonymous OPEC sources who spoke to Reuters said on Thursday that OPEC’s 2024 demand outlook will likely remain upbeat and above average, although lower than this year’s oil demand growth.
For 2023, OPEC said in its June report that oil demand growth was expected to be 2.35 million bpd—a 2.4% increase over 2022, and a rather high rate that comes only after a couple of years of sluggish demand courtesy of the coronavirus pandemic. This was a slight increase from its May report that forecast 2.33 million bpd.
OPEC’s 2024 oil demand growth is expected to be below that 2.35 million bpd forecast for this year, although the group is still expected to forecast above-average growth next year.
It will also likely be above IEA projections, which is anticipating a mere .86 million bpd growth.
Three OPEC sources said that the oil demand growth slowdown next year won’t be as severe as the IEA projects—and still above 1 million bpd. A fourth source that Reuters described as close to OPEC said that the demand growth would likely be above 1.5 million bpd.
OPEC’s bullish view of 2024 oil demand growth comes as OPEC heavyweight Saudi Arabia raised its crude oil prices to Asia today, and follows Aramco’s CEO Amin Nasser’s comments earlier this week that oil demand growth out of China and India alone was 4 million barrels per day between 2019 and 2023.
In its latest monthly report, however, OPEC cautioned readers of “rising uncertainties regarding economic growth” in the second half of this year thanks to inflation, rising interest rates, and tight labor markets. It also pointed to geopolitical conflicts in Eastern Europe as adding yet another layer of uncertainty to oil demand growth forecasts.
Yeah I think your right Tinker hope tomorrow is a better day or this will be a strong sell signal. Unfortunately I can’t see much positive at the moment it may just be better to take 6 percent + in a savings account for now and see how things on out.
I could be wrong but I think the last time we closed under 450p was last Oct. Just got to hold on tight.
T
Competition update5 Jul 2023 06:56
Subject: Competition 2023 Christmas ( Bottle of Champagne for winner)
Christmas 2023 Jeffrey1979 £4.60
WeirdPal £4.64
Christmas 2023 Owls £4.71
Cunningfox £4.79
Christmas 2023 Spikeyj £4.84
Christmas 2023. ClydeCrusader £4.85
Christmas 2023 wolfiebill £4.87
Christmas 2023 beecknot £4.95
Redjim £4.97
Christmas 2023Selecta6 £5
Grezz £5.05
AimingForProfit £5.09
Christmas 2023 Halma 1983 £5.10
Christmas 2023 Pang £5.12
Rupert Bear £5.15
Christmas 2023 Boxter £5.18
Christmas 2023 GKerr £5.20
Christmas 2023 J.S.B £5,24
Christmas 2023 Bruce77 £5.27
Christmas 2023 Neil 74 £5.33
Christmas 2023. Keepergy £5.45
Sundezena £5.48
Christmas 2023 Harmonica £5.50
Christmas 2023 Rjb 92 £5.55
Christmas 2023 Redjim £5.65
Christmas 2023 GoodTo Go £5.70
Christmas 2023 Jezzo £5.75
Christmas 2023. meoryou £5.78
cChristmas KPMAN £5.83
Christmas 2023 Jakers £5.85
Christmas 2023 MarkGo £5.90
Rhino2K £5.97
Christmas 2023 Happy investor 100 £6.00
Cong £6.15
Christmas 2023 Spights £6.45
Christmas 2023 jamtart 1 £6.50
Christmas 2023 y11 £4.05
Crude oil prices remained down today after the U.S. Energy Information Administration reported an estimated inventory decline of 1.5 million barrels for the week to July 1.
This compared to an estimated inventory draw of a substantial 9.6 million barrels for the previous week, which pushed prices temporarily higher.
At 452.2 million barrels, the EIA said, U.S. crude oil inventories were about the five-year average for this time of the year.
Demand concern, however, continues to weigh on prices, even if the EIA recently revised upwards its own fuel demand figures for April—the month with the latest data—surprising at least one bank.
Citi analysts called the EIA’s revision “startling”, with the total upward revision of fuel demand for that month at 350,000 bpd.
The market, however, has shrugged off or ignored the news, focusing on rate hikes and GDP numbers.
The EIA, meanwhile, reported inventory declines in fuels for the week ending July 1.
Gasoline inventories shed 2.5 million barrels in the reporting period, with production averaging 10.3 million bpd.
This compared with a build of 600,000 barrels for the previous week and production rates of 10.1 million bpd.
Meforyou - spot on
Jeffrey it’s easy
The world has went nuts.
Nothing makes sense for more than 3 days.
A trend is something that moves in a straight line for at least 10 minutes.
Looking like I need to revise my xmas number to 400p - I am just bewildered with SPs across teh board. Clealry all teh smart investors are buying gilts while the UK stock market becomes an elephant graveyard. Irrelevant what OP does (unless it goes down) we just cant seem to change direction. My pension is 50k donw this year and all I see on tiktok is that people are making money...clearly not on Uk stocks
Careful Meoryou, in the new world order if you don't fully agree with climate change your shareholding will be sacrificed, your bank account closed and you will be reduced to eating gruel.
Lol
Thanks Spights
We will always enjoy your positivity ( and many of your posts)
You think Theaky is being funny.
He would love to see all the Greenie members of the board walk the plank,and would probably prod Looney of with a sharp implement.
Thanks Spights
Same to you for your daily livechart and optimistic outlook posts and there are many reasons to be positive despite the recent fall. I have topped up a number of times on the way down with all these top ups being under water. Not perfect timing but I would not rule out a return to previous recent highs by the end '23.
Just for fun. I'm going to call a positive end to the day today and after tonight's IEA data a positive day tomorrow.
Let's see. Great afternoon all