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Iran could be hoarding more than 50 million barrels of oil ahead of end of sanctions - far more than previously thought: Iran could be hoarding more than 50 million barrels of oil ahead of the end of sanctions – far more than previously thought.
Shell says BG deal will produce ‘billions’ in savings: Royal Dutch Shell expects billions of dollars more in savings from its proposed £55 billion takeover of BG Group than previously disclosed as it uses the enlarged company’s scale to slash costs in its deepwater oil business and natural gas trading arm
At 0330GMT today, Brent crude oil one month futures contract is trading 0.16% or $0.09 lower at $57.01 per barrel. On Friday, the contract declined 0.71% or $0.41, to settle at $57.10 per barrel. Meanwhile, Baker Hughes reported that the number of active oil drilling rigs in the US declined by 7 to reach 638 for the week ending July 17
EU set to pledge billions in support of 'top priority' North Sea supergrid: A "supergrid” across the North Sea that could bring thousands of jobs to Scotland appeared a step closer last week after the EU energy commissioner said that European funds will be used to pump prime the project.
Oil prices ended lower last week, after swinging between gains and losses. Prices initially came under pressure after Iran reached a historic deal on its nuclear program, increasing concerns of a potential increase in oil supply and after OPEC boosted its oil production to average 31.4 million barrels per day. Meanwhile, oil prices trimmed losses after the EIA reported a rise in the total commercial stockpiles of crude oil and petroleum products, including gasoline and diesel fuel. Moreover, reports of an oil field shut down in the North Sea further supported Brent oil prices. Brent crude oil prices fell 2.8% to $57.10/barrel
At 0330GMT today, Brent crude oil one month futures contract is trading 1.01% or $0.58 lower at $56.93 per barrel. Yesterday, the contract climbed 0.81% or $0.46, to settle at $57.51 per barrel, after a power outage closed the UK’s largest oil field in the North Sea. Meanwhile, WTI oil ended at a three-month low
Carmakers eye golden Iranian opportunity in wake of nuclear deal: The world’s carmakers have been plotting their assault on Iran for several years. But when they arrive in the newly opened country — marking a long-awaited return for some — they will have to share the spoils with aggressive Chinese competitors.
At 0330GMT today, Brent crude oil one month futures contract is trading 1.07% or $0.61 higher at $57.66 per barrel. Yesterday, the contract declined 2.5% or $1.46, to settle at $57.05 per barrel, after the Energy Information Administration reported that total commercial stockpiles of crude oil and petroleum products, including gasoline and diesel fuel rose to 1.27 billion barrels in the US, the highest level on record. Meanwhile, investors also assessed the impact of Iran’s nuclear deal on oil markets.
Iran: almost there: The long-awaited agreement sealed on Tuesday between six economic powers and Iran is designed to limit the latter’s nuclear capability in return for lifting long-running and damaging economic sanctions. The deal must still be ratified in many of the signatory countries — opposition will be thorny in the U.S. in particular. Companies all over the world, desperate for growth, have their fingers crossed. The long-term promise of Iran’s reserves has understandably excited oil companies such as France’s Total, which has recent working experience of Iran’s complex geology. Also keen will be U.S. oil majors, such as ExxonMobil, which have had little to do with Iran for decades. But the Iranian state oil company will need to offer better production sharing agreements to the oil companies than the low-margin deals of a decade ago. Turkey could also benefit. Leading oil refiner Tupras would gain from the resumption of supplies from Iran — it accounted for nearly half of input in 2011 — and Turkish banks could return to a country with which they have long historical ties, Renaissance Capital points out. There is much to be gained from the deal, and much to be lost if it falls apart.
BHP to take $2 billion write-down on U.S. energy assets: BHP Billiton expects to book a $2 billion impairment charge following a review of its U.S. shale assets
Britons prepare to ride a wave of Iranian oil: British consumers are set to reap the rewards of Iran’s return to the global oil market after Tehran reached a deal over its nuclear programme.
At 0330GMT today, Brent crude oil one month futures contract is trading 0.29% or $0.17 higher at $58.68 per barrel, ahead of the Energy Information Administration weekly oil inventory data, scheduled to be released later today. Yesterday, the contract climbed 1.14% or $0.66, to settle at $58.51 per barrel. Oil had initially declined after Iran reached an agreement with the West with respect to its nuclear program. Moreover, the API reported that US crude oil supplies fell 7.3 million barrels for the week ending July 10.
he gap between analysts’ estimates of what companies are worth, and their actual value as measured by market capitalisation, is narrowing. That’s often a sign that deals are about to pick up, reports the newswire. In short, oil producers are starting to look cheap enough to get buyers interested.
Oil prices drop as nuclear deal with Iran looms: Oil prices were stuck below $60 and with an Iranian nuclear deal in the offing could fall further again in the near future.
Petrofac grabs £470 million Kuwaiti order: Petrofac, which employs 4,500 in Scotland, has won a contract for Kuwaiti Oil Company worth around $780 million (£470 million
Opec: oil demand on the up but U.S. output growth is slowing: The Organisation of the Petroleum Exporting Countries has signalled the oil market may be turning slowly back in its favour after it revised upwards its forecast for world oil demand once again, while predicting supply from the U.S. will grow at a slower pace
Gunvor sells stake in Baltic oil terminal to Russian businessman: Gunvor, one of the world’s largest commodity traders, has sold a majority stake in its once-prized Russian oil terminal on the coast of the Baltic Sea to a local industrialist.
Genel Energy co-Founder Tony Hayward open to sale: Tony Hayward, former Chief Executive of BP, is prepared to sell Genel Energy, the lossmaking Kurdistan oil producer he co-founded, should a buyer hunting “high-quality assets” make an approach at the right price.
Iran prepares to pour more oil into troubled waters: A fleet of tankers is poised to pour 40 million barrels of oil into an overflowing global market as talks over Iran’s nuclear programme and the end of sanctions edge to a conclusion.
At 0330GMT today, Brent crude oil one month futures contract is trading 0.71% or $0.41 lower at $57.44 per barrel. Yesterday, the contract declined 1.5% or $0.88, to settle at $57.85 per barrel, after OPEC’s closely watched monthly report indicated that the group’s total monthly production increased by 283,000 oil barrels per day in June compared with May. Moreover, the oil prices declined amid a strong dollar and expectations of additional oil supply from Iran.
At 0330GMT today, Brent crude oil one month futures contract is trading 1.77% or $1.04 lower at $57.69 per barrel. On Friday, the contract climbed 0.20% or $0.12, to settle at $58.73 per barrel, but pared gains after Baker Hughes reported that the US oil rigs climbed for a second straight week, increasing by 5 to reach 645 last week. Meanwhile, the International Energy Agency stated that the oil market would remain oversupplied next year and that prices could decline further.
BP faces billions more in spill payments Business claims over 2010 disaster could to be at least $2bn above group’s $10.3bn provision
Bonds, not the black stuff Saudi Arabia has borrowed $4bn from local markets in the past year and sold its first bonds for eight years as part of efforts to sustain high levels of public spending as oil prices slump. Saudi Arabia needs an oil price of $105 a barrel to meet planned spending requirements, but the average price for the year is estimated at $58 a barrel, an official has said. (FT)
Brazil oil giant faces $98 billion shareholder lawsuit in U.S. over corruption scheme: A U.S. judge has told Petrobras Bosses to prepare for a $98 billion lawsuit over allegations that executives at the Brazilian Oil Company and senior politicians were involved in a huge money-laundering and corruption scheme dubbed “Operation Carwash”.
Oil price has further to fall, says IEA: Oil prices are set to come under further pressure from easing global demand and an expanding glut of crude while a rebalancing of the markets may last well into next year, the International Energy Agency has said.