Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Bank cuts oil price forecast but says Cairn Energy well placed: An investment bank has cut its forecasts for the oil price sharply highlighting the massive oversupply of crude in the market but said Edinburgh-based Cairn Energy had the potential to achieve significant success through its exploration work
Shell exits Prince’s climate group in row over Arctic oil: Shell has left the Prince of Wales’s Corporate Leaders Group after a row over its programme to drill for oil in the Arctic
Saudi Arabia shuns plan for emergency oil price summit: Plans to hold an emergency summit of world leaders to discuss the collapse in oil prices have been torpedoed by Saudi Arabia, the de facto leader of the Opec cartel of oil exporters
At 0330GMT today, Brent crude oil one month futures contract is trading 0.33% or $0.16 lower at $48.73 per barrel. Yesterday, the contract climbed 2.75% or $1.31, to settle at $48.89 per barrel, after the EIA reported that the US crude production declined by 83,000 barrels per day in the last week to settle at 9.1 million barrels a day.
Saudi oil maintains Asian market share: Saudi Arabia maintained its market share among Asian oil importers in the first half of this year but threats to its long-term standing loom, according to the U.S. energy department.
At 0330GMT today, Brent crude oil one month futures contract is trading 1.39% or $0.66 lower at $46.92 per barrel. Yesterday, the contract declined 3.92% or $1.94, to settle at its lowest level since 27 August at $47.58 per barrel, as a glut in oil supplies prompted the EIA to reduce its forecast for oil prices for 2015 and 2016. The EIA has further trimmed the projected demand for oil in 2015 and next year in its monthly report. Moreover, the API reported that US crude stockpiles advanced by 2.1 million barrels last week
North Sea oil and gas companies to slash investment after worst performance since 1976: Oil and gas firms could slash investment in the North Sea by more than £10 billion annually over the next three years after incurring their worst cash flow deficit since 1976 amid the crude price plunge, experts have warned.
Plunge in North Sea investment predicted: Capital investment in the North Sea will have halved in two years, warns a report that lays bare the impact of the oil price slump on one of Britain’s biggest industries.
Woodside in Aus$8 billion bid for Oil Search: Woodside Petroleum, Australia’s biggest independent oil producer, has made an $8 billion bid for Oil Search, to bolster its access to vast gas deposits in Papua New Guinea.
Indonesia set rejoin Opec seven years on: Indonesia is set to rejoin the Opec cartel of oil producers this year, seven years after being suspended from the organisation when it became a net oil importer.
Oil price collapse costs 65,000 North Sea jobs: Oil industry Bosses will hold crisis talks today about the future of the North Sea, after new figures showed up to 65,000 jobs have been lost in the U.K since international crude prices collapsed last year.
At 0330GMT today, Brent crude oil one month futures contract is trading 0.48% or $0.24 higher at $49.76 per barrel, ahead of the Energy Information Administration weekly oil inventory data, scheduled to be released later today. Yesterday, the contract climbed 3.97% or $1.89, to settle at $49.52 per barrel, as it found support from upbeat data on the Euro-zone’s economy and strong export figures for Germany in July.
Russia is not interested in joining Opec: Russia has no plans to join the Organisation of Petroleum Exporting Countries (Opec), an oil-producing cartel of mostly Middle Eastern countries, according the to Boss of a major Russian energy company
Falling oil prices force Saudi Arabia to cut public spending: Saudi Arabia is to cut back its spending and delay public projects in the face of plunging oil prices, the country’s finance Minister announced
Gazprom’s North Sea deal faces scrutiny: Ministers are to examine a deal that hands Russia’s Gazprom interests in the U.K. North Sea, amid calls for Britain to send “a clear message” to Vladimir Putin over Ukraine.
At 0330GMT today, Brent crude oil one month futures contract is trading 0.88% or $0.42 higher at $48.05 per barrel, ahead of the American Petroleum Institute weekly oil inventory data, scheduled to be released later today. Meanwhile, Gulf Oil Ministers would hold a meeting in Qatar on Thursday to discuss the ongoing drop in oil prices. Yesterday, the contract declined 3.99% or $1.98, to settle at $47.63 per barrel.
Russia flirts with Saudi Arabia as OPEC pain deepens: The OPEC oil cartel cannot withstand the pain of low crude prices indefinitely and may be forced to abandon its pugnacious bid for market share within months, Russia’s Chief energy official has predicted.
U.S. shale oil industry hit by $30 billion outflows: U.S. shale producers reported a cash outflow of more than $30 billion in the first half of the year, in a sign of the challenges facing the U.S.’s once-booming industry as the slump in oil prices begins to take effect
North Sea oil areas at ‘serious risk’ of shutdown: There is a “serious and urgent risk” that parts of the North Sea oil industry will be abandoned unless energy companies join forces to become more efficient, the man in charge of reviving the sector has warned
Hundreds of oil jobs at risk after rig decision: A leading British maker of oilrigs is set to make almost half its workers redundant, underlining the challenges facing the industry in the North Sea.
At 0330GMT today, Brent crude oil one month futures contract is trading 0.65% or $0.32 lower at $49.29 per barrel. On Friday, the contract declined 2.11% or $1.07, to settle at $49.61 per barrel, after Baker Hughes reported that active oil rigs in the US dropped by 13, the first fall in six weeks, to settle at 662 in the week ended 04 September.
Brent oil prices dropped last week, after swinging between gains and losses, after the EIA disclosed that US crude stockpiles increased by 4.7 million barrels to reach 455.4 million barrels last week. Meanwhile, the OPEC remained concerned about current drop in oil prices amid a glut in production and stated that it was ready to hold talks with other producers. Brent crude oil prices fell 0.9% to $49.61/barrel.
U.K. export values fall as oil slump bites: The value of U.K. exports has fallen by £13.4 billion – or 4.5% – in the past three years, as a strong pound, a collapse in commodity prices and sluggish consumer confidence hit British companies selling products and services abroad.
At 0330GMT today, Brent crude oil one month futures contract is trading 0.37% or $0.19 lower at $50.49 per barrel. Yesterday, the contract climbed 0.36% or $0.18, to settle at $50.68 per barrel, following the ECB’s decision to expand its QE program.
Oil tankers swing round the Cape to create profit: As the price of crude was sent lower again, research from Bloomberg showed that tankers have been making longer voyages to take advantage of market conditions. At least five have gone as far as avoiding the short-cut to Europe via Egypt, a diversion that adds 4,000 miles to the journey.