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Https://thedmonline.com/in-deep-water-former-executives-discuss-bps-crisis-communication-strategy-in-the-wake-of-the-largest-oil-spill/
This is looking back at gut oil spill communication
It has finally happened. In trading on Tuesday afternoon, the UK’s FTSE 100 index finally closed in on an all-time high. It hit 8,015 points, itching above the previous record closing level of 8,014 set in February 2023 – even if it was still a whisker below the intra-day trading record of 8,043, also from February last year.
With stock markets rising around the world, at some point this week or perhaps next, the FTSE 100 will be setting fresh records daily. We may even be treated to one of those self-congratulatory tweets the Prime Minister, Rishi Sunak, specialises in. The trouble is, there is nothing to celebrate. In reality, the FTSE has been a dismal disappointment. Nothing will change that soon.
Finally punching its way through the 8,000 barrier is a milestone of sorts. And yet, measured over a longer time period, it is barely an achievement. At the end of the great bull market of the 1990s, after rising strongly for years, the index closed the decade at 6,930. It has taken the best part of a quarter of a century for it to get from 7,000 to 8,000.
A comparison with other major markets is sobering. The tech-heavy Nasdaq has gone from 4,000 to 16,000 over the same period, while the more broadly based S&P 500 has gone from 1,500 to 5,200. Closer to home, Germany’s economy may not be in great shape right now, but the benchmark DAX index has still risen from 7,000 to 18,000. Even France’s CAC-40 has managed to rise from 6,000 to 8,000 – double the gains of the FTSE 100. By any measure you care to take, the London market has badly underperformed its peers. In reality, it should have hit at least 15,000 by now, and possibly 20,000.
There is little chance of that changing anytime soon. Taxes are already at a record high, and with a Labour government about to take power they will almost certainly go up even more. Indeed, the party may well steeply increase capital gains tax, which would hit the stock market hard. Meanwhile its plans for ‘directing’ pension fund money into start-ups and green industries won’t help the established giants of the main index.
The FTSE’s poor performance over so many years means London is now a relatively unattractive place to list equities, and most high-growth companies prefer New York instead. Added to this, there is little sign of the UK’s dismal growth rate accelerating, leading to the improved performance of domestic stocks. Sure, with interest rates likely to come down over the summer, equities will get a boost. It would be a shock if the FTSE 100 was not at least hitting 8,500 by the time everyone leaves for the holidays. Even so, with inflation, record highs are inevitable. They are nothing to celebrate – in fact, this one is simply a painful reminder of how dismal the UK stock market has become.
The longer Biden tries to control the price, the bigger the hit will be in the end.
He won't care by then, he'll either be out of office or non compus mentis.
US onshore drilling is already running at max capacity to offset OPEC+ production cuts. With oil at $89 guess who's winning?
Trump can say drill baby drill all he wants but he has little control in the world oil order with a domestic asset base that is already stretched. With Iran hotting up and sanctions likely to continue, the only tool the US has is further sanction reduction on Venezuela. OPEC+ is forcing the US to sweat the SPR and we haven't yet seen the true impact of this which will force prices higher.
So Sleepy Joe won't buy oil because it's too dear, he'll use the dwindling reserves instead to bolster his impending election campaign.
If Trump gets in the POO will sky rocket as he fills the reserve, he likes to give the USA options in the event of conflict.
His "drill baby drill" philosophy will take a while to bring it down again.
The Department of Energy has canceled its latest tender for crude oil for the replenishment of the strategic petroleum reserve after oil prices moved higher than the DoE is comfortable with.
Last month, the DoE purchased 2.8 million barrels at a price of $81 per barrel, which was higher than its self-imposed ceiling of $79 per barrel. It appears the department is unwilling to keep paying more for SPR oil, saying it was “keeping the taxpayer’s interest at the forefront”, per Bloomberg.
“We will not award the current solicitations for the Bayou Choctaw SPR site and will solicit available capacity as market conditions allow,” the department said. “We will continue to monitor market dynamics.”
West Texas Intermediate topped $85 per barrel this week as Brent crude moved closer to $90 per barrel amid heightened geopolitical tensions in Russia and Ukraine and in the Middle East.
Despite the price volatility, the DoE said earlier this year it planned to refill the SPR by the end of the year. The bulk of the “refill” seems to be coming from canceled sales from the SPR rather than from buying additional volumes.
The U.S. saw the stockpiles of crude oil in the SPR fall from 638 million barrels at President Joe Biden’s inauguration to just 347 million barrels by the summer of 2023 as the administration tried to bring down gasoline prices for consumers by releasing over 180 million barrels from the SPR.
The large sell-off in the country’s safety supply of crude oil was met with criticism. Also met with criticism has been the administration’s slow response to falling oil prices. Now prices are trending higher again, placing a barrier in front of further purchases. The pause in new SPR buys could extend if expectations of a prolonged oil price rally materialize.
89.24
Just in from the spectator, buckle up ladies and gents the ME is officially back in tatters
JUST IN: Iran’s state television reports that the supreme national security council has decided that a response to the strike on consulate in Damascus is required
Well £5.09 not to shabby especially considering DOW down 400 points.
It looks like it’s oil turn in the sun.
Hopefully the clouds keep away.
The Joint Ministerial Monitoring Committee (JMMC) of OPEC+ is unlikely to propose any changes to oil production policy when it meets on April 3, numerous sources in the alliance have told Reuters.
The JMMC, the panel that takes stock of oil market developments and proposes courses of action to the ministers of the OPEC+ group, is meeting on Wednesday, just as oil prices hit their highest level so far this year – and the highest in five months – amid renewed geopolitical tensions in the Middle East and signs of tightening oil supply.
Brent Crude prices topped $88.50, and the U.S. benchmark, WTI Crude, hit $85 per barrel early on Tuesday following a Monday bomb strike that completely leveled the Iranian consulate in Damascus, Syria, with Tehran accusing Israel of being behind the strike.
Wednesday’s meeting of the OPEC+ monitoring panel is expected to be short and straightforward with no proposals for changes in the production policy, two of Reuters’s sources said.
OPEC+ members collectively decided to voluntarily cut 2.2 million barrels per day (bpd) from the group’s production in the first quarter, although much of that was production cuts that were already in effect, including Saudi Arabia’s 1 million bpd voluntary cut.
In early March, the members of the OPEC+ alliance that had pledged the Q1 cuts announced they would roll over the supply reductions until the end of the second quarter.
Saudi Arabia, Iraq, the United Arab Emirates (UAE), Kuwait, Kazakhstan, Algeria, Oman, and Russia are now cutting their respective crude oil production and exports in the first half of 2024 with extra voluntary reductions, on top of the voluntary cuts OPEC+ previously announced in April 2023 and later extended until the end of 2024.
Russia will be cutting oil production instead of exports in the second quarter of 2024 so that all OPEC+ producers that reduce output contribute equally to the cuts, Russian Deputy Prime Minister Alexander Novak said last week.
Israel attacking Iranian consulate in Syria must of increased tensions and increase POO
Shell as well, they are quite quickly reducing their net zero policies and "retiring " their corporate carbon intensity target for 2035 entirely.
BP would do well to do the same.
I think the "green" hysteria is waning as companies in the West realise we are just patsys for the Russians and the Far East in general.
Https://oilprice.com/Energy/Crude-Oil/Dont-Believe-The-Critics-OPEC-Cuts-Are-Working.html
Mainly oil price, backed by improving sentiment.
Just checked that the BP share price is up hugely! Why is that? General market sentiment or the price of oil?
Nothing but sunshine in London! Spring is here!
Morning Spights and Nightpusher and all
Glad you are getting better weather than me.
You don’t live in Scotland without being used to a wee drop rain.
However with BP over £5 I can put up with most things.
I know 2 days do not make a quarter, but it’s a very good start to the quarter for the oil price and sp.
It’s actually very easy to feel optimistic.
Spring is in the air ( in Scotland that usually means snow in a couple of days).
Onwards and Upwards
Just not the weather it’s raining
Not raining in Snettisham,sun is out
Brent 88.62$
Good morning meoryou
Dry here :))))
Hopefully the £5 holds this time.
Oil is very strong.
Maybe some held off reinvesting div to wait for new tax year,which is only days away.
Some new money in then might also help.
Lots of reasons to be cheerful.
Just not the weather it’s raining
:)))))))))))))))))