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Pin to quick picksBP Share News (BP.)

Share Price Information for BP (BP.)

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Share Price: 505.00
Bid: 504.60
Ask: 504.80
Change: -1.20 (-0.24%)
Spread: 0.20 (0.04%)
Open: 505.20
High: 507.00
Low: 503.50
Prev. Close: 506.20
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Oil prices shoot higher after non-OPEC deal, Saudi says will cut more

Mon, 12th Dec 2016 08:42

(ShareCast News) - Oil prices shot higher after non-OPEC producers agreed to reduce their own output in parallel to the cut announced by the oil cartel on 30 November.Adding to the buying pressure in crude oil futures, shortly after the announcement OPEC linchpin Saudi Arabia said it would lower its production by more than it committed to at OPEC´s last meeting.Starting in 2017, Russia and ten other non-OPEC producers agreed to reduce production by 558,000 barrels per day, slightly less than the 600,000 barrel a day contribution they had been asked for.Nonetheless, it marked the first time since 2001 that they had cut alongside OPEC.Significantly, Saudi oil minister Khalid al-Falih said: "I can tell you with absolute certainty that effective Jan. 1 we're going to cut and cut substantially to be below the level that we have committed to on 30 November."At the cartel´s last meeting, Saudi had pledged to reduce production from 10.7m b/d to 10.06m b/d.That, in effect, meant Saudi was eliminating one of its previous 'red lines', Morgan Stanley said."Still, this is not necessarily a pledge that Saudi Arabia will cut below 10 mb/d but instead an indication that it may do so under specific circumstances, for example if Libya and Nigeria see stronger-than-expected production growth. Saudi Arabia's intention to adhere to its OPEC quote was further supported on Friday by a Reuters report saying that the country has indeed told its U.S.and European customers by now that it will reduce oil deliveries from January," the broker went on to explain in a research report sent to clients. The Russian Federation said it would slash production by 300,000 b/d, Mexico by 100,000 b/d, Azerbaijan by 35,000 b/d, Oman by 40,000 and Kazhakstan by another 20,000."In case of full compliance, market could be balanced as early as 1Q17, with stocks drawing thereafter," Morgan Stanley said.In the same note, the broker reiterated its 'overweight' stance on shares of: Shell, BP, Tullow, Technip, Vallourec and Subsea 7. As of 0839 GMT, front month Brent crude futures were higher by 5.0% to $57.19 per barrel and West Texas Intermediate by 5.33% to $54.40.
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(Sharecast News) - The United Arab Emirates' state-owned oil company recently considered buying BP but the deliberations did not progress beyond preliminary discussions, according to a report.

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Senegal says oil, gas and mine contracts will be reworked if needed

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Johnson Matthey and BP win deal for US sustainable aviation fuel plant

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10 Apr 2024 07:47

LONDON BRIEFING: Stocks called up ahead of US inflation data

(Alliance News) - Stocks in London are called to open higher, as investors shake off nerves ahead of a key US inflation reading.

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9 Apr 2024 17:26

Slide in defence stocks knocks down Europe's STOXX 600

BP gains on higher quarterly upstream energy output forecast

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9 Apr 2024 17:13

FTSE 100 ends down as defence stocks offset commodity gains

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London close: Stocks slip ahead of ECB, US inflation print

(Sharecast News) - London markets closed lower on Tuesday, as investors braced for a key US inflation reading as well as a policy announcement from the European Central Bank later in the week.

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9 Apr 2024 12:00

LONDON MARKET MIDDAY: FTSE 100 treads water despite boost from miners

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9 Apr 2024 10:21

PRESS: Shell could make London exit if value gap to US does not close

(Alliance News) - Shell PLC fired a warning shot to that it could be prepared to move its listing to the US in a fresh blow to London's financial centre.

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9 Apr 2024 08:53

TOP NEWS: BP predicts upstream production will rise in first quarter

(Alliance News) - BP PLC on Tuesday said it expects first quarter upstream production to be higher than the previous three month period but cautioned lower prices would hurt performance elsewhere.

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LONDON MARKET OPEN: Stocks shaky ahead of US CPI data, ECB decision

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BP expects rise in first-quarter upstream energy output

April 9 (Reuters) - BP said on Tuesday it expects first-quarter upstream production of both oil and gas as well as low-carbon energy to be higher than the previous three months.

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LONDON BRIEFING: HSBC sells Argentinian arm for USD550 million

(Alliance News) - Stocks in London are called to open lower on Tuesday, as investors nervously look ahead to US inflation data and the European Central Bank's latest interest rate decision.

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9 Apr 2024 07:24

BP sees higher Q1 upstream production

(Sharecast News) - Oil giant BP said it expected first-quarter upstream production to be higher than the previous three months.

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