BP has informed its staff that 10,000 jobs will be cut following the crash in oil prices earlier this year and as the company prepares for the energy transition towards lower carbon emissions. The oil giant will let go of 14% of its workforce, mostly those...
Iran’s oil minister Bijan Zanganeh has today confirmed that OPEC ministers have agreed an extra 1.5 million barrel per day (bpd) cut in oil production, according to a Reuters report. Ministers of the 14-member oil cartel met in Vienna to discuss the prospect of further supply...
Oil prices fell by 4% on Monday following news of coronavirus outbreaks in several countries outside of China, while investors flocking to gold pushed prices for the safe haven metal up to eight-year highs. Global trading markets were ravaged yesterday after reports of fresh infections and...
Oil prices have skyrocketed in Friday morning trading across international markets after the US confirmed it had conducted an airstrike in Baghdad that resulted in the death of Iran’s top military General Qasem Soleimani. International benchmark Brent crude was up more than 3.6% at US$68.65 per...
BP is on the brink of a new era after long-standing chief executive Bob Dudley announced he would be stepping down from the role, to be replaced by the oil major’s current head of exploration and production Bernard Looney. Since taking the top job in the...
Saudi Arabia has claimed it will bring its crude output back to full capacity early next week, following the attacks on its Abqaiq and Khurais facilities earlier this month. A source briefed on the latest developments told Reuters that Saudi oil output has already been restored...
Saudi Aramco has claimed it is ready to move forward with a record US$2 trillion market flotation, after the state-owned Saudi oil giant published its profits for the first half of the year in its miaden investor call. Lower oil prices pushed the company’s profits for...
Royal Dutch Shell’s profits fell to their lowest since 2016 in the second quarter of the year, with the oil major referencing ‘challenging macroeconomic conditions’ and lower oil and gas prices. The Anglo-Dutch firm profits dropped by 25% to US$3.5 billion in the three months to...
Oil prices are on course for their biggest weekly loss this year as rising inventories and fears of a further escalation in the ongoing US-China trade war wiped nearly 5% off the value of Brent crude on Thursday. The international benchmark fell by 4.7% to close...
Oil prices reached their highest level in 2019 yesterday on the prospect of a further contraction in supplies from key oil producing nations, in addition to an OPEC-led supply cut. Brent crude futures rose to US$69.52 per barrel – its highest price since November – before...