The IEA raised slightly its outlook for growth of oil demand this year but warned on Friday that risks of a shock from Iran persisted despite easing prices and a supply boost by OPEC. In its monthly report, the International Energy Agency said that oil prices had dropped sharply in April amid poor economic data from the US and Europe and an [...]
British Gas owner Centrica has warned that UK household gas bills are likely to rise again this coming winter. The UK’s biggest energy supplier said wholesale gas prices are 15% higher for next winter than last, and together with other costs this will add £50 to the average bill. With wholesale prices dependent on global oil costs, the [...]
OPEC Thursday disclosed its members are pumping at levels not seen since the 2008 recession and said it stopped revising down its oil-demand growth forecast. The Organization of the Petroleum Exporting Countries (OPEC) said its own production had risen in April to 31.62 million barrels per day (bpd) as Iraq ramped up and Libya’s oil [...]
Shell said Tuesday its Nigerian unit’s oil output is being affected by a combination of illegal refining in the Niger Delta and an upsurge in crude theft, possibly backed by an international syndicate. In briefing notes on its Nigerian operations in 2011, Shell said it recorded 237 cases of oil theft from its facilities compared [...]
Oil is now below $100 per barrel following a disappointing U.S. jobs report and warnings of a weakening world economy. It’s the first time oil has dropped below $100 since February 13. Benchmark crude hit $99.99 in morning trading. Prices are falling as Western nations plan talks with Iran over its nuclear program, easing fears [...]
Iran’s state-run oil company is denying that China and Japan had sharply cut imports of Iranian crude, maintaining Tehran’s assertions that economic sanctions imposed by the West were having little effect. Mohsen Qamsari, international affairs director of the National Iranian Oil Co, told the Mehr news agency that exports to China “have not decreased at [...]
Extra crude from Iraq and Saudi Arabia has helped cover for tighter sanctions on Iran, making OPEC’s April output is its highest since 2008, a Reuters survey found Monday. A long-awaited expansion in Iraq’s oil export capacity and steadily climbing output from top world exporter Saudi Arabia are cushioning the impact of a European Union [...]
Dozens of campaigners have staged a protest outside Centrica’s head offices over what they say are “rip-off” energy bills fuelled by rising gas prices. Greenpeace said more than 50 protesters blockaded the road to the energy company’s headquarters in Windsor, Berkshire, with a 260 square foot spoof energy bill. And they shut down the offices [...]
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