Economics & Markets

IEA: Oil Demand Set For First Fall In A Decade Due To Coronavirus Outbreak

February 19, 2020 | Economics & Markets, IEA

London, UK | – Oil demand is set to fall this quarter for the first time since the financial crisis in 2009 due to the coronavirus outbreak in China, the International Energy Agency (IEA) said Feb. 13. “The consequences of Covid-19 for global oil demand will be significant,” the Paris-based IEA said in a monthly report, using the new scientific name for the virus. Demand in the first quarter of 2020 is expected to fall by 435,000 barrels per day (bbl/d) compared with a year …

China’s ShFE launches crude oil futures index; plans more products

March 27, 2019 | Asia, Economics & Markets

Shanghai, China |  — China on Tuesday marked the 1st anniversary of the trading of crude oil futures at the Shanghai Futures Exchange with the index launch, in the country’s pursuit of higher-level opening-up. The index is based on the price movements and on the rate of return for the most actively traded contract for the crude futures at the Shanghai Futures Exchange, aiming to provide a clearer market reflection of the futures’ continuous trading to investors at home and abroad. The Shanghai Futures Exchange …

China, Germany defend business with Iran in face of U.S. threats

August 08, 2018 | Economics & Markets, Middle East

London, UK | – China and Germany defended their business ties with Iran on Wednesday in the face of President Donald Trump’s warning that any companies trading with the Islamic Republic would be barred from the United States. The comments from Beijing and Berlin signalled growing anger from partners of the United States, which re-imposed strict sanctions against Iran on Tuesday, over its threat to penalize businesses from third countries that continue to operate there. “China has consistently opposed unilateral sanctions and long-armed jurisdiction,” the …

Oil inches down on Trump’s latest China trade threats

April 07, 2018 | Commodities & Oilprice, Economics & Markets, Government & Regulations

London, UK | –  Oil prices fell on Friday after U.S. President Donald Trump’s threat of new tariffs on China reignited fears of a trade war between the world’s two biggest economies. Trump said on Thursday he had ordered U.S. trade officials to consider tariffs on an extra $100 billion of imports from China, escalating tensions with Beijing. “There is a risk for oil prices that China uses the bazooka option it has on U.S. crude oil exports. China is the main importer (after Canada) …

British PM invites Saudi Aramco to list shares in London

April 05, 2017 | Economics & Markets, Middle East, North Sea & Western Europe

London, UK |  –  UK Prime Minister Theresa May pitched London as a listing destination for Saudi Aramco’s initial public offering during her trip to Saudi Arabia, a UK government official said, as she seeks to promote Britain as a financial centre after Brexit. May met Energy Minister Khalid Al-Falih, who also heads state-owned Saudi Arabian Oil Co, said the official, who asked not to be named as the meeting was private. London Stock Exchange Group CEO Xavier Rolet was also present at the meeting …

Upstream capex cut by $100 billion over the next five years in Sub-Saharan Africa

November 11, 2016 | Economics & Markets

London, UK | –  Capital investment in the oil and gas industry in Sub-Saharan Africa has been cut by $100 billion over the next five years, according to Wood Mackenzie’s latest report on upstream activity in the region. Major oil companies are heavily invested in Sub-Saharan Africa and account for the bulk of the cuts. Femi Oso, senior research manager for Sub-Saharan Africa, Wood Mackenzie, said, “Exploration cuts in the region will also contribute to a longer-term production slump as explorers have shied away from greenfield prospects, …

Nigeria loses largest economy in Africa title to South Africa

August 15, 2016 | Economics & Markets, Nigeria, South Africa

South Africa regains title as naira weakens and oil prices fall Abuja, Nigeria | – Nigerian President Muhammadu Buhari has acknowledged his country has become poorer since he took office in 2015. The leader made the remarks as Nigeria’s economy is deteriorating due to a fall in oil production and prices. “It has been a very difficult year for Nigeria. Before we came to office, petroleum sold for about $100 (£77) per barrel. Then it crashed to $37, and now oscillates between $40 and $45 per barrel,” the …

Shell executives visit Tehran for projects if sanctions end

June 26, 2015 | Economics & Markets, Middle East

London, UK | – Royal Dutch Shell Plc executives have visited Tehran to discuss possible partnerships, the latest sign that the largest oil companies are serious about returning to Iran once a deal on the country’s nuclear program is done. The meeting with Iranian officials covered its outstanding debt to National Iranian Oil Co. and possible areas of business cooperation, the company said in an e-mailed statement Wednesday. Shell owed $2.16 billion as of the end of 2014 for oil it wasn’t able to pay …