Commodities & Oilprice

Billpayers struggle as UK winter energy tariffs rise by 80% to £3,549

August 26, 2022 | Commodities & Oilprice, Energy Trading & Markets

The UK’s energy regulator, Ofgem, will likely raise its tariff cap again in January UK, London | UK energy regulator Ofgem has announced its next energy tariff price cap, showing that energy bills may rise by 80% from October. Since January 2022, the tariff cap has now risen by 179%. On Friday, Ofgem announced that the energy tariff price cap will rise to $3,549 per year for gas and electricity for an average household paying via direct debit from the start of October. Many energy businesses currently …

Oil edges higher towards $66 as OPEC-led cuts in view

March 05, 2019 | Commodities & Oilprice, OPEC

London, UK |  – Oil edged higher towards $66 a barrel on Tuesday as the market balanced OPEC-led efforts to tighten supply with the restart of Libya’s biggest oilfield and the prospect of weaker demand. Supply curbs by the Organization of the Petroleum Exporting Countries and allies have helped to drive a 20 percent gain for Brent crude this year. Russia plans to speed up its output cuts this month, the energy minister said on Monday. Brent, the international benchmark, rose 8 cents to $65.75 …

Oil drops more than 1 percent as China slowdown bites

January 22, 2019 | Commodities & Oilprice, Energy Trading & Markets

London, UK | –  Oil prices fell more than 1 percent on Tuesday on signs that an economic slowdown in China was spreading, stoking concerns about global growth and fuel demand. The gloomy news from the world’s second-largest economy and top importer of oil pulled down financial markets across Asia. International Brent oil futures LCOc1 were at $61.94 per barrel at 0950 GMT, down 80 cents or 1.28 percent. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $53.16 per barrel, down 1.19 percent …

OPEC, Russia reach deal to slash oil production from January 2019

December 07, 2018 | Commodities & Oilprice, Energy Trading & Markets, OPEC

London, UK |  – OPEC and its Russia-led allies agreed on Friday to slash oil production by more than the market had expected despite pressure from US President Donald Trump to reduce the price of crude. The producer club will curb output from January by 0.8 million barrels per day (bpd) versus October levels, while non-OPEC allies will contribute an additional 0.4 million bpd of cuts, in a move to be reviewed at a meeting in April. Oil prices jumped about 5 percent to more …

Nigeria’s subsidized petrol smuggled to other African countries

November 30, 2018 | Commodities & Oilprice, Downstream, Nigeria

Abuja, Nigeria | – The massive petrol subsidy currently being reported by the Nigerian National Petroleum Corporation (NNPC), may be a reflection of petrol consumption not only by Nigerians, but also those used by neighbouring African countries. This development is being justified by the sudden appreciation in daily petrol consumption for Nigeria from 35 million litres to 60 million litres. However, some oil marketers maintained that the 60 million litres daily consumption of petrol being quoted was not possible for Nigeria’s current population and potential …

IEA says calm in oil markets temporary, raises 2019 oil demand growth estimate to 1.5 million b/d

August 10, 2018 | Commodities & Oilprice, IEA, OPEC

Concerns about oil supplies have eased as major producers have stepped up output, but the respite may be only temporary as tough new US sanctions on Iran approach, the IEA warned on Friday. Crude prices have dipped in recent weeks, reflecting less worry about supplies following increased output by Russia and several OPEC nations, the International Energy Agency said in its latest monthly report about the global oil market. However the Paris-based body warned supply tensions could quickly flare. “When we publish our next report …

After OPEC decision, Russia expresses economic optimism

June 27, 2018 | Commodities & Oilprice, Eastern Europe & Russia, OPEC

Russian Energy Minister Alexander Novak said his country could put another 175,000 barrels of oil per day on the market. London, UK | –  A few days after Russia backed OPEC pledges on oil production, a Russian finance minister said Wednesday the pace of economic growth is accelerating. Russian Energy Minister Alexander Novak sat next to his Saudi counterpart, Khalid al-Falih, at a regular meeting for the Organization of Petroleum Exporting Countries that wrapped up during the weekend in Vienna. OPEC and non-member states agreed to put …

US push European and Asian states for zero oil imports from Iran

June 27, 2018 | Commodities & Oilprice, Government & Regulations, Middle East, OPEC

Trump administration is looking to increase pressure on Tehran by cutting off its main revenue stream London, UK | – The Trump administration is asking its international partners for a full halt on oil imports from Iran by November 4, saying non-compliance could lead to sanctions. A State Department briefing on Tuesday confirmed that Washington is pushing to cut oil imports to zero. “We are not granting waivers,” an official told reporters. Instead, the Trump administration wants European, Asian and regional countries “to isolate streams of …