UK fracking faces bust amid Opec oil price war

The fear is that with the Organisation of the Petroleum Exporting Countries (Opec) – a group of 12 mainly Middle Eastern producers who pump a third of the world’s oil – apparently locked in a price war as each seeks to pump more crude than the market requires, it is the high cost of “tight […]


Long, oil laden Russian ship adrift off British Columbia coast

(Update 10:14 p.m. Friday: The Canadian Coast Guard vessel Gordon Reid has attached a tow line to the Russian ship, and the two are moving away from the coast at 1.5 knots, according to Associated Press, which described the situation as “highly tenuous” due to weather in the area.) An oil-laden, 400-foot-long container ship, en […]


Market overview: Tullow Oil and Weir group track bounce in Brent

LONDON (ShareCast) – 1630:Close UK stocks have ended the day with a large bounce, led by gains in shares of Tullow Oil (LSE: TLW.L – news) and Petrofac, which tracked overnight gains in Brent futures. That comes as global capital markets stabilised somewhat on the last day of the week. To take note of, on […]


Two rival Libyan governments claim to control oil policy

Underscoring the turmoil gripping the major oil producer, at least 17 people were killed on Friday in the main eastern city Benghazi where pro-government forces backed by locals are “`fighting Islamists. A suicide bomber killed three, witnesses and medics said. Libya is struggling with two competing governments vying for control after Operation Dawn, an umbrella […]


Tullow Oil share price: Group to invest $2.2bn in Ghana, Friday, October 17: Tullow Oil Plc (LON:TLW) and its partners including Anadarko Petroleum Corp and Kosmos Energy will invest $2.2 billion (£1.4 billion) next year to drill wells in Ghana’s Jubilee and Tweneboa-Enyenra-Ntomme (TEN) oil fields. In yesterday’s trading, Tullow Oil’s share price closed 2.08 percent down at 483.90p. New investments Mark Macfarlane, deputy […]


EPA to crack down on unlicensed waste oil collectors in Taiwan

Taiwan’s Environmental Protection Administration (EPA) has found that nearly half of the waste cooking oil collected in Taiwan from night markets and small vendors goes to unlicensed operations, and has vowed to crack down on these businesses. Taiwan has faced two major cooking oil scandals in the past month, including one in which oils from […]


Russia’s Gazprom forecasts oil at 70 dollars a barrel in the short term

“It could be at 70-75 dollars in a question of months,” Gustavo Delgado, head of Gazprom in Venezuela, told news agencies on the sidelines of an oil conference on Margarita Island. He did not specify whether he was speaking of Brent prices or U.S. crude. The Russian company participates in several gas and crude projects […]


Oil Ticks Higher as Investors Say Market Oversold

Brent crude oil rose more than a dollar to around $87 a barrel on Friday, bouncing from near four-year lows as investors bought back into a market they said was oversold, and as fighting in Iraq increased political risk. Oil has lost more than a fifth of its value since June on heavy oversupply, signs […]


Falling Oil Prices Could Push Venezuela Over The Edge

Oil prices continue to slide, putting enormous pressure on oil producers around the world. Saudi Arabia has insisted it is willing to live with lower prices for quite a while as it seeks to maintain a grip on its market share. Kuwait also indicated its willingness to slash prices in order to keep output level. […]


Stock market plunge: Why oil matters

Oil is proving to be a much bigger slick for the stock market than most people assumed. On Wednesday, the Dow Jones Industrial Average fell by more than 400 points. The move seems at least in part to be driven by oil prices, which are also falling. And that is odd. Typically, a drop in […]