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Exclusive – Iran’s support for Syria tested by oil price drop

Syrian President Bashar al-Assad has relied on oil-producing Iran to help him fight insurgents in a nearly four-year-old civil war and also prop up a currency under pressure. “If it had not been for Iranian support we could not have survived the crisis,” a senior Syrian trade official said from Damascus, requesting anonymity. “It was […]

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Libya’s official government aims to set up new payment system for oil buyers

The OPEC oil producer has had two parallel governments and parliaments since August when a group called Libya Dawn seized Tripoli, forcing the recognised administration of Prime Minister Abdullah al-Thinni to the east. The central bank, which books oil revenues, has sought to stay out of the conflict, but each side has appointed competing officials […]

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North Sea could lose 15000 jobs if oil continues to fall, warns Sir Ian Wood

The North Sea oil industry could lose 15,000 jobs in Scotland and production might fall by 10pc as drillers cut back in response to falling oil prices but predictions that the region is “close to collapse” are exaggerated, Sir Ian Wood has said. Sir Ian was responding to comments made by Robin Allan, chairman of […]

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UN joins cleanup efforts as oil spill endangers Sundarbans

From Anisur Rahman Dhaka, Dec 19 (PTI) A UN expert team has arrived in Bangladesh to help clean up the Sundarbans, more than a week after it was hit by a huge oil spill from a capsized boat endangering the world’s largest mangrove forest. According to a UN statement, it has sent the Disaster Assessment […]

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How Long Can the US Oil Boom Last?

Now that oil prices have dropped to levels not seen since 2009, helped by a flood of oil flowing from hydraulic fracturing or fracking wells in North Dakota and Texas, it’s time to ask the question: How long can the U.S. oil boom last? In the short term, the price drop threatens profits from fracking, […]

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Oil drop sends major central banks in different directions

Perhaps unsurprisingly, policymakers looking at robust economic recoveries such as in the United States and Britain are focussed on the likely boost to growth and consumption from markedly lower energy prices and the later upward impact that should have on inflation. But for the European Central Bank, battling to revive a moribund economy, the worry […]

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​UK oil industry ‘close to collapse’ as price plunges below $60 per barrel

Britain’s oil industry is in a “crisis” and may be “close to collapse,” a senior oil industry expert has said, as the UK’s biggest oil and gas companies continue to cut staff and investment and the price of crude slumps. Speaking to the BBC, Robin Allan, chairman of the independent explorers’ association Brindex, echoed warnings […]

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Ministers urged to help North Sea oil ‘on brink of collapse’

She suggested the Scottish Government’s failure to respond quickly enough was because the First Minister had been taken in by the SNP’s “wishful thinking” about oil prices remaining at $110 per barrel. In August this year, about three weeks before the independence referendum, Ms Sturgeon claimed Scotland was on the “cusp of a second oil […]

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Nigeria forced to revise budget as oil prices remain low

17 December 2014 Last updated at 11:06 ET Nigeria has been forced to revise its budget following the dramatic fall in the price of oil. Its finance minister, Ngozi Okonjo-Iweala, says its economy will now grow at 5.5% this year, rather than 6.4%. The new budget is based on an oil price of $65 a […]

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SNP rejects inquiry into independence oil predictions

John Swinney, the Scottish Finance Minister, insisted that oil prices will rebound to $110 per barrel next year and the 2013 forecast reflected the market at the time. But Prof MacDonald, the Adam Smith Chair of Political Economy at the University of Glasgow, said this missed the point that many experts think the current volatility […]