Oil

IMF forecast oil to drop below $60

IMF forecast oil to drop below $60

The International Monetary Fund (IMF) has forecast the average price for Brent next year to drop down to $58.24 a barrel in comparison to this year’s projected $62.31, with prices expected to continue to fall to $53.6 a barrel by 2023. The forecasts from the IMF’s World Economic Outlook report […]

Kuwait: OPEC could discuss deal extension in June

Kuwait: OPEC could discuss deal extension in June

Kuwait’s Oil Minister Bakheet al-Rashidi said OPEC and its allies that are part of the oil supply curb deal will discuss whether or not to extend the deal beyond its current end date at the latter part of 2018. At the Kuwait Oil and Gas Summit, al-Rashidi said: “The agreement […]

Serica Energy to complete deal for BP assets

Serica Energy to complete deal for BP assets

Serica Energy has said work is “well underway” to complete its acquisition of BP’s Bruce, Keith and Rhum (BKR) assets in the North Sea, after increasing is pre-tax profits from £2.3 million in 2016 to £7.6 million last year. The deal was first announced in November, with £12.8 million to […]

North Sea pioneer says licensing auction could revive exploration

North Sea pioneer says licensing auction could revive exploration

Algy Cluff, who took part in the discovery of the Buchan field discovery in the 1970s, has said that the latest offshore licensing auction could help revive exploration and farm-out activity. According to Cluff, the 30th licensing round, that will offer over 800 blocks, could be a catalyst to encourage […]

Thousands quits PDVSA under military rule

Thousands quits PDVSA under military rule

Huge sways of workers have quit PDVSA under the rule of the head of Venezuela’s oil industry, Major General Manuel Quevedo, who is also president of the state-run oil firm. Thousands of workers are leaving PDVSA, which has alienated its high-level officials under its new military commander, which has led […]

Saudi Arabia will not let another oil glut form

Saudi Arabia will not let another oil glut form

Saudi Arabia, the world’s largest exporter of oil, has said it will not allow another supply glut to arise, although also noted it does not want oil prices to increase to “unreasonable levels”. The country’s energy minister, Khalid al-Falih, said members of OPEC are looking to reach a close balance […]

Further disruption expected on Mariner project

Further disruption expected on Mariner project

Workers at the £4.5 billion Mariner project are understood to be considering “unofficial action” once again, unless management at Aker Solutions and Stork “substantially changed their position.” A spokesman for the workers said Aker had make a “paltry offer” to employees following a previous dispute and that Stork had “threatened […]

Trudeau offers federal aid to secure Kinder Morgan oil pipeline

Trudeau offers federal aid to secure Kinder Morgan oil pipeline

Canadian Prime Minister Justin Trudeau has offered federal aid to Kinder Morgan to ensure the Trans Mountain oil pipeline expansion project goes ahead, despite opposition from British Columbia. The plan was announced to the media by Trudeau following an emergency meeting with the PMs of Alberta and BC on Monday, […]