Tag: oil prices

Libya oil revenue reaches $24.4 billion in 2018

Libya oil revenue reaches $24.4 billion in 2018

Libya’s oil revenue has risen to $24.4 billion in 2018, according to a statement from the country’s National Oil Corporation (NOC). The statement also said NOC had recorded an average of 1.107 million barrels per day last year, up 78% from that of 2017. This comes as OPEC introduce cuts […]

Oil sees first yearly loss since 2015

Oil sees first yearly loss since 2015

Oil prices ended last year with full-year losses for the first time since 2015 after a chaotic fourth quarter, which saw investors flee the market due to concerns over a supply glut and mix signals over US sanctions on Iran. Over the year, US West Texas Intermediate Crude (WTI) future […]

Oil prices drop nearly 5% on concerns over size of OPEC cut

Oil prices drop nearly 5% on concerns over size of OPEC cut

Oil prices plummeted by nearly 5% on Thursday after Saudi Arabia said OPEC and its allies were working towards reduced cuts, causing concerns that the bloc is struggling to deal with the recent supply glut ahead of its meeting. Saudi energy minister Khalid al-Falih said OPEC and allies, including Russia, […]

Big Oil under pressure to invest

Big Oil under pressure to invest

After years of reduced spending, executives at the world’s largest oil producers have become under increasing pressure to invest in replenishing reserves in order to take advantage of a boost in prices and prevent declines. Oil prices have recently reached four-year highs of over $85 per barrel, company boards are […]

Oil prices jump over supply concerns from new Iran sactions

Oil prices jump over supply concerns from new Iran sactions

FTSE 100 saw a subdued rise of 0.19pc at 7,525.51, driven by confidence in UK oil producers. Brent crude increased by 0.63pc to  $81.85, as investors predict greater supply constraints over the news of fresh US sanctions against Iran. Sterling recovered to €1.115 against the euro, following the dramatic drop […]

Oil could reach $100 by 2019 amidst tightening global markets

Oil could reach $100 by 2019 amidst tightening global markets

Commodity merchants Trafigura and Mercuria have warned oil prices could reach $100 per barrel by the end of the year as US sanctions on Iran kick in. Daniel Jaeggi, president of commodity merchant Mercuria Energy Trading, said oil prices could reach triple figures as a result of US sanctions against […]