Brent tumbled by as much as 7% on Monday after IOEC and the no-OPEC member Russia stalked out the room, following a fierce five-hour debate about whether or not to freeze production levels. Saudi Arabia had warned it would only do a deal if Iran signed up too but as reported last week Tehran was…

They sunk by as much as 8% when the IMF’s debt bailout plan was rejected. US crude hit $52.53 per barrel down 7.7% from the week before – the biggest drop in a day since early February. Technical analysts fear a continued downside momentum could see it push at the six-year low of $42.03 in…

  That’s of OPEC announcing it will curb oil production at its meeting in Doha this weekend. Crude oil prices jumped this week after reports that Saudi Arabia and Russia had agreed a deal. “If it is so and it is not an exaggeration, “said Gazprom’s deputy chairman Alexander Medvedev, “Then I believe that it…

On Monday it hit a three-week low as negotiations over nuclear arms and Greece’s position in the Eurozone stalled.   In Greece after it historically failed to meet its repayment on its bailout, Prime Minister Alexis Tsipras urged his citizens to withstand the threats from the IMF. It wants them to raise taxes and slash…

  It’s something as applicable for organisations as individuals but it’s true – it doesn’t come easy. “The oil and gas sector, historically, has been very conservative about its methods and has been very resistant to change,” says Dr Tony Trapp, founder of SMD, The Engineering Business and now OSBIT Power. “We need to break…

Celebrating success now with a climate summit scheduled for France later this year, climate change activists are warning governments to be prepared for more to come.  “This is the first time a court has determined that states have an independent legal obligation towards their citizens,” said Dennis van Berkel, legal counsel for Urgenda, the group…

The latest is German energy giant E.ON.   It is hoping to raise around £1.25bn to restructure its business, having felt the pinch from the slump in oil process since this time last year.   But the North Sea ones – Huntington, Elgin, Franklin and Glenelg – aren’t going to cover all that it wants…

No longer using the caravans on the Tea Road, the oil is sent by sea and a series of pipes, including the 4,857km Eastern Siberia – Pacific Ocean pipeline. And what a lot of oil it is. Last month it became China’s top crude oil supplier. It goes without saying that Saudi will not be…

That meeting happened eight days before Aker Solutions announced it was adjusting its workforce capacity in Agotnes by up to 200, and nine days before Statoil was reported to be considering cutting 2000 jobs by the end of next year.   It has since been confirmed that between 1100 and 1500 permanent employees and 525…

  27,917. $4.5bn. 26bn. 266 ft. 2 – 1.   Let’s start with the first one. That’s how many ringed seals, beluga and bowhead whales environmentalists deem to be at risk after Royal Dutch Shell was permitted to keep its exploration lease in Alaska.   Moving to number two – you might say the counter…