This week the boss of the Mexican oil industry perfected the understatement. “Without doubt, the start of round one didn’t have the momentum we were hoping for,” said Juan Carlos Zepeda, who runs the country’s oil regulator CNH. Round one was the beginning of the Mexican President’s signature economic reform. Enrique Pena Nieto won over…

Here at Precise HQ we’ve never really understood those people who don’t see the beauty in the great whirling white windmills, proudly standing atop hills and in the sea, built to protect the environment. Onshore and off, the reassuring thump as the blades blow round is a constant reminder that it is creating energy from…

Not so. In fact what George Osborne did was to announce that renewable energy will no longer be exempt from the Climate Change Levy. The levy applies to energy consumed by business and the move is predicted to raise £1bn a year for the Treasury. It’s estimated that the changes would cost green energy producers…

Remember the heady days of 2007? Petrobras was going to save Brazil by generating so much wealth the country would take on developed world status. It estimated in 2012 it would be producing 3.5m bpd of oil and gas and by 2015, 4.6m bpd. Sadly, the reality today is that it is turning out 2.8m…

Fears of a detonation of oil prices following a deal on Iran’s nuclear future were thankfully not realised this week. It has nearly 10% of global oil reserves and 18% of natural gas reserves, and at its height had output of anywhere between 5m – 6m bpd of oil. It also has as much as…

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 is very important for stabilisation for the oil market.” (ED: Thanks to the Saudi oil minister undermining…

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…