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23/11/2001
Russia announce minimal oil production cut
Russia have announced they will cut their oil exports by 50,000 barrels a day, a figure short of the amount requested by the Organisation of Petroleum Exporting Countries (OPEC).
Officials in Moscow appeared to leave the way open for further cuts in the first quarter, saying additional measures would be discussed at a meeting between oil companies and the government in the first 10 days of December. Nonetheless, the small increase in the Russian offer, which previously stood at 30,000 barrels a day, will not please OPEC.
OPEC have said they will cut 1.5m barrels a day of production from January to shore up the oil price, but only if non-OPEC countries agree to slice 500,000 barrels a day off their output.
Non-OPEC producers Norway and Mexico have agreed to cut 100,000 to 200,000 barrels a day and at least 100,000 barrels a day of production, respectively, conditional on Russia following with a similar scale of cuts.
Russia earlier this month agreed to a symbolic 30,000 barrels a day cut but increased this to 50,000 barrels a day following a meeting between Viktor Khristenko, deputy prime minister, and the heads of large Russian oil companies. (GB)
Officials in Moscow appeared to leave the way open for further cuts in the first quarter, saying additional measures would be discussed at a meeting between oil companies and the government in the first 10 days of December. Nonetheless, the small increase in the Russian offer, which previously stood at 30,000 barrels a day, will not please OPEC.
OPEC have said they will cut 1.5m barrels a day of production from January to shore up the oil price, but only if non-OPEC countries agree to slice 500,000 barrels a day off their output.
Non-OPEC producers Norway and Mexico have agreed to cut 100,000 to 200,000 barrels a day and at least 100,000 barrels a day of production, respectively, conditional on Russia following with a similar scale of cuts.
Russia earlier this month agreed to a symbolic 30,000 barrels a day cut but increased this to 50,000 barrels a day following a meeting between Viktor Khristenko, deputy prime minister, and the heads of large Russian oil companies. (GB)
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15 November 2001
No decision from non-members but OPEC agree cut
Oil production cartel, the Organisation of Oil Producing Countries (OPEC), have conditionally agreed a production cut of 1.5m barrels a day following a 30 per cent drop in oil prices since September 11.
No decision from non-members but OPEC agree cut
Oil production cartel, the Organisation of Oil Producing Countries (OPEC), have conditionally agreed a production cut of 1.5m barrels a day following a 30 per cent drop in oil prices since September 11.
03 February 2005
Shell reports massive $18 billion profit
Anglo-Dutch oil group, Shell, have announced record net profits of over $18 billion for the year 2004, representing a massive increase of 48% since 2003. The massive profits have been attributed to the rise of crude oil prices. Prices rose steadily during the first three quarters of 2004, peaking in the last quarter.
Shell reports massive $18 billion profit
Anglo-Dutch oil group, Shell, have announced record net profits of over $18 billion for the year 2004, representing a massive increase of 48% since 2003. The massive profits have been attributed to the rise of crude oil prices. Prices rose steadily during the first three quarters of 2004, peaking in the last quarter.
23 July 2001
Oil Prices Hit New Low
There has never been a better time this year for homeowners to buy their home heating oil. Brendan Murray, Emo Oil Marketing Manager said: “In November last year prices were on average £234 for 900 litres, while today it stands at £175 - £180 for the same quantity.
Oil Prices Hit New Low
There has never been a better time this year for homeowners to buy their home heating oil. Brendan Murray, Emo Oil Marketing Manager said: “In November last year prices were on average £234 for 900 litres, while today it stands at £175 - £180 for the same quantity.
04 June 2004
Opec supply boost drops oil price
Yesterday's move by Opec to increase oil supply quotas has helped reduce the upward pressure on oil prices. The mainly Middle Eastern Opec cartel agreed to raise quotas by 2 million barrels a day in July and by a further 500,000 barrels a day in August. The announcement of increased supply in July led to a 53 cent drop in a barrel of crude to $38.
Opec supply boost drops oil price
Yesterday's move by Opec to increase oil supply quotas has helped reduce the upward pressure on oil prices. The mainly Middle Eastern Opec cartel agreed to raise quotas by 2 million barrels a day in July and by a further 500,000 barrels a day in August. The announcement of increased supply in July led to a 53 cent drop in a barrel of crude to $38.
08 February 2005
BP lifts dividend by 26% on £8.7bn profits
Oil and petrochemical giant BP has reported profits of £8.7 billion ($16.2 billion) today, up 26% on the previous year, representing the biggest single increase in the group's recent history.
BP lifts dividend by 26% on £8.7bn profits
Oil and petrochemical giant BP has reported profits of £8.7 billion ($16.2 billion) today, up 26% on the previous year, representing the biggest single increase in the group's recent history.
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