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04/06/2004
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 $38.75, increasing on a yesterday's drop of 68 cents.
Prices of the vital world commodity hit a new record high of $42.45 on Tuesday following a terrorist attack on the Saudi Arabian oil town of Khobar at the weekend that left 22 people dead.
The continuing unrest in Iraq has also served to fuel concerns that oil price increases due to the global "fear-factor" may amount to $10 per barrel at current prices.
Recent high demand in the US and China has placed upward pressure on the price of oil. But many western economies are seeking a drop in the price of oil as high prices will eventually feed through into severe inflationary pressures within many economies heavily dependent on foreign oil.
The 11-strong Opec cartel countries produce around one third of the world's oil. The biggest supplier is Saudi Arabia, which produces around nine million barrels each day.
(SP)
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 $38.75, increasing on a yesterday's drop of 68 cents.
Prices of the vital world commodity hit a new record high of $42.45 on Tuesday following a terrorist attack on the Saudi Arabian oil town of Khobar at the weekend that left 22 people dead.
The continuing unrest in Iraq has also served to fuel concerns that oil price increases due to the global "fear-factor" may amount to $10 per barrel at current prices.
Recent high demand in the US and China has placed upward pressure on the price of oil. But many western economies are seeking a drop in the price of oil as high prices will eventually feed through into severe inflationary pressures within many economies heavily dependent on foreign oil.
The 11-strong Opec cartel countries produce around one third of the world's oil. The biggest supplier is Saudi Arabia, which produces around nine million barrels each day.
(SP)
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23 November 2001
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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).
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).
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.
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.
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.
10 June 2002
UK manufacturing goods price rise
The Office for National Statistics (ONS) have said that goods manufactured in the UK fetched slightly higher prices in May. The ONS said the price of goods leaving factory gates rose by 0.3% in May thanks to increases in tobacco, petroleum and other manufactured goods prices, however the annual rate fell to just 0.1%.
UK manufacturing goods price rise
The Office for National Statistics (ONS) have said that goods manufactured in the UK fetched slightly higher prices in May. The ONS said the price of goods leaving factory gates rose by 0.3% in May thanks to increases in tobacco, petroleum and other manufactured goods prices, however the annual rate fell to just 0.1%.
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