Oil prices to average $65 a barrel in 2018

That’s an increase on strong demand from consumers and restraint by oil producers, says the World Bank

Oil and gas mergers and acquisitions to increase

Mergers and acquisitions (M&A) in the global oil and gas industry are set to increase as oil price expectations stabilise. A new report reveals a sharp pick-up in deals announced at the end of last year, however 45% of the $850 billion (£644bn) worth of transactions declared since January 2016 are still said to be […]

Oil price falls after OPEC extends production cuts

The price of oil fell by nearly 5% after OPEC nations agreed to extend their current deal yesterday to limit production by nine months. According to analysts, Brent crude oil plunged $2.60 (£2) to $51.36 (£40) a barrel this morning. The 14 member states, led by Saudi Arabia, were joined by 11 other exporter nations, […]

Oil price sinks to five-month low

The price of oil has fallen dramatically, hitting its lowest level since November 2016. According to analysts, Brent crude fell to $47.49 (£36.7) a barrel, while US crude dropped to $44.58 (£34) a barrel yesterday although there has been some recovery today. Oil price has been falling since the start of the year despite OPEC’s […]

Oil to rise to $70 by 2020, says OPEC

The price of oil will rise to $70 (£32.3) per barrel by 2020. That’s according to a new report from OPEC which also predicts oil will reach $95 (£62.7) per barrel in 2040. Prices have fallen from more than $110 (£72.6) a barrel in summer 2014 to less than $37 (£24.4) at the end of this year […]

Gas system long – DMR

The gas system is oversupplied by 5mcm this morning, according to npower’s daily market report. Norwegian flows through the Langeled pipeline are down to 49mcm. Alex Guiot from npower’s optimisation desk said: “On the LNG side we remain around yesterday’s level at 58mcm with South Hook expecting to receive two more cargoes on the 26th and […]

UK shale firm IGas to cut more than 25% staff

Shale gas company IGas plans to cut more than a quarter of its staff and close an office in Stirling. The company, which has around 200 employees, said the cuts were due to the lower price of oil. It said: “In light of the prevailing oil price environment, IGas has undertaken a review of its […]

Not oil bad despite low prices…

Is the low oil price really a bad thing for the oil and gas industry? ELN Chief Reporter Priyanka Shrestha finds there are reasons to feel cheerful among experts at IP week.

Oil plunge to weigh on Russian economy

Russia’s economy could shrink close to 5% this year as a result of plunging oil prices, according to the European Bank for Reconstruction and Development (EBRD). That’s a major downward revision from its September forecast of a 0.2% reduction. Oil prices have more than halved since June. Earlier this week, Brent crude was trading just […]

Schlumberger axes 9,000 oil jobs

Swingeing job cuts have hit the workforce of global oilfield services firm Schlumberger. It announced yesterday it axed 9,000 jobs last year, around 7% of its original 126,000 workforce. Lowering its headcount would “better align with anticipated activity levels for 2015″, it said. The company said the falling oil price was partly to blame for shrinking its revenue […]