Saudi Arabia’s king replaces energy minister with one of his sons

Prince Abdulaziz bin Salman has been sworn in as the new Minister of Energy – the first time the oil portfolio has been given to a member of the royal family

The Crude Oil Outlook for 2019

Throughout 2018, many market analysts found the price of oil difficult to predict, with economic and political events confounding market expectations and leading to inaccurate predictions

Oil price hits four-year peak

Brent crude peaked at $82.20, the highest figure seen since November 2014

Global water market ‘to grow to $915bn by 2023’

It has been linked to high commodity and oil prices as well as major water quality and infrastructure plans

UN climate chief urges oil producers to join low carbon transition

Patricia Espinosa said the transformation towards a greener energy system will be critical to achieve the Paris climate targets

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

China surpassed US as world’s largest crude oil importer

China was the largest crude oil importer last year at 8.4 million barrels per day (b/d). According to the US Energy Information Administration (EIA), “new refinery capacity and strategic inventory stockpiling combined with declining domestic oil production” were the major factors contributing to the rise. It surpassed the US, which imported 7.9 million b/d in […]

High oil prices ‘driving energy costs by up to 10%’

Higher oil prices are continuing to drive up wholesale energy costs by as much as 10%. That’s the suggestion from energy consultancy Inprova Energy, which says this is largely a result of OPEC and other major producers extending an agreement to cut crude oil production by nearly 2% until the end of 2018. It claims […]

OPEC, Russia extends oil cuts to end of 2018

The world’s major oil producers have agreed to extend production cuts through to the end of 2018. Members of the Organisation of Petroleum Exporting Countries (OPEC) and other major producers, including Russia, will extend the current deal of cutting supply by around 1.8 million barrels per day (bpd), which would otherwise have ended in March […]

Crude oil prices stay strong

Crude oil prices remain strong, thanks to a weak dollar and strong demand. That’s according to a new report from global bank HSBC, which shows Brent Crude has recovered by around $10 (£7.4) a barrel from lows earlier this year. The strength of demand has been a key feature with year-on-year demand growth at its […]