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The IEA put the demand slump last month at 120,000 barrels per day (bpd)

Spread of Covid Delta variant knocks oil demand outlook

Rising demand for oil abruptly reversed course in July and is set to proceed more slowly for the rest of the year due to the spread of the Covid-19 Delta variant, the International Energy Agency has said.

Business • 12 Aug 21

Brent crude gained 70 cents, or 1%, to $69.32 a barrel

Oil rises but Covid-19, supply concerns cloud outlook

Oil prices stabilised today after slumping around 7% in the previous session amid a broader market retreat led by concerns about rising Covid-19 infections, which came just as producers inked a new supply deal.

Business • 20 Jul 21

From August until December 2021 the group will increase supply by a further 2 million bpd or 0.4 million bpd a month

Oil falls 5% as OPEC+ producers agree to raise output

Oil prices fell over $3 in their largest daily decline since late March on Monday after OPEC+ overcame internal divisions and agreed to boost output, causing concern about a crude surplus as Covid-19 infections rise in many countries.

Business • 19 Jul 21

BP's CEO Bernard Looney said the company will continue producing hydrocarbons for decades to come

BP to stick with oil and gas for decades, CEO says

BP will continue producing hydrocarbons for decades to come and will benefit from rising oil prices even as it reduces output as part of its shift to low-carbon energy, its chief executive Bernard Looney told Reuters.

Business • 23 Jun 21

Saudi Arabia said it was phasing out its extra voluntary cuts by July

OPEC+ to ease oil output cuts from next month

OPEC+ has agreed to gradually ease its oil output cuts from May, after the new US administration called on Saudi Arabia to keep energy affordable for consumers.

Business • 02 Apr 21

Under the deal, Panoro will pay Tullow an initial $140m in cash with an option for up to $40m more linked to oil prices and the performance of the assets

Panoro to buy African oilfields from Tullow for $180m

Tullow Oil has agreed to sell stakes in some of its non-operated offshore oilfields in Equatorial Guinea and Gabon to smaller Africa-focused rival Panoro Energy for up to $180m, the companies have said.

Business • 10 Feb 21

OPEC+ decided to increase production by 0.5 million bpd from January

Lockdowns depress demand for oil

OPEC sees plenty of downside risks for oil markets in the first half of 2021, its secretary general said, before meeting allies led by Russia to discuss output levels for February.

Business • 04 Jan 21

Reducing costs is vital for Shell's plans to move into the power sector and renewables where margins are relatively low

Shell launches major cost-cutting drive

Royal Dutch Shell is looking to slash up to 40% off the cost of producing oil and gas in a major drive to save cash so it can overhaul its business and focus more on renewable energy and power markets, sources told Reuters.

Business • 21 Sep 20

Grounded planes due to Covid-19 fears means the world will not return to pre-pandemic oil demand levels before 2022

Aviation crisis to affect oil demand until 2022 - IEA

Oil demand is recovering from the greatest fall in its history in 2020, the International Energy Agency said today.

Business • 16 Jun 20

Cushing is one of the major oil-storage hubs in the world

Cushing oil storage hub almost at full capacity

The sleepy town of Cushing in Oklahoma made headlines last week when the price of oil dropped to below $0 a barrel.

Business • 28 Apr 20

Oil prices are being pressured by persistent oversupply and collapsing demand due to global coronavirus-related lockdowns

Oil falls 4% towards $28 on oversupply concerns

Oil fell by over 4% towards $28 a barrel, pressured by reports of persistent oversupply and collapsing demand due to global coronavirus-related lockdowns and a lack of coordinated oil purchases for strategic storage.

Business • 15 Apr 20

Global fuel demand has plunged by around 30 million barrels per day

Plans to cut oil output gather momentum

Top oil nations pushed to finalise a deal on sweeping oil cuts at G20 talks to lift prices slammed by the coronavirus crisis with Russia and Saudi Arabia taking the lion's share and the United States showing unusual willingness to help out.

Business • 10 Apr 20

Brent crude prices closed at an 18-year low of $22.7 a barrel in March, a drop of 55% over the month

Bord Gáis Energy index slumps 37% due to oil price drop

The Bord Gáis Energy Index fell by 37% in March due to an unprecedented drop of 55% in oil prices as Covid-19 spread to every corner of the globe - hitting growth and energy demand.

Business • 07 Apr 20

Daily tanker rates have rocketed to record highs of over $230,000 a day this week

Oil held in storage at sea approaching 2009 record

Oil traders are storing as much as 80 million barrels of oil on tankers at sea, with further ships being sought as land storage sites fill up fast due to a global glut of stocks, shipping industry sources say.

Business • 02 Apr 20

Dollar falls against the yen and euro in hectic trade today

Foreign exchange volatility surges as dollar falls

The dollar fell 3% against the Japanese yen and commodity-linked currencies tanked today, as a 30% crash in oil prices and tumbling stock markets panicked investors and sent currency prices swinging wildly.

Business • 09 Mar 20

Wall St plunges after oil shock, trading halted

Wall Street's main indexes dropped 7% and the Dow Jones crashed 2,000 points in what would be its biggest one-day fall ever in opening trade today.

Business • 09 Mar 20

Saudi Arabia has slashed its official selling prices and set plans for a dramatic increase in crude production next month

Oil prices down 30% on Saudi moves, virus fears

Oil prices plummeted around 30% today after Saudi Arabia slashed its official selling prices and set plans for a dramatic increase in crude production next month.

Business • 09 Mar 20

BP deepens emissions targets as CEO 'reinvents' firm

BP plans deep cuts to its carbon emissions by 2050, setting one of the oil sector's most ambitious targets, as part of the biggest overhaul in the company's 111-year history by new chief executive Bernard Looney.

Business • 12 Feb 20

Oil is off over 20% from peaks struck in January after the coronavirus hit demand in the world's largest oil importer

Oil edges down as traders assess China's oil demand

Oil prices dipped today on weaker Chinese oil demand in the wake of the coronavirus outbreak and as traders waited to see if Russia would join other producers in seeking further output cuts.

Business • 10 Feb 20

Oil and gas prices fall by 11% in January - Bord Gáis

Energy prices fell by 10% in January as the coronavirus outbreak in China added to the already weak sentiment in energy markets.

Business • 07 Feb 20

Tullow expects its production to shrink to 75,000 barrels per day this year and to 70,000 bpd from 2021

Tullow Oil plans to cut third of workforce - source

Tullow Oil plans to cut a third of its staff to save about $20m, a source with direct knowledge of the matter has said.

Business • 05 Feb 20

Incoming BP chief executive Bernard Looney hails from Kerry

BP's Looney goes all-in on climate goals

Incoming BP chief executive Bernard Looney plans to expand the company's climate targets and is considering overhauling the structure of the oil and gas major in one of the biggest shake-ups in its 111-year history.

Business • 22 Jan 20

Incoming BP CEO won't take up Rosneft board seat

Incoming chief executive Bernard Looney will not take up either of BP's seats on the board of Rosneft when he takes over in February because of the complexity of the relationship with the Russian oil giant, company sources have said.

Business • 19 Dec 19

Aramco pledged to pay $75 billion in dividends in 2020

Saudi oil firm Aramco raises $26bn in largest ever IPO

Saudi Arabia's state oil company Aramco launched its initial stock offering today, pricing at the high end of the target range and raising $25.6 billion.

Business • 05 Dec 19

Tullow Oil has cut its 2019 oil production outlook

Tullow Oil cuts 2019 oil production guidance

Tullow Oil has today cut its outlook for production and cash flow because of persistent problems in Ghana, while it also revealed that the quality of oil recently discovered in Guyana was heavy in nature.

Business • 13 Nov 19