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Reduced oil demand pulled energy costs down in October

Energy costs here fell by 4% in October, driven by weaker oil prices the latest Bord Gáis Energy Index has found.

Almost 80% of firms are not confident about the industry's medium-term future, according to the PwC Oil and Gas survey

Oil and gas industry outlook 'unfavourable'

The majority of firms in the Irish oil and gas industry consider the outlook for the next two years unfavourable after the Government announced plans to phase out oil exploration off the coast of Ireland, as part of its commitment to achieve carbon neutrality.

Business • 30 Oct 19

Brent is set for a loss of 6.6% for the week, marking its largest weekly loss since December

Oil set for big weekly loss over demand worries

Oil futures were higher ahead of the weekend but remained on track for large weekly losses on fears that slower global economic growth will hurt fuel demand.

Business • 04 Oct 19

Weak Chinese data pulls oil prices lower

Oil prices fall as China's economic outlook still weak

Oil slipped today as China's economic outlook remained weak even as manufacturing data improved, with the continuing trade war with the US weighing on demand growth for the world's largest crude importer.

Business • 30 Sep 19

Oil prices fall on weak Chinese data and fading Saudi supply concerns

Oil prices head for weekly loss as supply fears wane

Oil prices fell today and were heading for a weekly loss on a faster than expected recovery in Saudi output while slowing Chinese economic growth dampens the demand outlook.

Business • 27 Sep 19

Oil prices remain at comparatively elevated levels for the year in the wake of the September 14 attack in Saudi Arabia

Oil falls due to weak economic data, Saudi recovery

Oil prices fell today after weak manufacturing data from Europe and Japan focused market attention on a gloomy outlook for demand.

Business • 24 Sep 19

The Taoiseach said yesterday that the Government is planning to phase out oil exploration in Irish waters

Not easy to separate oil and gas exploration - IOOA

The chief executive of the Irish Offshore Operators Association has welcomed the Government's clarification that a plan to phase out oil exploration in Irish waters relates only to future exploration licences.

Business • 24 Sep 19

Both main oil contracts saw prices rise more than 1% today

Oil steadies on hopes of full Saudi output restart

Oil prices rallied today after Iran warned the presence of US forces in the Gulf was causing instability in the region.

Business • 23 Sep 19

The weekend attack on Saudi Arabian crude oil facilities cut the kingdom's output in half and sent prices soaring

Oil drops sharply as Saudi output seen returning 'soon'

Oil prices dropped sharply today after a top Saudi Arabian source told Reuters production could be fully back on line within weeks.

Business • 17 Sep 19

The price increases could be seen at pumps in about 4 to 5 weeks time

Petrol and diesel prices could rise 'significantly'

Motorists are being advised to expect an increase in petrol and diesel prices as a result of surge in the cost of a barrel of oil.

Ireland • 17 Sep 19

New concerns emerge today about a further hit to global growth and demand for crude

Oil falls as US, China add more tariffs in trade war

Oil prices weakened this morning after new tariffs imposed by the US and China came into force, raising concerns about a further hit to global growth and demand for crude.

Business • 02 Sep 19

Iran's Revolutionary Guards said on Friday they had captured a British-flagged oil tanker in the Gulf

Oil prices rise more than 2% on back of Iran concerns

Oil prices have risen by more than 2% this morning on concerns that Iran's seizure of a British tanker last week may lead to supply disruptions in the energy-rich Gulf.

Business • 22 Jul 19

The UK has offered to facilitate the release of the detained Iranian oil tanker Grace 1 if Tehran gave guarantees that it would not go to Syria

Slower China GDP growth nudges oil prices lower

Oil prices slipped today after China posted its slowest quarterly economic growth in at least 27 years, reinforcing concerns about demand in the world's largest crude oil importer.

Business • 15 Jul 19

Big oil producers are evacuating rigs in the Gulf of Mexico ahead of a major storm

Oil gains after US stockpiles drop, rigs evacuated

Oil prices rose more than 2% today after industry data showed US inventories fell more than expected and as major US producers evacuated rigs in the Gulf of Mexico before a storm.

Business • 10 Jul 19

Oil prices remain pressured by worries demand could ease amid hints of a slowdown in the global economy

Oil dips on demand worries despite OPEC cut extension

Oil prices slipped today as concerns that the global economy could be slowing outweighed an agreement by producer club OPEC to extend supply cuts until next March.

Business • 02 Jul 19

The price of Brent climbed 5% last week and US crude surged 10%

Oil prices drop amid demand worries

Oil fell this morning amid concerns over the outlook for crude demand, but prices were supported after Washington announced new sanctions on Iran amid mounting tensions in the Middle East.

Business • 25 Jun 19

Investors and traders are fretting over global economic growth prospects amid a standoff in China-US trade talks

Oil up as Middle East tanker attacks heighten concerns

Oil futures rose today on increasing concerns about supply disruptions in the Middle East even as investors and traders fretted over global economic growth prospects amid a standoff in the Sino-US trade talks.

Business • 13 May 19

Shell's latest results outshone those of rivals Exxon Mobil, Chevron and BP

Shell beats profit expectations on strong trading & LNG

Royal Dutch Shell today reported a small drop in first quarter profit to $5.4 billion, but still easily beat forecasts, helped by stronger trading and liquefied natural gas earnings.

Business • 02 May 19

BP's chief executive Bob Dudley said the company produced 'resilient earnings'

BP's profit slump buffered by higher output, trading

BP's first quarter profits fell by nearly a third but beat forecasts as lower oil and gas prices and weaker refining margins were offset by higher production and a stronger trading performance.

Business • 30 Apr 19

Chevron said the deal will strengthen the US oil giant's exploration and production holdings in its home market

US oil giant Chevron to buy Anadarko for $33 billion

Chevron said today it will acquire smaller US rival Anadarko for $33 billion in a deal that strengthens the US oil giant's exploration and production holdings in its home market.

Business • 12 Apr 19

Fitch has assigned Aramco its first-ever credit rating - a stable A+

Saudi Aramco 'made $224 billion profit' last year

Saudi Aramco, the world's largest oil company, posted $224 billion in earnings before tax last year, Fitch Ratings said today, as the secretive giant opens its accounts for the first time.

Business • 01 Apr 19

61% of the price of a litre of petrol and 57% of a litre of diesel is tax, the Irish Petroleum Industry Association says

Oil consumption here continues to increase

The organisation representing the petroleum industry here has pledged to play its part in Ireland's transition to a low carbon and environmentally sustainable economy.

Business • 25 Mar 19

OPEC cut its forecast for 2019 world oil demand today, citing slowing economies

Oil up nearly 3% on Saudi and OPEC cuts

Oil prices gained nearly 3% today, supported by OPEC-led production cuts, which Saudi Arabia said it would surpass by more than half a million barrels per day, and by US sanctions against Iran and Venezuela.

Business • 12 Feb 19

Royal Dutch Shell reports highest rise in profits since 2014

Shell's 2018 profits soar to four-year high

Royal Dutch Shell has vowed to stick to spending discipline this year even as 2018 profits jumped by more than a third to their highest since 2014 at $21.4 billion.

Business • 31 Jan 19

Weak Chinese figures have raised the prospect of a slowdown in fuel demand

Oil falls back to $60 on concerns about China slowdown

Oil slipped to around $60 a barrel today after data showed weakening imports and exports in China, the world's second-largest oil consumer, raising the prospect of a slowdown in fuel demand.

Business • 14 Jan 19