Russia is in financial difficulties and has slumped into a depression after gas and oil revenues have decreased dramatically. Russian gas giant Gazprom’s revenues are due to drop by a third after European demand has plummeted leaving the Russian economy in a precarious position. Bad news for the eastern country with shoplifting already on the […]
Iranian oil soon to be back on the market
It looks like Iranian oil will soon be back on the market. The EU banned the import, purchase and transport of Iranian crude oil and natural gas as well as stopping European companies from insuring Iranian oil shipments in 2012. This embargo was a bid to stop Iran’s nuclear programme. But fresh from a long […]
New energy bill to be implemented
Energy Secretary Amber Rudd has taken her first steps towards reforming energy legislation by announcing plans in the House of Lords. The Energy Bill will set out the plans for onshore wind farms, new schemes and local council involvement. Rudd has given local communities the power to veto planning propositions to ensure residents have “the […]
Oil prices drop again as Opec continues production
Oil prices have been dropped for some time now thanks to a decrease in global demand coupled with increased US shale production. Some of Opec’s members however are not happy with the current state of affairs and have implored the cartel to cut production so prices can rise. Even the Kuwaiti oil minister conceded that […]
OPEC’s oil price games take a twist
The oil price, albeit from its on-going historically low base, has risen dramatically in recent weeks, up 10% on the last week alone. Now the International Energy Agency (IEA) has raised its regular forecast for demand this year and suggests that the oil price trend looks set to continue an upward trajectory. The IEA points […]