Analysts have predicted that Opec will announce further production cuts after its meeting in Cairo tomorrow to combat the flagging price of crude oil.Despite original claims that reductions would not be announced until the December meeting, Opec is expected to spring into to action since figures rel... More
The global growth domestic product slowdown resulting from the economic crisis is forcing oil demand to its lowest in a generation, according to poll carried out by Reuters.Analysts have said that demand is set to decline by 20,000 barrels per day to 86.03 million in 2008 and 86.01 million in 2009.T... More
Crude oil prices could be set to start rising again after yesterday's announcement that Russia may consider cutting production cuts along with Opec in a bid to restrict supply.Victor Shum, senior principal at Purvin and Gertz in Singapore, told Bloomberg: "The slight rise is in line with talk a... More
Oil and Gas UK has said it is encouraged by Alistair Darling's statement in his pre-Budget report yesterday that he is committed to working closely with the industry to establish the right incentives to increase production from marginal oil fields.Having previously expressed its concern to the Treas... More
The continued optimism surrounding the incoming US president and the announcement of his economics schedule expected today will only halt the slide of the global markets, according to the Bank of Ireland.Head of natural resources risk management at the bank Paul Harris said the boost to sentiment ab... More
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National Energy Action (NEA) has appealed to the energy supply industry to reduce the cost of fuel as soon as possible.The organisation's warm homes campaigner Maria Wardrobe said it appreciates that it takes time for price reductions to kick in because the suppliers purchase their energy on the for... More
Oil has risen once again above the $50 (€40) per barrel mark after having slumped to a three-and-a-half-year low yesterday of $48.25.It declined this week by 11 per cent - the steepest weekly fall since the start of October.At its three-and-a-half-year low oil dropped to nearly $100 cheaper tha... More
The one million fuel poor households in Scotland are to benefit from a new Energy Assistance Package, the government announced yesterday.Health secretary Nicola Sturgeon claimed that the new package, which is to replace the existing Central Heating and Warm Deal programmes, will tackle all aspects o... More
Fuel poverty affects 5.4 million households in the UK and that figure is expected to rise, according to National Energy Action (NEA).The organisation's warm homes campaigner Maria Wardrobe said that people suffer fuel poverty because of poor energy efficiency in the housing stock, low household inco... More
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