Thousands of oil industry delegates are meeting in Madrid this week for the 19th World Petroleum Congress (WPC).Representatives from producing nations will meet with major oil companies to attempt to control soaring oil prices, after light sweet crude reached a record high of $142.99 (£71.69) p... More
The price of crude oil has soared to yet another record high this week, topping $140 (£70.37) per barrel in Thursday trading.Light sweet crude on the New York Mercantile Exchange nudged up to $140.39 a barrel before dropping back slightly.Speculation by investors, rising demand, a weak US dolla... More
Thefts of heating oil have risen sharply in Britain, as opportunistic criminals seek to cash in on soaring oil prices.According to the BBC, police forces across the UK have been reporting a "huge rise" in thefts of heating oil from domestic tanks.Oil prices have reached record levels in re... More
The president of oil producers' cartel Opec has insisted that production does not need to be increased and record oil price rises are down to other factors.World leaders have been placing increasing pressure on oil exporting countries to raise production.However, Chakib Khelil suggests that it is ot... More
Home heating oil bills have soared by 84 per cent compared with one year ago, figures from the Office for National Statistics (ONS) reveal.According to the Guardian newspaper, the rising value of domestic heating oil supplies has spawned anecdotal reports from rural areas of heating oil theft.Tanks ... More
A meeting of leading oil producing nations has concluded with an acknowledgement of the need to take action to curb soaring oil prices.However, the crisis summit held in Saudi Arabia by oil officials has not resulted in any firm commitment to increasing output.Negotiations in Jeddah resulted in a st... More
Organisations and consumers are feeling the squeeze of rising oil prices and high fuel costs could stifle UK economic growth and employment, a report warns.According to the Federation of Small Businesses (FSB), record oil prices are increasing costs for small businessowners and firms using heating o... More
Organisations and consumers are feeling the squeeze of rising oil prices and high fuel costs could stifle UK economic growth and employment, a report warns.According to the Federation of Small Businesses (FSB), record oil prices are increasing costs for small businessowners and firms using heating o... More
Police are warning people living in rural areas to ensure that their home heating oil supplies are secure.An attempted theft in Banwen, Neath Port Talbot, has prompted Welsh police to offer advice to domestic heating oil customers. According to the Neath Guardian, the incident follows a number of re... More
Chancellor Alistair Darling has confirmed that soaring oil prices will "generate greater receipts".The cost of oil rose this week to a record high of almost $140 (£71.77) a barrel and oil prices have doubled over the past year.Rapid increases in oil prices have fed through to fuel and... More
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