02082016Mon
Last update: Mon, 08 Feb 2016 05pm

Europe

Markets - Energy - Europe

Oil rises most in four months on record Chinese demand LONDON: Oil prices rose more than 5 percent on Tuesday as investors viewed bullish Chinese oil demand data as a buying trigger, but contracts remained near 12-year lows as the IEA said the market should stay oversupplied this year.Brent crude futures, the global benchmark, posted their strongest daily gains in four months, trading up $1.55, or 5.4 percent, at $30.10 a barrel by 1149 GMT. U.S. crude futures were up 66 cents at $30.08 a barrel, reverting to a discount to Brent prices."It seems to be a healthy upside correction in an otherwise downtrending market," said Tamas Varga, oil analyst at London brokerage PVM Oil Associates.Traders said prices drew support from strong oil demand in China. Preliminary Reuters calculations based on government figures showed record oil consumption of 10.32 million barrels per day (bpd), up 2.5 percent from 2014, defying slowing growth in the world's second-largest economy.But oil prices remained ...

Markets - Energy - Europe

Russia's Gazprom says 2015 Sakhalin-2 LNG output hit 10.8mn tonnes MOSCOW: Output of liquefied natural gas at the Sakhalin-2 project has hit 10.8 million tonnes in 2015, surpassing the project's design capacity by 1.2 million tonnes, Russian gas export monopoly Gazprom said after the meeting of its management with oil major Shell.Copyright Reuters, 2016 ...

Markets - Energy - Europe

Schoeller-Bleckmann 2015 bookings fall 59pc to 202mn euros VIENNA: New bookings at Schoeller-Bleckmann Oilfield Equipment AG fell 59.4 percent to 202 million euros ($219.45 million) in 2015, slightly below expectations, the company said on Tuesday amid a persistent slump in the energy sector.Revenue fell around 36 percent to 312 million euros in the full year, but due to savings SBO's cash pile increased to 200 million euros and the firm remains on the lookout for takeover targets, Chief Executive Gerald Grohmann said in ...

Markets - Energy - Europe

Oil hits 2003 low below $28 as Iran sanctions lifted LONDON: Oil prices reached a 2003 low below $28 per barrel on Monday as the market braced for a rise in Iranian exports after the lifting of sanctions against Tehran over the weekend.The United States revoked sanctions that had cut Iran's oil exports by about 2 million barrels per day (bpd) since their pre-sanctions 2011 peak to little more than 1 million bpd.Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), issued ...

Markets - Energy - Europe

Oil firms after hitting 2003 low on lifting of Iran sanctions LONDON: Oil prices rose on Monday, recovering from a 2003 low as the market braced for additional Iranian exports after the lifting of sanctions against the country over the weekend.The United States and European Union on Saturday revoked sanctions that had cut Iran's oil exports by about 2 million barrels per day (bpd) since their pre-sanctions 2011 peak to little more than 1 million bpd.Iran, a member of the Organization of the Petroleum Exporting Countries ...

Markets - Energy - Europe

OPEC sees oil market rebalancing in 2016, but Iran to counter non-OPEC decline LONDON: OPEC forecast on Monday that oil supply from non-member countries will post a larger-than-expected decline this year due to the collapse in prices, boosting the need for crude from the producer group.Supply outside the Organization of the Petroleum Exporting Countries (OPEC) would decline by 660,000 barrels per day (bpd) in 2016, led by the United States, OPEC said in a report. Last month, OPEC predicted a drop of 380,000 bpd."The analysis indicates that 2016 ...

Markets - Energy - Europe

Oil prices rebound from new depths LONDON: World oil prices rebounded Monday from new 12-year depths struck after the West lifted sanctions on Iran, paving the way for higher crude exports from the Islamic Republic.Brent crude tumbled below $28 a barrel in Asia trading hours to reach a fresh 2003 low point on fears about a worsening global supply glut.But the market then found support, rebounding above $29 on bargain-hunting and as OPEC said it expects a "rebalancing process" to begin ...