02092016Tue
Last update: Tue, 09 Feb 2016 02pm

Europe

Markets - Energy - Europe

World's biggest wind farm given go-ahead off Britain LONDON: A wind farm that would be the largest in the world and power more than a million homes has been given the go-ahead in Britain.Offshore wind developer Dong Energy said Wednesday a final decision had been made to construct the 1.2 gigawatt Hornsea Project One scheme off the coast of Yorkshire in northern England.Scheduled for completion by 2020, the giant development would span 160 square miles (407 square kilometres) and use 174 wind turbines, each one 190 metres tall -- higher than London's landmark "Gherkin" tower."It is ground-breaking and innovative, powering more homes than any offshore wind farm currently in operation," said Brent Cheshire, Dong Energy's UK country chairman."To have the world's biggest ever offshore wind farm located off the Yorkshire coast is hugely significant, and highlights the vital role offshore wind will play in the UK's need for new low-carbon energy."Wind energy has grown rapidly in Britain in ...

Markets - Energy - Europe

Oil rally on weak dollar LONDON: Oil prices rallied Wednesday despite news that US crude inventories were at their highest level since 1930, as dealers took their cue instead from the weaker dollar.At 1715 GMT, US benchmark West Texas Intermediate for delivery in March leapt $1.78 to $31.66 per barrel.Brent North Sea crude for April jumped 1.88 compared with Tuesday's close to stand at $34.60.The US government's Department of Energy (DoE) reported that American crude stockpiles soared 7.8 million barrels ...

Markets - Energy - Europe

Oil holds firm before US inventories LONDON: World oil prices rose slightly Wednesday, after briefly slipping under $30 a barrel, as traders awaited the weekly update on energy inventories in the United States.Brent had slid below the psychological level in earlier Asian deals on expectations that US petroleum stockpiles will rise further and exacerbate the already oversaturated global market.At about 1100 GMT, US benchmark West Texas Intermediate for delivery in March stood at $30.43 a barrel, up 55 cents. It earlier ...

Markets - Energy - Europe

Russia says ready to meet key OPEC members, old price regulation tools ‘no longer working’: RIA MOSCOW: Russia is ready to meet the main oil producers within the Organisation of the Petroleum Exporting Countries (OPEC) if a consensus on such a meeting is reached with them, RIA news agency quoted Russia's foreign minister as saying on Wednesday."We consider it important to understand what is going on on the markets. The markets are being influenced by many factors, and old mechanisms are unlikely to work. I think we all understand this," Sergei ...

Markets - Energy - Europe

EU wants to see Gazprom contracts with European clients: report FRANKFURT: The EU wants to examine the contracts which Gazprom has signed with European companies, amid suspicions that the Russian state energy giant has imposed unfair prices which breach the bloc's trading rules, a German newspaper reported.Contacted on the story in Wednesday's edition of the Frankfurter Allgemeine Zeitung (FAZ) daily, which cites an internal EU document, there was no comment from Brussels.Last April the European Commission, the EU's executive arm, accused Gazprom of infringing the ...

Markets - Energy - Europe

Oil slips towards $33 as hopes for production cut fade LONDON: Oil prices fell around 3 percent on Tuesday, dented by worries about the demand outlook and rising supply, while hopes for a deal between OPEC and Russia on output cuts faded.Brent for April delivery was down $1.01 at $33.23 a barrel by 1120 GMT, after settling down $1.75, or 4.9 percent, in the previous session.The front-month contract for West Texas Intermediate (WTI) was down 89 cents at $30.73 after falling $2.00, or 5.9 percent, ...

Markets - Energy - Europe

Russian oil output hits high in January amid OPEC deal speculation MOSCOW: Oil production in Russia hit a post-Soviet high in January, reaching an average of 10.88 million barrels per day (bpd), preliminary data released by the Energy Ministry showed on Tuesday.That means Russia is adding to a global glut of oil at a time when markets are looking for any signs of a potential deal between OPEC and non-OPEC countries. Russia, the world's top oil producer, has in the last week sent mixed signals about ...