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Category Archives: Oil

OFT report points to competition working well in UK road fuel sector

Rises in pump prices for petrol and diesel over the last 10 years have been caused largely by higher crude oil prices and increases in tax and duty and not a lack of competition, an OFT report has found. The evidence gathered by the OFT suggests that at national level competition is working well in the UK road fuel sector, … Continue reading

Posted by Nigel Tree | Leave a comment

Is Opec falling apart?

The Organisation of Petroleum Exporting Countries is a cartel of 12 oil producing countries and has been in operation for the past fifty years. Yesterday its members met in Vienna, ostensibly to agree to raise production levels in order to put supply more in line with current demand levels, and so lower prices. However, there appears to have been something … Continue reading

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Could the global recovery be hit by rising oil prices?

Earlier this week the price of Brent Crude oil rose to $95 a barrel, which was the highest level for just over two years. Although this has fallen slightly since it is still a major cause for concern. There are pressures on both the demand and supply sides. The International Energy Agency has forecast that oil consumption will increase by … Continue reading

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North Sea oil could last longer than expected

The industry body Oil & Gas UK recently published its annual forecast of offshore oil and gas exploration and development activity in the UK, based on a survey of the spending plans of over 70 companies.  It revealed that the number of offshore oil and gas projects currently under consideration for development has risen sharply over the last 12 months, … Continue reading

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Will the rise in the oil price continue?

According to the Organisation of Petroleum Exporting Countries (OPEC) the answer is “yes”.  After prices fell last year from $150 a barrel to $30 a barrel, there has been a recovery. Yesterday, oil prices rose above $65 a barrel and the secretary-general of OPEC said that “We are beginning to see light at the end of the tunnel.” The organisation … Continue reading

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Oil price falls as demand forecast slashed

Yesterday, the price of Brent crude oil fell 8 cents to $52.06 whilst US crude fell 60 cents to $49.45. This was in response to a new forecast of world demand published by the International Energy Agency (IEA). The price of oil has been in the $47-54 range for the last month, after falling to a low of $32.40 in … Continue reading

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