So the slide continues with no end in sight. As expected this morning, the oil price has fallen below $28 a barrel on the back of the historic news over the weekend of sanctions being lifted on Iran.
oil industry outlook
Obama to “Halt” New Coal Leases
Every day, it seems, brings more bad news for the fossil fuel industry. The week started badly with the news that they US coal giant Arch Coal, which owns the world’s biggest coal-mining complex, was filing for bankruptcy.
Oil Industry’s “Death Dance” Continues
It is not a Happy New Year for Big Oil, as the industry faces another daunting year of low oil prices, which could have a catastrophic impact on the US shale industry, amongst others.
$1.5 Trillion of Investment “At Risk”
There is a temporary reprieve this morning for the oil industry as the oil price has climbed one percent on the news that US drilling has slowed yet again.
OPEC: “All eyes are on how quickly US production falls”
The oil cartel, OPEC, has confirmed what has been obvious to many for months: US shale production is in deep, deep trouble as the fracking boom bursts in the face of low oil prices.
65,000 Jobs Lost in North Sea
The low price is affecting more mature areas of production too and nowhere is that more so than the British North Sea.
“Double Dip” Oil Plunge Gets “Ugly” For The Tar Sands
Those in the oil industry hoping for a reprieve from the volatility of the oil price had their hopes dashed yesterday as the price of oil dropped to its lowest level in four months.
As G7 Pledges to Phase Out Fossil Fuels, Over $50 Billion Invested in Oil and Gas
The front pages of many of this morning’s newspapers reflect the ground-breaking pledge by the Group of Seven industrial powers, known as the G7, to decarbonise the global economy by the end of the century.
Half US Frackers “Dead or Sold” By Year-End
There has been increasing speculation over the last twenty-four hours that the oil price might start to rally upwards.
BP Out of Touch on Climate and Clean Energy Technology
How BP’s Outlook for Energy looks to the past not the future