Britain’s appeal to green energy investors has fallen to its lowest level in 12 years because of the government’s “lack of clarity” over its renewable energy policy. That’s according to a new index, in which the UK has slipped down to eighth place.
The crude oil price collapse has forced some Canadian oil service companies to cut their workforces, budgets, and salaries, as their energy-producing customers have been struggling with their own budget cuts and market uncertainty.
The gap between the rich and the poor continues to grow. Train and bus fares continue to rise. Twice as many people are living in poverty than 30 years ago. And our National Health Service is being privatized before our very eyes.
Workers at three refineries, one them the largest in the US, have joined a mass nationwide strike affecting some 20 percent of US refining capacity. The USW union strike has hit its fourth week, after failing to reach an agreement with Royal Dutch Shell.
The key market indicators show the oil prices could soon rebound to about $80 a barrel, Rosneft CEO Igor Sechin said, adding that the price may even bounce back to $110 a barrel if more projects are shelved.
A loaf of bread in the UK will cost £150 in 100 years if current inflation rates apply, a study has shown. The value of money has plummeted by 99 percent over the past century, meaning £100 in 1914 is equivalent to £8,970 in purchasing power terms today.
Oil and gas companies will need to be more innovative if they are to survive in the future, a new report urges, arguing such companies need to be more creative to withstand the continued fall in oil prices.
A lawsuit brought by Russian oil firm Rosneft challenging sanctions imposed on Moscow has been referred to the European Court of Justice. Rosneft’s lawyers maintain the sanctions were hastily implemented and are illegal under EU law.
OPEC is forecasting a sharp rise in demand for its crude oil in 2015 along with slower production in the US and other non-OPEC countries. Lower oil prices will lead to a slowdown in US shale production and a cut in capital spending.
The Forum of Private Business (FPB) has warned UK firms are facing a ‘crisis in confidence’ due to poor ethical standards. In a survey, three-quarters of respondents felt businesses were putting profits ahead of ethical responsibilities.
Saudi Arabia, the world’s largest crude exporter, has cut its March oil prices to Asia by 90 cents - the largest discount in at least 14 years. Experts suggest the move is part of the country’s fight for global market share.
The EF Annual Meeting, held January 21-24 in Davos, highlighted the most important issues and long-term challenges, including global growth, the oil market, deflation, inequality, climate change and international terrorism.