Category Archives: Oil

Shell has ‘no intention’ of making offer to buy BP after £60bn takeover rumours

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Statement to stock market follows media reports of early talks with BP to create a £200bn UK oil company

Shell has said it has “no intention” of making an offer for the rival fossil fuel company BP after speculation it had been planning a £60bn takeover, ruling out a formal approach for the next six months.

In an official statement to markets on Thursday, the company doubled down on the previous day’s denials that it was planning a bid, after media reports that it was in early talks with its competitor to create a £200bn UK oil supermajor.

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Iran-Israel ceasefire boosts markets risk appetite; UK inflation may ‘plateau’, warns Bank of England’s Greene – business live

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Oil has fallen to its lowest level since June’s conflict began, while stock markets have jumped across Asia and Europe

Travel and leisure stocks across Europe are rallying too.

This has pushed up the STOXX Europe travel and leisure index by 4.1% in early trading, which Reuters reports it the biggest one-day jump since 10 April.

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Oil prices sink after Iranian strike on US airbase reduces fears of market disruption

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Crude oil prices dropped by 7% on hopes that the conflict would not immediately disrupt region’s oil supplies

Oil prices dropped sharply after Iran’s retaliatory missile strike on a US airbase reduced concern that the country was poised to strain energy markets by closing off a vital trade route.

Crude oil prices sank by 7% on Monday, with West Texas Intermediate (WTI) futures dropping to $68.51, as the Iranian action on the Al Udeid base in Qatar raised hopes that the conflict would not immediately disrupt oil supplies from the region.

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Goldman Sachs warns Brent crude could rise over $100 per barrel if Strait of Hormuz is disrupted – business live

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Rolling coverage of the latest economic and financial news

The eurozone economy has continued to flirt with stagnation this month, with little growth in its key sectors.

The latest survey of purchasing managers across the euro area, just released by S&P Global, shows that the eurozone services sector is stalling this month, while factory growth slowed.

“The eurozone economy is struggling to gain momentum. For six months now, growth has been minimal, with activity in the service sector stagnating and manufacturing output rising only moderately.

In Germany, there are signs of a cautious improvement in the situation, but France continues to drag its feet. The momentum evident in the official growth figure of 0.6 percent for the first quarter is unlikely to have carried over into the second quarter, especially since special factors such as Ireland’s unusual jump in growth inflated this figure.

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Nigerian communities to take Shell to high court over oil pollution

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Residents of Bille and Ogale in Niger delta are suing Shell and subsidiary, but company denies liability

Residents of two Nigerian communities who are taking legal action against Shell over oil pollution are set to take their cases to trial at the high court in 2027.

Members of the Bille and Ogale communities in the Niger delta, which have a combined population of about 50,000, are suing Shell and a Nigerian-based subsidiary of the company, the Shell Petroleum Development Company of Nigeria, which is now the Renaissance Africa Energy Company.

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Markets stabilise as investors fear ‘adverse shock’ from higher oil prices – business live

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Rolling coverage of the latest economic and financial news

Over at the Paris Air Show, a row has broken out after four Israeli company stands at the trade fair were shut down.

According to Reuters, French authorities ordered that the four stands should be closed for “displaying offensive weapons”, after not complying with an order from a French security agency to remove offensive or kinetic weapons from the stands.

“This outrageous and unprecedented decision reeks of policy-driven and commercial considerations.

“The French are hiding behind supposedly political considerations to exclude Israeli offensive weapons from an international exhibition - weapons that compete with French industries.”

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UK petrol prices poised to rise as Israel-Iran conflict pushes up cost of oil

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Oil price increase likely to add 5p to petrol and diesel over the next couple of months, expert says

Britons are braced for higher prices at the pumps, after a rise in oil prices caused by the conflict between Israel and Iran in recent days.

Oil prices climbed again on Monday, as traders worried about the risks of a broader regional military conflict, which could disrupt supplies. Iran is a big oil producer, and accounts for about 3% of global supplies.

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Brazil to auction oil exploration rights months before hosting Cop30

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Sale covering 56,000 square miles set to go ahead despite opposition from Indigenous and environmental groups

The Brazilian government is preparing to stage an oil exploration auction months before it hosts the Cop30 UN climate summit, despite opposition from environmental campaigners and Indigenous communities worried about the environmental and climate impacts of the plans.

Brazil’s oil sector regulator, ANP, will auction the exploration rights to 172 oil and gas blocks spanning 56,000 square miles (146,000 sq km), an area more than twice the size of Scotland, most of it offshore.

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EU calls for lower price cap on Russian oil in move to tighten sanctions

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Other measures include greater restrictions on ‘shadow fleet’, banks and Nord Stream investment

The EU executive has called for lowering the price cap on Russian oil as it seeks to tighten energy and financial sanctions against the Kremlin’s ability to wage war.

The president of the European Commission, Ursula von der Leyen, proposed that western countries reduce the price at which Russian oil can be sold to $45 (£30) a barrel, down from the current $60.

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Will the North Sea oil and gas industry be Labour’s next U-turn?

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With Nigel Farage targeting net zero, could government policy change to protect jobs, revenue and votes?

It was inevitable that Nigel Farage would take Reform UK’s campaign tour to Aberdeen. On a visit to the capital of the UK’s oil and gas industry on Monday he welcomed a defecting Aberdeen Conservative councillor, the 13th defection to his party’s ranks in Scotland to date.

Reform is hoping to make political hay from the discontent surrounding the government’s North Sea policies, the demise of the oil and gas basin and the vast workforce that depends on it. The populist party has vowed to reverse the government’s ban on fresh North Sea oil and gas drilling as a “day one” priority if elected to power in 2029.

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‘A momentous day’: families of Britons killed in 1980 oil rig disaster finally win compensation

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Norway will set up state payment scheme for families of 123 men killed in Kielland disaster, but some feel it comes too late

“I think we all feel like we’ve had a bit of a weight lifted off our shoulders,” said Laura Fleming after an important milestone in one of Europe’s longest-running industrial disaster sagas. “It is just 45 years too late.”

Fleming’s father, Michael, was one of 123 men who were killed when the Alexander L Kielland accommodation rig capsized during a fierce storm in the Norwegian North Sea oilfields on 27 March 1980.

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UK petrol prices poised to fall further as oil production may be stepped up

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Global oil prices tumble after reports that Opec+ is ready to raise output despite weaker demand for fossil fuels

Global oil prices have tumbled by more than $1 a barrel in a sign that pressure on households at the petrol pumps could ease further.

The price of Brent crude fell to $63.86 a barrel on Thursday following reports that the Opec oil cartel and its allies may increase their production for July, despite weaker global demand for fossil fuels.

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European unity against Putin in peril if Trump moves to ease sanctions

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EU’s hopes of US increasing pressure on Kremlin have been dashed, and Hungary could yet make situation worse

European leaders – who have promised to impose “massive” new sanctions on Russia after Vladimir Putin’s rejection of a ceasefire in Ukraine – face the prospect of having to introduce their planned expansion of economic restrictions on the Russian war economy without the United States.

European hopes that Donald Trump might increase the pressure on the Kremlin were dashed after the US president’s two-hour inconclusive phone call with Putin on Monday. Trump did not follow through on previous threats to introduce “large-scale” sanctions on Russia if there was no ceasefire, but instead extolled the prospect of restarting trade with Moscow.

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European unity against Putin in peril if Trump moves to ease sanctions

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EU’s hopes of US increasing pressure on Kremlin have been dashed, and Hungary could yet make situation worse

European leaders – who have promised to impose “massive” new sanctions on Russia after Vladimir Putin’s rejection of a ceasefire in Ukraine – face the prospect of having to introduce their planned expansion of economic restrictions on the Russian war economy without the United States.

European hopes that Donald Trump might increase the pressure on the Kremlin were dashed after the US president’s two-hour inconclusive phone call with Putin on Monday. Trump did not follow through on previous threats to introduce “large-scale” sanctions on Russia if there was no ceasefire, but instead extolled the prospect of restarting trade with Moscow.

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EU ministers call for coordinated action on Russian ‘shadow fleet’ in Baltic Sea

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Fleet of tankers sailing under flags of convenience estimated to carry up to 85% of Russia’s oil exports

Calls to step up and coordinate the interdiction of the unflagged Russian “shadow fleet” of oil tankers in the Baltic Sea were made this weekend before the EU foreign ministers’ meeting on Monday, which is expected to impose sanctions on 180 ships, taking the total number of ships sanctioned by the EU to 350.

The efforts to stop the fleet, estimated to be carrying as much as 85% of Russia’s oil exports and so funding roughly a third of Russia’s budget, is seen as a critical proof of the EU’s determination to keep the economic pressure on Russia.

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China’s service sector hit by trade war; Ford predicts $1.5bn profit hit from Trump tariffs – business live

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Rolling coverage of the latest economic and financial news


The takeover of UK food-delivery platform Deliveroo by US rival DoorDash has been agreed.

The two sides have reached agreement on DoorDash’s offer of 180p in case for each Deliveroo share, made last month.

Like DoorDash, Deliveroo is obsessively focused on their customers - consumers, merchants, and riders. They work day in and day out to improve their consumer value proposition, bring new services to local businesses, and offer flexibility and support to riders.

These efforts and attention to detail from Will and the team have had a tremendous positive impact in the communities where Deliveroo operates.

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Miliband in blistering attack on Farage’s UK net zero ‘nonsense and lies’

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The energy secretary has accused Reform UK’s leader of peddling dangerous falsehoods about renewable power

• Tories and Reform use the steel crisis to knock clean energy. They’re wrong: it will secure all our futures

Ed Miliband has torn into Nigel Farage and the Tories for peddling dangerous “nonsense and lies” by suggesting the UK’s net zero target is responsible for destroying Britain’s businesses, including its steel industry.

Cabinet ministers are determined to fight back against the way Reform UK and the Conservatives have unceremoniously lambasted the climate crisis agenda for what they believe are nakedly political reasons before important local elections next month.

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China to snub UK energy summit amid row over infrastructure projects

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Exclusive: Absence of world’s biggest clean energy producer will be welcomed by US pushing oil and gas exports

China is to snub a major UK summit on energy security next week, the Guardian has learned, amid a growing row over the country’s involvement in UK infrastructure projects.

The US will send a senior White House official to the 60-country summit, to be co-hosted with the International Energy Agency. Leading oil and gas companies are also invited, along with big technology businesses, and petrostates including Saudi Arabia, Qatar and the United Arab Emirates.

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Will global climate action be a casualty of Trump’s tariffs?

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Clean energy investors likely to pull back from US, but other countries may seize opportunity to speed transition

Donald Trump’s upending of the global economy has raised fears that climate action could emerge as a casualty of the trade war.

In the week that has followed “liberation day”, economic experts have warned that the swathe of tariffs could trigger a global economic recession, with far-reaching consequences for investors – including those behind the green energy projects needed to meet climate goals.

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People displaced by Uganda oil pipeline ‘received inadequate compensation’

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Many of the people displaced by Eacop project were inadequately rehoused or compensated, report says

People displaced from their homes alongside the site of an oil pipeline under construction in Uganda have complained of being inadequately rehoused or compensated.

When completed, the East African crude oil pipeline (Eacop) will transport oil from the Tilenga and Kingfisher oilfields in western Uganda to the port of Tanga in Tanzania.

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