19 December 2014 16:08
A report says British energy customers’ debt to suppliers has surpassed 900 million pounds as Britons are not able to cope with soaring prices.
The report published by The Guardian on Thursday showed that 1.5 million customers were in debt on their electricity bills and 1.4 million on gas payments, with each indebted customer owing an average of over 300 pounds.
19 December 2014 16:01
Oil prices have rebounded in the Asian markets after a sharp fall in the previous session of trade.
US benchmark oil, West Texas Intermediate, for January delivery gained 73 cents to USD 54.84 in Friday afternoon trade. Brent crude for February also increased by 32 cents to USD 59.59.
US oil plunged USD 2.36 to its lowest since May 2009 on Thursday...
19 December 2014 9:18
A recent dramatic plunge in crude prices has forced international oil giant Chevron to halt plans to drill a deepwater well in Canada's Arctic Beaufort Sea.
In a letter to Canada's National Energy Board (NEB), Chevron said that it put its Arctic drilling plan “on hold indefinitely" due to “the level of economic uncertainty in the industry.”
"Chevron can confirm that it...
18 December 2014 8:44
A senior British energy official says the UK's oil industry is "close to collapse" due to a recent dramatic fall in crude prices.
"It's close to collapse. In terms of new investments - there will be none, everyone is retreating, people are being laid off at most companies this week and in the coming weeks,” said Robin Allan, the chairman of...
16 December 2014 14:54
A large majority of Britons do not trust Prime Minister David Cameron to cut public spending without harming the country’s vital services, a poll shows.
The ComRes survey published by The Independent on Monday showed 67 percent of respondents have no trust in Cameron to slash spending without negatively affecting services such as the National Health Service.
The poll also shows that...
14 December 2014 14:47
Iran will soon resume exports of petrochemical products to Europe, which have been banned under the US-led sanctions in recent years.
Iran’s Jam Petrochemical Company announced Saturday that a consignment of linear low density polyethylene (LLDPE), measuring 2,000 tons with a total value of over USD 2 million, will be shipped to Belgium next week.
The company says the resumption of petrochemical...
14 December 2014 14:39
The chief of the Organization of the Petroleum Exporting Countries (OPEC) says the recent dramatic fall in oil prices is further than the level being dictated by market fundamentals.
“The fundamentals should not lead to this dramatic reduction (in oil prices),” Abdullah al-Badri said in Dubai on Sunday.
“We want to know the main reasons that have led to such a drop...
12 December 2014 9:24
Oil prices have fallen below USD 60 for the first time since July 2009 amid mounting evidence that global supplies are far outstripping demand.
US benchmark West Texas Intermediate (WTI) for January delivery decreased by 86 cents to USD 59.09 in Friday morning trade in Asia. Brent was also down 52 cents at USD 63.16.
On Thursday, crude prices held up for...
11 December 2014 9:20
A National Iranian Oil Company (NIOC) official said Iran is to introduce 40 grand oil projects at the London Conference due in March 2015. Moshtaq Ali Gohari who is deputy chief of the company told reporters here on Monday that the NIOC will unveil over 40 oil industry projects during the conference.
Most of the projects are related to South Pars...
11 December 2014 8:34
It’s been six years since Wall Street’s recklessness and criminal fraud caused trillions of dollars in economic damage and nearly shattered the global economy.
The 2008 financial crisis opened millions of Americans’ eyes to the widespread corruption and mismanagement in the financial industry, and built public support for stronger bank oversight. Initial steps were taken in that direction, primarily in...
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