OPEC nations’ revenue slumps to five-year low after crude oil price crash

The Organisation of Petroleum Exporting Countries (OPEC) has reported a five-year low in terms of annual revenue. The 12 member countries slipped below $1 trillion last year for the first time since 2010, showing the impact that the crude oil price slump has had on these wealthy economies. The countries, which include the likes of Saudi… Read more »

North Sea oil and gas industry in confidence crisis

Contractor’s confidence in the North Sea oil and gas industry is at a ‘record low’, according to a new survey. The survey, conducted by Aberdeen & Grampian Chamber of Commerce and Bond Dickinson, reveals that two-thirds (67%) of industry operators have been forced to cancel scheduled projects because of the dip in oil prices. While… Read more »

Norway overtakes Russia as top European gas supplier

Norway has overtaken Russia as Western Europe’s largest gas supplier. The news, reported by Reuters last week, comes after EU member states have actively tried to reduce their dependence on Russian energy amidst growing concerns over coercion and geopolitical instability. During the first quarter of 2015, Norway exported 29.2 billion cubic meters (bcm) to countries… Read more »