BP committed as trusted partner and valuable contributor to China[1]- Chinadaily.com.cn
9 years, 5 months ago

BP committed as trusted partner and valuable contributor to China[1]- Chinadaily.com.cn

China Daily  

Dev Sanyal, BP's executive vice-president for strategy and regions. Oil giant's vice-president expects big deals during President Xi's state visit to the United Kingdom The oil industry may face its worst situation ever, with crude prices standing at sharply lower levels after plunging more than 50 percent since last summer. But Dev Sanyal, BP's executive vice-president for strategy and regions, said that low oil prices are not all bad news, as they can bring about greater focus and discipline. Sanyal has spent almost three decades working at BP, and his current role is Executive vice-president for strategy and regions, and a member of the Group Executive Committee of BP Plc. Sanyal expects crude oil prices to stay low for longer as global supplies continue to outpace demand this year.

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History of this topic

BP set to cut renewable investment and boost oil and gas production
Trending News
1 month ago

BP set to cut renewable investment and boost oil and gas production

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Competitors like Shell and Norwegian company Equinor have already …

BP cuts investment in clean energy and boosts oil and gas in major strategy shift
1 month ago

BP cuts investment in clean energy and boosts oil and gas in major strategy shift

CNN  

BP slashed planned investment in renewable energy and said Wednesday that it would increase annual oil and gas spending to $10 billion, in a major strategy shift aimed at boosting earnings and shareholder returns. The oil giant cut planned annual investment in energy transition businesses by more than $5 billion, compared with its previous forecast, to between $1.5 billion and …

BP drops climate targets in pivot back to oil and gas
1 month ago

BP drops climate targets in pivot back to oil and gas

Al Jazeera  

BP slashes planned investment in renewable energy and is increasing annual oil and gas spending. Oil major BP says it has slashed planned investment in renewable energy and would increase annual oil and gas spending to $10bn. “This move by oil giant BP clearly demonstrates why super-rich corporations and individuals, chasing short-term profit for themselves and shareholders, cannot be trusted …

Oil rises as investors return from holidays, eye China recovery
2 months, 4 weeks ago

Oil rises as investors return from holidays, eye China recovery

The Hindu  

Oil prices nudged higher on Thursday, the first day of trade for 2025, as investors returning from holidays cautiously eyed China's economy and fuel demand following a pledge by President Xi Jinping to promote growth. Investors are also awaiting weekly U.S. oil stocks data from the Energy Information Administration that has been delayed until Thursday due to the New Year …

China's weak oil demand may lead to global surplus of 1 mn barrels: How would crude prices react?
4 months, 2 weeks ago

China's weak oil demand may lead to global surplus of 1 mn barrels: How would crude prices react?

Firstpost  

The surplus could provide a buffer for prices against potential supply-side price shocks from conflicts in West Asia and other regions Low oil demand from China, supply-side shocks due to the conflict in West Asia, and increase in oil production by countries like US and Brazil are all important factors in determining crude oil price. The IEA forecasts that global …

BP sees oil and gas production move higher in first quarter
11 months, 3 weeks ago

BP sees oil and gas production move higher in first quarter

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Energy giant BP told investors …

Oil prices slip amid interest rate outlook; Brent crude at $81.42/bbl
1 year, 1 month ago

Oil prices slip amid interest rate outlook; Brent crude at $81.42/bbl

Live Mint  

Oil prices experienced a slight decline amid speculation that unexpectedly robust inflation figures might postpone reductions in high interest rates, which have been restraining global fuel demand growth. Brent crude futures saw a decrease of 20 cents, marking a 0.3% drop to $81.42 per barrel by 1415 GMT. This downward trend follows last week's losses, with Brent experiencing a decline …

Oil Prices Slide on Economic Concerns Despite Saudi Output Reduction
1 year, 9 months ago

Oil Prices Slide on Economic Concerns Despite Saudi Output Reduction

News 18  

Oil prices eased on Tuesday as worries sluggish global economic growth could reduce energy demand outweighed Saudi Arabia’s pledge to deepen output cuts. Both crude benchmarks climbed higher for a third day in a row on Monday after Saudi Arabia, the world’s top exporter, said over the weekend that its output would drop by 1 million barrels per day to …

Oil heads for fourth weekly decline on demand growth concerns in US, China
1 year, 10 months ago

Oil heads for fourth weekly decline on demand growth concerns in US, China

Live Mint  

Oil prices declined on May 12, heading for a fourth weekly drop, as renewed economic concerns in the United States and China weighed on demand growth in the near-term, a potential trigger for greater volatility in oil markets. The US Federal Reserve may need to raise interest rates again in its next meeting as the inflation data so far has …

Column: Big oil companies are already reneging on their global warming promises
2 years, 1 month ago

Column: Big oil companies are already reneging on their global warming promises

LA Times  

The Kern River Oil Field in Bakersfield: Don’t expect scenes like this to go away any time soon. “We need continuing near-term investment into today’s energy system — which depends on oil and gas — to meet today’s demands and to make sure the transition is an orderly one,” Looney said in BP’s strategy update, published Tuesday. BP and Shell …

BP profit more than doubles on ‘exceptional’ oil trading
2 years, 10 months ago

BP profit more than doubles on ‘exceptional’ oil trading

CNN  

London CNN Business — BP took a hit of more than $24 billion from ditching its business in Russia but reported a huge jump in profit for the first quarter. The UK-based energy giant said Tuesday that its underlying profit soared to $6.2 billion from $2.6 billion in the same period last year, boosted by “exceptional oil and gas trading” …

OPEC says oil will remain number one, despite green energy push
3 years, 6 months ago

OPEC says oil will remain number one, despite green energy push

Al Jazeera  

OPEC’s latest World Oil Outlook warns that failure to keep investing in fossil fuels could risk geopolitical instability. Halting new investments in fossil fuels is “wrongheaded” despite global commitments to transition to greener energy, the head of the Organization of the Petroleum Exporting Countries said on Tuesday, as he warned that oil demand will continue to accelerate in the coming …

Oil prices rise as investors look to higher demand seen in second half
4 years, 2 months ago

Oil prices rise as investors look to higher demand seen in second half

Live Mint  

Oil prices climbed on Tuesday as optimism that government stimulus will eventually lift global economic growth and oil demand trumped concerns that renewed Covid-19 pandemic lockdowns globally are cooling fuel consumption. Investors are upbeat about demand in China, the world's top crude oil importer, after data released on Monday showed its refinery output rose 3% to a new record in …

Oil up as robust China trade data offsets returning supply
4 years, 5 months ago

Oil up as robust China trade data offsets returning supply

Live Mint  

Oil prices rebounded on Tuesday as robust China data offset returning supply in Norway, the Gulf of Mexico and Libya. China, the world's top crude oil importer, took in 11.8 million barrels per day of oil in September, up 5.5% from August and up 17.5% from a year earlier, customs data showed. The International Energy Agency - which advises Western …

Oil Prices Fall After Surprise Rise in US Crude Inventories, Adding to Demand Worries
4 years, 6 months ago

Oil Prices Fall After Surprise Rise in US Crude Inventories, Adding to Demand Worries

News 18  

Oil prices fell on Wednesday after an industry group reported a rise in US crude inventories against expectations for a decline, adding to worries about demand that led to a steep selloff earlier in the week. Gasoline stocks fell by nearly 7.7 million barrels, nearly 8 times expectations suggesting some demand for fuel in the world’s biggest oil consuming nation. …

Does BP’s conversion signal the end of Big Oil?
4 years, 7 months ago

Does BP’s conversion signal the end of Big Oil?

CNN  

A version of this story first appeared in CNN Business’ Before the Bell newsletter. See here: BP said last week that it would slash oil and gas production and pour billions of dollars into clean energy, speeding up a transition it teased earlier this year. “Energy markets have begun a process of fundamental lasting change, shifting increasingly towards low carbon …

Aviation crisis means oil demand may not recover until 2022: IEA
4 years, 9 months ago

Aviation crisis means oil demand may not recover until 2022: IEA

Al Jazeera  

Air travel is still down by more than 70 percent from 2019 levels: International Energy Agency Oil demand is recovering from the greatest fall in its history in 2020, the International Energy Agency said on Tuesday, but less flying due to coronavirus fears means the world will not return to pre-pandemic demand levels before 2022. “Our first forecast for 2021 …

BP to cut 10,000 jobs after oil price crash
4 years, 9 months ago

BP to cut 10,000 jobs after oil price crash

CNN  

London CNN Business — BP is cutting 10,000 jobs as it reels from a crash in oil prices and tries to pivot toward renewable energy. “The oil price has plunged well below the level we need to turn a profit,” Looney, who took over BP’s top job earlier this year, said in an email to employees. “While the external environment …

Oil prices jump as demand shows signs of picking up
4 years, 10 months ago

Oil prices jump as demand shows signs of picking up

Live Mint  

Oil prices rose on Friday, with U.S. crude jumping more than 7% to its highest since March on signs that demand was picking up, with China reporting increased refinery runs and rounding out a week of bullish news on the supply front. The second-month contract for U.S. crude traded at a discount to the first month for the first time …

'Unprecedented' oil price collapse hammers BP profits
4 years, 11 months ago

'Unprecedented' oil price collapse hammers BP profits

The Telegraph  

BP's profit slumped by two thirds in the first three months of the year after coronavirus triggered a collapse in global oil prices. The drilling titan warned that some companies will have no choice but to shut down wells as it unveiled a plunge in its preferred measure of underlying replacement cost profits to $791m, down from $2.4bn in the …

China's oil giants confronting trying times
4 years, 11 months ago

China's oil giants confronting trying times

China Daily  

An employee checks crude oil processing equipment at the Shengli Oil Field in Dongying, Shandong province. "The low oil price will benefit companies like China Petrochemical Corp whose business is mainly downstream, as the refining sectors will benefit," said Li Li, research director at energy consultancy ICIS China. Sinopec, the country's largest oil refiner, also saw its bottom line decline …

US crude hits 18-year low at $24.44 per barrel as lockdowns, travel restrictions spread; demand in April expected to fall
5 years ago

US crude hits 18-year low at $24.44 per barrel as lockdowns, travel restrictions spread; demand in April expected to fall

Firstpost  

Brent crude was trading down $1.39, or nearly 5 percent, at $27.34 a barrel, after dropping to $27.31, its lowest since early 2016. London: Oil prices fell for a third session on Wednesday with US crude futures tumbling to an 18-year low as travel and social lockdowns sparked by the coronavirus epidemic knocked the outlook for demand. “The oil demand …

Oil ebbs as China's slowest GDP growth in almost three decades stokes demand fears
5 years, 5 months ago

Oil ebbs as China's slowest GDP growth in almost three decades stokes demand fears

Firstpost  

Oil prices slid on Friday on jitters over demand from China after the world’s largest oil importer recorded its weakest quarter of economic growth in nearly three decades, dragged down by a trade dispute with the United States Seoul: Oil prices slid on Friday on jitters over demand from China after the world’s largest oil importer recorded its weakest quarter …

Oil prices rise on US-China trade deal hopes, Opec supply cuts
6 years ago

Oil prices rise on US-China trade deal hopes, Opec supply cuts

Live Mint  

Singapore/Sydney: Oil prices rose on Monday, buoyed by output cuts by producer club Opec and reports that the US and China are close to a trade deal to end a bitter tariff war, which has slowed the global economy. The two countries appear close to a deal that would roll back US tariffs on at least $200 billion worth of …

Oil prices up on US-China trade deal hopes, OPEC cuts
6 years, 2 months ago

Oil prices up on US-China trade deal hopes, OPEC cuts

Live Mint  

London: Oil prices rose on Tuesday, supported by hopes that talks in Beijing between US and Chinese officials might defuse a trade dispute between the world’s two biggest economies, while OPEC-led supply cuts also tightened markets. US West Texas Intermediate crude oil futures climbed 59 cents, 1.22 %, to $49.11 per barrel. “Our lower oil price assumptions reflect slowing demand …

Oil prices rise on Asian stock rally, OPEC-led cuts; crude output reduction to stabilise market
6 years, 3 months ago

Oil prices rise on Asian stock rally, OPEC-led cuts; crude output reduction to stabilise market

Firstpost  

International Brent crude oil futures were at $60.86 per barrel at 0543 GMT, up 66 cents, or 1.1 percent, from their last close. Singapore: Oil prices climbed by around 1 percent on Wednesday amid a stock market rebound and on expectations that an Organisation of the Petroleum Exporting Countries-led output cut for 2019 would stabilise the supply-demand balance. In oil …

Analysis shows need for 1 million bpd cut in oil output, says Saudi energy minister
6 years, 4 months ago

Analysis shows need for 1 million bpd cut in oil output, says Saudi energy minister

Live Mint  

Abu Dhabi: Saudi energy minister Khalid al-Falih said on Monday OPEC and its allies agree that technical analysis shows a need to cut oil supply next year by around 1 million barrels per day from October levels to balance the market. Speaking at an industry event in Abu Dhabi, he said demand from Saudi Arabia’s customers in December would fall …

Oil prices: Saudi Arabia oil production to be cut in response to 20% price fall
6 years, 4 months ago

Oil prices: Saudi Arabia oil production to be cut in response to 20% price fall

CNN  

Abu Dhabi, UAE CNN Business — Saudi Arabia will reduce oil supply next month in response to lower demand, and more cuts could follow next year. Speaking at a conference in Abu Dhabi, Saudi energy minister Khalid Al Falih said the kingdom’s oil output would fall by 500,000 barrels per day in December. “If that means trimming supply by a …

Oil prices rise on tightening supply, strong demand
7 years, 5 months ago

Oil prices rise on tightening supply, strong demand

Live Mint  

Singapore: Oil prices rose on Monday over supply concerns in the Middle East and as the US market showed further signs of tightening while demand in Asia keeps rising. “Oil prices are holding comfortably above $50 as possible supply disruptions in the Kurdish region of Iraq support prices,” said William O’Loughlin, investment analyst at Rivkin Securities. “Three main factors are …

Oil little changed in quiet trade, supply outlook unclear
8 years, 3 months ago

Oil little changed in quiet trade, supply outlook unclear

Firstpost  

By Scott DiSavino | NEW YORK NEW YORK Oil prices were little changed on Monday, with little news to influence a market waiting to see whether U.S. production from shale fields will grow enough to offset planned output cuts by OPEC, Russia and other producers next year.Brent LCOc1 futures for February delivery were down 36 cents, or 0.7 percent, at …

Oil stand-off threatens dividends at BP and Shell amid fears that a deal to prop up prices is about to collapse
8 years, 4 months ago

Oil stand-off threatens dividends at BP and Shell amid fears that a deal to prop up prices is about to collapse

Daily Mail  

Dividends at BP and Shell are set to come under threat as fears grow that a deal to prop up oil prices is about to collapse. The two oil giants yesterday reported better-than-expected results – and gave a boost to their millions of small shareholders by protecting payouts. Neil Wilson, at analysts ETX Capital, said: 'The meeting of Opec later …

Oil price to hit seven-year high as global supplies fall
8 years, 9 months ago

Oil price to hit seven-year high as global supplies fall

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Supply disruptions and falling U.S. output have helped cut …

Outlook for oil brightens as output disruptions erode surplus, IEA says
8 years, 10 months ago

Outlook for oil brightens as output disruptions erode surplus, IEA says

Live Mint  

London: Unplanned disruptions to oil output could help run down a global overhang of unused crude this year, while demand will profit from growing gasoline consumption particularly in India and China, the International Energy Agency said on Thursday. On the demand front, the Paris-based IEA left its forecast for global growth broadly unchanged at 1.2 million bpd for this year, …

BP profit fall 80% on oil price crash
8 years, 11 months ago

BP profit fall 80% on oil price crash

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy BP reported a 80 per …

BP profit falls 91% as oil price cuts put thousands of jobs at risk
9 years, 1 month ago

BP profit falls 91% as oil price cuts put thousands of jobs at risk

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy BP has said its fourth …

BP plans slew of energy deals with companies from China
9 years, 5 months ago

BP plans slew of energy deals with companies from China

China Daily  

Dev Sanyal, BP's executive vice-president for strategy and regions. Oil and gas giant BP Plc is expected to sign several agreements with Chinese companies during President Xi Jinping's ongoing state visit to the United Kingdom, as the two countries strive for greater energy cooperation. "We see great potential for enhanced cooperation and collaboration between both sides, and the agreements will …

BP slashes billions from investment plans as it reveals £645m loss
10 years, 1 month ago

BP slashes billions from investment plans as it reveals £645m loss

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy BP and BG Group slashed …

BP to spend $1 billion on thousands of job cuts
10 years, 3 months ago

BP to spend $1 billion on thousands of job cuts

Live Mint  

London: BP Plc will cut thousands of jobs cut across its global oil and gas business by the end of next year in a $1 billion restructuring programme announced on Wednesday following steep falls in oil prices. The British oil major said it was also considering deeper cuts to its 2015 budget beyond the $1-$2 billion reduction already announced in …

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