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Decision as part of plan to phase out fossil fuel extraction by 2050 will put pressure on UK Denmark has brought an immediate end to new oil and gas exploration in the Danish North Sea as part of a plan to phase out fossil fuel extraction by 2050.On Thursday night the Danish government voted in favour of the plans to cancel the country’s next...

Major oil firms plan to grow plastic supply to counter impact of shift against fossil fuelsThe war on plastic waste could scupper the oil industry’s multi-billion dollar bet that the world will continue to need more fossil fuels to help make the petrochemicals used in plastics, according to a new report.Major oil companies, including Saudi Aramco and Royal Dutch Shell, plan to spend about...

Thinktank says changes to forecasts reflect accelerated shift away from fossil fuelsThe world’s largest listed oil companies have wiped almost $90bn from the value of their oil and gas assets in the last nine months as the coronavirus pandemic accelerates a global shift away from fossil fuels.In the last three financial quarters, seven of the largest oil firms have slashed their forecasts for future...

The Oklahoma City-based company helped turn the US into a global energy powerhouse but ran up huge debts in the processChesapeake Energy, the shale gas drilling pioneer that helped to turn the United States into a global energy powerhouse, has filed for bankruptcy protection.The Oklahoma City-based company said on Sunday that it had been forced to enter chapter 11 protection because its debts of...

Ships capable of carrying 2m barrels are charging $335,000 a day to store oil unwanted amid the Covid-19 pandemicGiant oil tankers are being used to hold record amounts of crude at sea due to a global oversupply which threatens to overwhelm the world’s storage facilities.A record 160m barrels of oil has been stored in “supergiant” oil tankers outside the world’s largest shipping ports following...

World energy watchdog forecast comes amid global attempt to contain Covid-19Coronavirus – latest updatesSee all our coronavirus coverageGlobal oil prices have slumped as traders fear plans for the biggest production cuts in history will fail to offset the deepest fall in demand in 25 years.US oil prices tumbled to 18-year lows of $19.20 a barrel on Wednesday morning and the benchmark price for Brent...

Saudi Arabia and Russia reach truce after collapse in demand caused by coronavirusThe world’s largest oil producers have agreed a historic deal to cut global oil production by almost 10% to protect the market against the impact of the coronavirus pandemic.Members of the Opec oil cartel and its allies have agreed to withhold almost 10m barrels a day from next month after the outbreak...

Mexico holds out against scale of reductions which would amount to 10m barrels per day, or 10% of global supplyOpec countries and allies led by Russia have agreed in principle to cut their oil output by more than a fifth and said they expected the United States and other producers to join in their effort to prop up prices hammered in the coronavirus crisis.But...

Budget to be slashed, including $1bn less on US shale projects, on back of coronavirus crisisCoronavirus – latest updatesSee all our coronavirus coverageBP is braced for a $1bn (£800m) financial blow in its first-quarter results and plans to slash its spending by a fifth this year to weather “the most brutal” oil market rout in decades.The oil giant told investors it would cut its...

Producers including Shell affected by price war between Saudi Arabia and RussiaOil prices have rallied after a call between Donald Trump and Vladimir Putin raised hopes that tensions between Moscow and Saudi Arabia may start to ease.Brent crude prices rose as much as 3.5% to $23.55 overnight, after hitting an 18-year low of less than $23 per barrel on Monday. The global benchmark for...

A city more reliant than most on oil and gas reserves hopes to profit from a shift to net zeroAberdeen is one of the few cities in the world where your taxi driver is almost guaranteed to know the global market price for oil.It is the second week of March in the capital of the North Sea oil and gas industry and Aberdonians have...

‘Perfect storm’ of oil market woes have fuelled doubts about company’s future Tullow Oil will axe a third of its staff after plunging to a $1.7bn (£1.3bn) pre-tax loss amid a “perfect storm” of oil market woes, which have fuelled doubts over the company’s future.The Africa-focused oil exploration company lost almost a third of its market value on Thursday after issuing a grim warning...

Breakdown of talks with Russia prompted Saudi Arabia to turn on taps and push down priceSaudi Arabia, the world’s biggest oil exporter, has spelled out details of the dramatic increase in its production that prompted Monday’s huge falls in global stock markets and is regarded as a targeted attack on the US shale oil industry.The state-owned oil firm Saudi Aramco, said in April, when...

Royal Dutch Shell and BP lose more than £32bn from their combined market value Saudi Arabia’s oil price war has wiped billions of pounds from the market value of the industry’s biggest companies after oil markets recorded one of the biggest price slumps in history.The decision of the world’s largest oil-producing nation to increase its production even as the coronavirus outbreak stalls global oil...

Washington DC-based bank grants funds to redraft south American state’s oil laws by lawyers linked to oil giantThe World Bank is to pay for Guyana’s oil laws to be rewritten by a legalfirm that has regularly worked for ExxonMobil, just as the US producer prepares to extract as much as 8bn barrels of oil off the country’s coast.The World Bank has pledged not to...

Increasingly erratic general shows no sign of relenting despite international pressure Libya’s oil production and exports have almost ground to a halt as the increasingly unpredictable Gen Khalifa Haftar, the military leader in the country’s east, ignores international calls to seek a negotiated political settlement to the civil war.World leaders had convened in Berlin on Sunday to endorse plans to entrench, monitor and enforce...

Leak has shown how Africa’s richest woman built her empire, but how did it happen?Community bulldozed at site of Isabel dos Santos ‘masterplan’Isabel dos Santos, the billionaire daughter of the former president of Angola, claims to be a self-made businesswoman, but a cache of documents investigated by the Guardian and partners appears to tell a different story.The Luanda Leaks are a trove of 715,000...

On its debut the oil producer’s stock market valuation reached $1.88tn in early tradingSaudi Aramco became the world’s largest listed company on Wednesday as shares in the state-backed oil producer rose by 10% on its stock market debut in Riyadh.The company’s market valuation reached $1.88tn in early trading, amid a push from the Saudi Arabian government to reach the $2tn market value coveted by...