Oil and gas company profits soar
Oil and gas extraction companies increased their profits to 57.6 per cent in the first quarter, as wholesale prices soar.
Oil and gas extraction companies increased their profits to 57.6 per cent in the first quarter, as wholesale prices soar.
The Iraqi government has drawn up contracts with five major Western oil companies to develop fields in the country, US media has reported.
Oil chiefs and energy ministers are meeting this week in Madrid for the World Petroleum Congress to discuss soaring prices, which this week topped $140 a barrel.
A pledge by Saudi Arabia to increase its daily oil output by 200,000 extra barrels has failed to prevent further price rises.
Prime minister Gordon Brown is meeting today with major oil-producing countries in the Middle East in an attempt to tackle soaring fuel prices.
Oil prices dropped sharply yesterday after the Chinese government raised fuel prices by 18 per cent.
Oil prices slipped back today after rising beyond $139 a barrel on Friday, as US unemployment rates unexpectedly jumped.
Prime minister Gordon Brown will discuss what he describes as the "third great oil shock" with oil industry leaders this morning.
Business Editor Amy Bould reports on how soaring fuel costs are hitting readers' bank balances.
Oil prices hit $135 a barrel yesterday as news US stockpiles had fallen to 5.4 million barrels stoked fears of a supply shortage.
More than 200 litres of oil spilled across one of Sandwell's busiest roads following a devastating blaze which gutted a car repair centre in Sandwell today.
As oil prices continue to shatter records, a Goldman Sachs analyst has predicted prices could rise as high as $200 a barrel.
PKN Orlen, Poland's largest oil refiner, has suspended its president and chief executive Piotr Kownacki for causing "significant worsening" to the company's image.
Inflation soared above four per cent today on the back of record-breaking rises in the cost of fuel and household food bills, official figures showed. Inflation soared above four per cent today on the back of record-breaking rises in the cost of fuel and household food bills, official figures showed. The Consumer Price Index, the Government's official rate of inflation which is based on average household spending apart from mortgages, increased to 2.2 per cent in January. But the headline Retail Price Index, which also includes payments of home loans, rose to 4.1 per cent, straying further away from the Government's two per cent target. Nick Graham, chief executive of Shropshire Chamber of Commerce, said today's rise highlighted a difficult balancing act for local companies, which were having to either absorb higher costs, or pass the rise onto their customers. Read the full story in today's Shropshire Star
Over 500 people are being evacuated from a North Sea oil rig after a security alert, according to reports.