Eni, the Italian oil and gas group, is to cut capital spending this year in response to the collapse in crude prices, reporting on Wednesday a one-third slide in operating profits in the fourth quarter of last year.
Adding to the list of big energy companies hit by a near 50 per cent slide in the price of oil since last summer, the company said adjusted operating profit fell 33.8 per cent to €2.3bn in the last three months of 2014 from the same period the previous year, although that was better than analysts’ estimates it would be down to €1.9bn.
The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).
Nigeria, Africa’s top oil producer, last month overtook Saudi Arabia as India’s top oil supplier for the first time in at least four years, according to ship tracking data compiled.
The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).
