Recent projects include a predictive test for sepsis that can spot infections days before symptoms. Ploughshare was formed 18 years ago to commercialise discoveries made by the Ministry of Defence’s Defence Science and Technology Laboratory (DSTL). And then we’ve not been great at supporting them to scale up.” She said: “Historically, we’ve been quite good at finding good inventions, we’ve been quite good at getting it into the hands of a company that will take it to market like a spin out or licence. Hetti Barkworth-Nanton, chief executive of taxpayer-owned Ploughshare, said the UK was good at turning breakthroughs into viable businesses but struggled to grow them to significant size. Tupis crude oil in Asia traded at USD 101.3/b last week.Ĭontinued restraint from Russia and Saudi Arabia means crude stocks across the US, major EU nations and Japan fell by 23m barrels in August, Mr Schieldrop said.īritain sells its best inventions too early, according to the woman charged with turning Ministry of Defence breakthroughs into viable businesses. Some measures of oil prices have already surpassed $100, Mr Schieldrop added. It is now less than $5/b away from that level and only noise is needed to bring it above.” “We are highly likely to see dated Brent moving above $100/b. “The overall situation is that Saudi Arabia together with Russia are in solid control of the oil market,” Mr Schieldrop said. The prince pointed to ongoing uncertainty over future demand as interest rate rises squeeze the global economy and the outlook for economic growth in Europe and China becomes increasingly gloomy.īut Opec’s own analysis last week pointed to a major oil shortfall of 3.3m barrels per day over the next three months as global demand outstrips supply.Īnalysts have warned that oil prices are likely to soon surpass $100 per barrel.ījarne Schieldrop, chief commodities analyst at Saxo Bank, said the price growth since late June has been “relentless” and said that prices are likely to rise even higher. He denied that the supply cuts were designed to push up prices and said that they were instead to reduce volatility in the market. Speaking at the World Petroleum Congress in Calgary, the prince said that the cuts were “benign” and were akin to central banks’ efforts to tame inflation. Russia, which is a member of the extended Opec+ group and the world’s second largest oil exporter, also extended its 300,000 barrels per day export cut until the end of the year. Oil prices have surged by more than 30pc since late June and are at their highest level since November 2022, following extended supply cuts by Saudi Arabia and Russia.Įarlier this month, Saudi Arabia, which leads the Organisation for Petroleum Exporting Nations cartel, surprised markets by extending its 1m barrels per day supply cut, which began in July, until the end of the year. Saudi Arabia’s energy minister Prince Abdulaziz bin Salman on Monday defended Opec+ cuts to global supply as the price of Brent crude approached $95 per barrel.

Opec’s leader claims its massive oil production cuts are no different to the actions of central banks, as oil prices hit a fresh 10-month high.

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