Britain gives go-ahead for Equinor to develop Rosebank oilfield; oil prices climb amid tight supplies – business live

Green campaigners criticise decision to approve large oilfield northwest of Shetland

Tessa Khan, a climate lawyer and executive director of Uplift, which helped coordinate the Stop Rosebank campaign, said:

Rosebank will do nothing to lower fuel bills or boost UK energy security. Most of this oil will be shipped abroad and then sold back to us at whatever price makes the oil and gas industry the most profit.

People in the UK overwhelmingly support moving to cheaper, cleaner renewable energy. This government should be prioritising making sure no pensioner, or family with small children is living in a cold, damp home this winter, not handing billions in tax breaks to obscenely wealthy foreign companies.

We have today approved the Rosebank Field Development Plan (FDP) which allows the owners to proceed with their project.

The FDP is awarded in accordance with our published guidance and taking net zero considerations into account throughout the project’s lifecycle.

Rishi Sunak has proven once and for all that he puts the profits of oil companies above everyday people. We know that relying on fossil fuels is terrible for our energy security, the cost of living, and the climate. Our sky-high bills and recent extreme weather have shown us that.

The ugly truth is that Sunak is pandering to vested interests, demonstrating the stranglehold the fossil fuel lobby has on government decision making. And it’s bill payers and the climate that will suffer because of it. Why else would he make such a reckless decision?

Brent crude rose more than 1% to $94.98 a barrel while US light crude is up 1.1% at $91.4 a barrel.

There are also concerns that higher interest rates could slow economic growth and reduce demand for oil. The US Federal Reserve has signalled that borrowing costs may need to be stay higher for longer than expected.

1.30pm US Durable Goods orders for August

3.30pm US EIA crude oil inventory data

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