By Ed Power

4 stars

Eurozone industrial production rebounded in April on a monthly basis after two consecutive falls, rising more than expected mostly because of a surge in the output of durable consumer goods, such as cars, the EU’s statistics office said yesterday.

Organization of the Petroleum Exporting Countries (Opec) will stick to its policy of unfettered production after members failed to agree on a new output ceiling, but ministers were united in their optimism that global oil markets are improving.

Commercialisation of the potentially lucrative Spanish mineral mine being developed by Co Meath-based prospecting firm, Ormonde Mining, is likely to be delayed until next year.

Food companies featured prominently in the Green Awards 2016, celebrating the sustainability commitments of Irish companies across a range of categories.

Production at Irish factories fell in February by 12.4%, the steepest monthly decline since June 2014, possibly hinting at a slowdown of a remarkable expansion that has driven Ireland’s GDP.

The option of a proposed voluntary cut in milk production by farmers in EU member states, to help reverse the plunge in prices, is being strongly opposed in Ireland.

OPEC oil ministers have effectively scrapped their official output ceiling and agreed to keep producing above that level.

Eurozone industrial production declined in line with expectations in August, as the energy sector reversed gains made in July, while only durable consumer goods output showed robust expansion.

Official figures showing a slowdown in the huge pace of manufacturing production this year has raised the first warning about the outlook for exports.

Petroceltic said yesterday that it and its partners had drawn up a short list for engineering services to develop its Ain Tsila gas asset in Algeria and said the award of the contract later this year would mark a “a milestone” in plans to export gas for the first time in 2018.

Tullow Oil has reiterated its full-year production guidance of 72,000-78,000 barrels of oil equivalent per day after confirming that its flagship project has returned to full output levels.

The run of positive indicators for the economy has continued, with official figures published yesterday showing another large increase in output from Irish factories in April.

Eurozone industrial production contracted unexpectedly for a second month in a row in June, further denting hopes of a stronger recovery as the bloc starts to take the hit from conflict in Iraq, Ukraine and Gaza, fresh data showed yesterday.