Irish-linked exploration stocks wavered yesterday after leading international energy research and consultancy group Wood Mackenzie warned most major conventional oil projects risk being delayed or cancelled if global prices remain at or below $50 a barrel.

Sinking aluminium prices and a ballooning surplus of the metal have deepened the industry’s worst crisis in years, intensifying pressure on high-cost smelters to embark on another round of production cuts to revive prices from their malaise.