Oil rises by 1% in a 3-week period as sanctions on Russia and Iran increase
The price of oil rose by about 1% on Friday to a record high for three weeks, as a result of expectations that additional sanctions against Russia and Iran would tighten up supplies. Lower interest rates in Europe or the U.S.
Oil prices drop on forecast surplus supply in 2025, but are set to rise by a weekly gain
Oil prices fell on Friday, as investors shifted their focus to a forecast for ample supply. They also shrugged off the expectation of higher demand in 2013 due to Chinese stimulus measures. Meanwhile, they were…
LNG traders divert cargoes to Asia from Europe as demand in the east increases
Analysts and shipping data indicate that three LNG cargoes bound for Europe were diverted to Asia in order to meet the stronger Asian demand, and because gas prices have decreased in Europe. The rapid change of…
Axpo, a Swiss company, is looking at opportunities in Japan's power and LNG trading
Axpo, a Swiss power producer and trader, is looking at opportunities in Japan's electricity and liquefied gas (LNG), as the changes in Japan's power sector have created a demand for spot LNG and hedging. Japan…
Oil drops as US storm threat subsides, China's stimulus disappoints
The oil prices continued to fall on Monday, as investors disappointed by China's stimulus program and the threat of disruptions in supply from a storm in the United States. Oil prices continued to fall on Monday as the threat of a supply disruption from a U.S.
Vitol CEO flags supply uncertainties as he predicts oil prices of $70-$80/bbl by 2025
Russell Hardy, the CEO of Vitol - the world's biggest independent oil trader - said that global oil prices will remain in the $70 - $80 range per barrel in 2025. Geopolitical risk creates uncertainty about supply.
Singapore is ready to grant licenses of 30 years for the importation of low-carbon energy
Singapore will grant import licenses for 30 years to companies that invest billions in low-carbon energy projects. The head of Singapore's energy regulator announced this on Wednesday. This is a measure to help the firms recover their initial investment.
Southeast Asia must increase investments by five times to achieve climate goals by 2035, according to the IEA
International Energy Agency stated on Tuesday that Southeast Asia must increase its clean energy investment to $190 billion by 2035, or five times current levels, to achieve climate goals. The IEA stated in a…
Prabowo wants to increase Indonesia's energy independence through biofuels and oil and gas reforms
Officials have stated that Indonesia's new Government aims to revitalize oil and gas production. They plan to reduce regulations, reactivate inactive wells, and increase output in producing assets to reverse a decades-long drop in output.The new president…
Equinor executive says that the APPEC/EU methane emission law poses monitoring challenges.
The European Union's legislation imposing methane emission limits on Europe’s oil and gas imports will present monitoring challenges. A Norwegian oil executive said this at the APPEC on Tuesday event. The EU approved the law in May.
APPEC-Gunvor expanding Asia operations and into power, according to chairman
Gunvor Group, a global energy trader, is expanding its Asia operations in order to expand into existing markets, such as liquefied petrol gas (LPG), gasoline, naphtha and aromatics, as well as new areas, including power.
APPEC/S&P Global predicts OPEC+ will increase their oil production next year
An executive from S&P Global told a Monday conference that the Organization of the Petroleum Exporting Countries (OPEC+) and its allies are expected to increase their production in 2025 for the first time since a few years.
APPEC-Weak Oil Demand Affects Singapore Industry Gathering
Next week, the largest gathering of energy traders in Asia will be dominated by discussions about the weak demand for oil in Asia and China as well as the plans of OPEC+ producers in order to reduce supply. APPEC…
Asian Countries Looking to Release Oil Reserves after U.S. Request
The world's biggest economies said on Thursday they were looking into releasing oil from their strategic reserves, following a rare request from the United States for a coordinated move to cool global energy prices.The U.S.
Exxon to Lay Off 300 Workers in Singapore
Exxon Mobil Corp plans to cut its workforce in Singapore, home to its largest oil refining and petrochemical complex, by about 7% amid the "unprecedented market conditions" resulting from the COVID-19 pandemic…
ENERGY: Oil Rises on Vaccine Optimism, U.S. Stimulus
Oil prices open March 2021 on a strong note, supported by optimism about COVID-19 vaccinations, a U.S. stimulus package and growing factory activity in Europe despite coronavirus restrictions.Brent crude was up 63 cents or 1% at $65.05 a barrel by 1150 GMT…
Oil Prices Jump 5% on OPEC+ Output Talks, Iran Tension
Oil prices climbed nearly 5% on Tuesday after news that Saudi Arabia will make voluntary cuts to its oil output, while international political tension simmered over Iran's seizure of a South Korean vessel.Brent crude futures rose $2.51…
Global Crude Market Finds Support From China Demand
China, the global oil market's lifeline this year, has stepped up purchases from exporters like Russia, the United States and Angola in recent weeks, while buyers elsewhere pare orders as coronavirus infections surge and fresh lockdowns are put in place.China…
Exxon Committed to Singapore Refinery Expansion
Exxon Mobil Corp said on Thursday it remained committed to expanding its refining-petrochemical complex in Singapore amid an ongoing review of its projects globally.Along with other oil producers, Exxon has been…
Shell to Slash Jobs and Capacity at Major Singapore Refinery
Royal Dutch Shell will halve crude processing capacity and cut jobs at its Pulau Bukom oil refinery in Singapore as part of an overhaul to reduce its carbon emissions.The refinery on Pulau Bukom, a small island in the Southeast Asian city-state…
