Cargill estimates that China's palm oil demand in 2024 will drop 30% year-on-year.
A Cargill executive said that the demand for palm products in China will drop by 30% between 2024 and 2019. This is because high prices have made it less appealing than soyoil, while vegetable oil demand stagnates. The benchmark…
Nigeria approves Exxon Seplat after two years
Nigeria has approved the sale to Seplat Energy of Exxon Mobil Corp.'s onshore assets, said the chief executive of the country's Upstream regulator on Monday. This comes more than two years since the original $1.28 billion agreement.Since it was announced in February 20…
Brazil's mega dams were supposed to lead the way for a greener future. Climate change came next
The drought has exacerbated the problem of underperformance. When he first came to power in the early 2000s, Brazil's President Luiz inacio Lula da silva bet his green future on "run-of river" megadams - whose turbines move by…
Indonesian palm oil stocks in July at a 5-year low amid increased biodiesel production and higher demand
Data from a leading industry group showed that Indonesian palm oil inventories fell 10.82% from the previous month to a 5-year low of 2,51 million metric tons as demand for biodiesel grew and production decreased, according to data released on Wednesday.
Putin wants BRICS to play a greater role in the global energy dialogue
On Wednesday, President Vladimir Putin called for a greater role for the BRICS group on global energy markets. Russia is looking for ways to counter Western influences. The Energy Week International Forum will be held in Russia this week.
Palm oil gains for the third consecutive session and logs a weekly gain
The price of palm oil in Malaysia rose for the third consecutive session on Friday, and also logged a gain over the week, thanks to the strength of rival Dalian contracts. However, lower crude oil prices and concerns about demand capped this rise.
Indonesia introduces new palm oil taxation rules to boost competition
Indonesia, the world's largest palm oil exporter, will introduce new monthly levies to increase its competitiveness with rival edible oils. This was revealed in a regulation released by the finance ministry on Thursday. The new…
Palm oil hits a three-week low, as other oils fall and India considers a duty hike
Malaysian palm futures fell to their lowest level for three weeks on Thursday, as a result of the expectation that India will increase import duties and due to the weakness in palm and soyoil contracts on Dalian's market. The…
Palm oil hits 3-week low, rival oils also fall as India considers duty hike
Malaysian palm futures fell to their lowest level for three weeks on Thursday, as a result of the expectation that India will increase import duties and due to the weakness in palm and soyoil contracts on Dalian's market. By midday…
VEGOILS - Palm ends the week with a loss. Malaysia data is being eyed
Malaysian palm oil posted a loss for the week on Friday. The market will be expecting next week's data from the Malaysian Palm Oil Board (MPOB). The benchmark palm-oil contract for delivery in November on the Bursa Derivatives Exchange fell 16 ringgit (0.41%) to close at $3…
Palm trades lower and is set to lose money for the week; Malaysia data is eyed
The market expects the Malaysian Palm Oil Board (MPOB) to release its data next week. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange fell 32 ringgit or 0.82% to 3,885 Ringgit ($897.23) per metric tonne.
Saudi Cuts Drive Oil to 11-month High
Oil prices were steady on Thursday after hitting fresh 11-month highs on a fall in U.S. stockpiles and in the wake of a pledge by Saudi Arabia to cut output by more than expected.Brent crude was up 5 cents to $54.35 a barrel at 1231 GMT after touching $54.90…
US-China Cold War Would Redirect Energy Flows
Worsening diplomatic relations between the United States and China are putting a spotlight on their economic inter-dependency in the context of global supply chains for both technology and energy.Top policymakers in the United States and some of its closest allies…
Saudi Aramco's Profit Plunges, Sees Signs of Recovery
State oil giant Saudi Aramco's profit plunged 73% in the second quarter of the year, as a slump in energy demand and prices due to the coronavirus crisis hit sales at the world's biggest oil exporter.But the company stuck with…
Saudi Aramco Launches Largest Shale Gas Development Outside US
Saudi Aramco is launching the biggest shale gas development outside of the United States to boost domestic gas supply and end the burning of oil at its power generation plants, Chief Executive Officer Amin Nasser told Reuters…
Update: Brent Oil Rises above $32 on Hopes of Output Deal
Benchmark Brent crude oil futures rose as high as $33.05 a barrel on Friday on rising hopes of a new global deal to cut global crude supply.Brent crude futures were up 9.3%, or $2.79, at $32.73 a barrel by 1014 GMT. Brent soared…
Angola Says Producer Cuts Insufficient, More Action Needed
Angola sees an oil production curb by OPEC, its allies and other top producers as insufficient to balance global markets, state news agency ANGOP quoted resources and petroleum minister Diamantino Azevedo as saying on Friday."It is up to everyone to understand that, despite the m
Refineries around Asia Join Chinese Peers in Increasing Production
Refineries from India to South Korea are expected to increase output from June, joining their Chinese counterparts as the easing of lockdown measures boosts demand for oil products, industry executives said.The average operating…
Palm production slips due to low volume and muted expectations
Malaysian palm futures continued to fall for a fourth consecutive session on Thursday, amid lower trading volume and concerns over low production expectations. By midday, the benchmark palm oil contract on Bursa Derivatives exchange…
Oil Jumps After US Kills Iran's Soleimani
Oil prices jumped more than $3 on Friday after a U.S. air strike in Baghdad ordered by President Donald Trump killed the head of Iran's elite Quds Force, sparking concerns for an escalation of regional tensions and disruption…
