Exxon and Chevron are expected to top Q3 profits as US oil production hits a record high
Exxon Mobil, a U.S.-based oil producer, and Chevron, a U.S.-based fuel company, posted higher-than-expected profits for the third quarter on Friday. This was due to soaring U.S. crude oil production, which cushioned soaring fuel prices. Both companies focused on increasing oil and gas production…
VEGOILS - Boost exports on the back of positive estimates and weak output
Malaysian palm oil futures ended up higher on Monday after two sessions of losses. Supported by higher export estimates, and expected seasonal palm production decreases, the prices rose. The benchmark contract for palm oil delivery in January on the Bursa Derivatives exchange gained 46 ringgit or 1.08% to 4,301 Ringgit ($1,000.23).
After a 7% drop in a week, oil prices are on the rise again
The oil prices rose in Asian trading Monday after a drop of more than 7% last week due to concerns over demand in China, which is the world's largest oil importer. Also, there were fewer worries about possible supply disruptions in Middle East. Brent crude futures were up 27 cents or 0.37% to $73.33 per barrel at 0625 GMT. U.S.
Palm gains from better export estimates and expectations of low output
After two sessions of declines, Malaysian palm oil futures eked out a slight gain on Monday, backed by increased export estimates and expected seasonal palm production decreases. The benchmark contract for palm oil delivery in January on the Bursa Derivatives exchange gained 49 ringgit or 1.15% to 4…
Oil prices stable after 7% drop in a week
Early trading on Monday saw oil prices stabilize after a drop of more than 7% last week due to concerns over demand in China, which is the world's largest oil importer. Also, there were fewer worries about possible supply disruptions in Middle East. Brent crude futures were up 8 cents or 0.11% to $73.14 per barrel at 0120 GMT. U.S.
Gunvor chair: Mideast conflict will not affect oil supply but demand is a concern
The CEO of trading firm Gunvor is confident that the conflict in the Middle East won't impact oil supply. He said this on Tuesday. He told the Gulf Intelligence Energy Markets Forum, held in Fujairah that the situation in the Red Sea and Yemen was a nuisance but not disruptive. The market, he said, was more concerned about the weak demand.
Russia's Novak believes that oil volatility is easing despite Middle East turmoil
Alexander Novak, Russian Deputy Premier Minister, told Al Arabiya News that he expects the volatility in oil prices to subside after the Middle East tensions have triggered it. Geopolitical risk has already been factored into the price fluctuations. Novak, who oversees the Russian economy as a whole…
New refineries bring down profits for global refiners
Oil refiners across Asia, Europe, and the United States have seen their profitability drop to multi-year-lows. This is a significant downturn in an industry which had previously enjoyed booming returns following the pandemic. It also highlights the global slowdown. This weakness…
Oil Minister: India will continue to buy cheap Russian oil
Hardeep Singh puri, the oil minister, said that India was willing to continue buying oil from Russian companies who are permitted to sell oil at such low prices. Puri said in an interview given at the GasTech Conference in Houston that Western sanctions against Russia for its…
OPEC+ agrees two-month delay in October oil production increase
OPEC+ agreed to postpone a planned increase in oil production for October and November, the producers' group announced on Thursday, after crude prices fell to their lowest level in nine months. It added that it may further pause, or reverse, the increases if necessary. Oil prices are falling, along with other asset categories.
Sources say OPEC+ is close to an agreement on delaying the increase in oil production.
Two sources within the group said on Thursday that OPEC+ was close to reaching an agreement with regards to delaying a planned increase in oil production for October after crude prices fell to their lowest level in nine months. Oil prices are falling, along with other asset categories.
Sources say that OPEC+ is discussing a delay in the planned increase of oil production for October.
Three sources within the group said that OPEC+ was discussing a possible delay to a planned increase in output next month, as oil prices have fallen to their lowest level in nine months. Oil prices are falling along with other asset classes due to concerns over a weakening global economy…
Demand Concerns Drive Oil Prices Down
Oil prices edged lower for a fifth session on Thursday as investors worried about the global demand outlook, however a decline in U.S. fuel inventories limited declines.Brent crude futures LCOc1 slipped 2 cents to $76.03 a barrel, while U.S. West Texas Intermediate crude CLc1…
Brazil's fossil drive undermines Lula’s green ambitions
Brazil's government has invested heavily in fossil-fuels and plans to make the country the fourth largest oil producer by 2030. This month, President Luis Inacio Lula da Silva signed a law regulating the green hydrogen industry in the country. He will be hosting the United Nations COP30 Climate Summit next year.
IEA reduces its 2025 oil consumption forecast as China offsets gains globally
The International Energy Agency (IEA), citing the impact of a weaker Chinese economy on consumption, kept its forecast for global oil demand growth in 2024 unchanged but lowered its estimate for 2025. This is the second report this week from the IEA (which advises industrialised…
Bangladesh Puts to use China-built Crude Oil Offloading Facility
Bangladesh started in recent days a large crude oil receiving and offloading facility built by China that allows the south Asian oil importer to significantly reduce the cost of shipping in crude oil.The single-point mooring facility at Chattogram port last Sunday offloaded 82,000 tons (about 600,000 barrels) of crude oil from a 100,000-ton ta
China Banks "Massive Volume" of Crude in May
China added to crude oil stockpiles at the fastest rate in nearly three years in May, as robust imports outweighed near-record refinery processing.A total of 1.77 million barrels per day (bpd) was added to inventories in May, the most since July 2020 and reversing the small, and rare…
IEA Says World Oil Demand to Rise 2% in '23
World oil demand will rise more than 2% to a record high of 101.6 million barrels per day (bpd) in 2023, the International Energy Agency said on Wednesday, although sky-high oil prices and weakening economic forecasts dimmed the future outlook.The Paris-based IEA also said in…
China's Crude Oil Imports Rebound
China's crude oil imports rebounded in July from a six-month low as state-backed refiners ramped up output after returning from maintenance, though independent refineries slowed restocking amid probes by Beijing into trading and taxes.China brought in 41.24 million tonnes of crude oil last month, equivalent to 9.71 million barrels per day (bpd
Oil Edges Higher on US, Europe Demand Hopes
Oil prices rose on Friday on hopes of a fuel demand recovery in the United States and Europe as economic growth picks up and lockdowns ease, but worries about India's raging second wave of COVID-19 cases kept a lid on gains.Brent crude futures rose 21 cents, or 0.3%, to $65.61 a barrel at 0137 GMT, after climbing 8 cents on Thursday.U.S.
