If OPEC+ Oil Cuts Go as Planned, Norway Could Cut Output, Too
Norway, Western Europe's largest oil producer, signaled on Friday it could cut its output if the deal negotiated by the so-called OPEC+ nations was implemented as planned.Norway's Minister of Petroleum and Energy Tina Bru is taking part in Friday's G20 video conference to discuss the situation in…
Noble Group says Jeffrey Frase Resigns as co-CEO
Beleaguered commodities trader Noble Group said on Monday that Jeffrey Frase resigned as co-chief executive officer (CEO) and global head of oil liquids. William Randall, who served alongside Frase as co-CEO, will assume the role of chief executive, the company said in a statement. Randall and Frase…
Noble Group sells Oil Unit to Vitol
Oil liquids unit to be sold for about $580 million. Struggling commodities trader Noble Group agreed to sell its Americas-focused oil trading business to Vitol for about $580 million as part of a debt-cutting strategy, and warned of a big loss for its third quarter. Monday's move came after Reuters reported late on Friday that Vitol…
Vitol Close to Acquiring Noble's Oil Business
The world's largest oil trader Vitol Group is nearing a deal to buy Noble Group's global oil liquids business, which analysts had valued at about $1 billion, three people familiar with the matter said on Friday. One of the sources said an announcement of the deal could come as early as Monday. Shares of Noble Group were halted in the afternoon…
S&P, Moody's Cut Noble Rating
Ratings agencies S&P and Moody's cut their credit ratings on commodities trader Noble Group on Monday, citing high default risks. Once Asia's largest commodities trading house, Noble is slimming down to its core Asian coal trading business after a two-year crisis. Last month it announced the sale of its U.S.
Noble Group Reports $1.75 Bln Q2 Loss
Commodities trader Noble Group reported a second- quarter loss of $1.75 billion on Thursday, weeks after warning it faced its steepest quarterly loss in a year and a half and would slash jobs and sell assets to cut debt. Once Asia's largest commodities trading house, Noble is slimming down drastically…
Noble in Mercuria Deal as it Cuts Debt, Expenses
Noble agrees to sell U.S. gas and power business to Mercuria. Commodities trader Noble Group announced a dramatic overhaul on Wednesday that will involve a partnership with rival Mercuria, as it flagged assets sales, efforts to more than halve its staff numbers and a crippling quarterly loss. In a surprise announcement…
Noble Group's Shares Plunge, Elman Steps Down
Decline in shares is biggest on record. Noble Group Ltd reported a quarterly loss that pummelled its shares by a record 33 percent, stoking worries the Singapore-listed commodity trader was failing to recover from a crisis-wracked two years despite a deep restructuring. As previously flagged, founder Richard Elman…
Oil Traders Leave Noble Group, Three Join Glencore
Five oil product traders have resigned from Noble Group, Asia's biggest commodity trader by revenue, some of whom are moving to rival trader Glencore, sources with knowledge of the issue said. Three of Noble's London-based gasoline traders are joining Glencore, according to the sources. The status of two other traders was not immediately clear.
Noble Group Obtains $3 Bln Credit Facilities, Q1 Profit Falls
Noble Group finalized $3 billion in bank credit facilities, a crucial move for Asia's biggest commodity trader to refinance all of its debt for this year after being whacked by credit rating downgrades. It reported a 62 percent fall in quarterly net profit, hit by tight credit conditions. Noble is…
Noble Hires Trafigura Oil Trader as Middle East Deputy
Noble Group Ltd said Thursday it had hired Wael Amer, a former Trafigura senior oil trader, as deputy head of the Middle East, North Africa and East Africa, as the Asian commodities trader expands its oil trading and cuts metals exposure. In the newly created position, Wael Amer will be based in Dubai and report to Raj Kapoor…
Price Fall Hastens Western Oil Majors Retreat
Seven oil majors ran annual cash deficit of $55 bln; falling oil price to force new wave of asset sales. This year's fall in energy prices is hastening the decline of big oil, as the seven Western majors sell-off assets, cut investment, return money to shareholders and shrink in size, leaving ever more output to small producers and state firms.
IEA: Unconventional Oil Revolution to Spread by End of Decade
The IEA’s Medium-Term Oil Market Report 2014 will be officially launched during a Press webinar on Tuesday, June 17, 2014, 11 a.m. Paris time. In addition, a web-based technical briefing will take place on June 17, at 16:30 Paris time where journalists will have an opportunity to put questions to the team that produced the Medium-Term Oil Market Report 2014.
