Tag Archives: Oil

Oil prices relatively even on wait-and-see Tuesday

Crude oil prices were relatively even early Tuesday as Libyan production resumes after a brief disruption, while anticipation stews over broader OPEC moves. Parties to an agreement from the Organization of Petroleum Exporting Countries to balance an oversupplied market with production declines are wrapping up meetings in Abu Dhabi that assessed compliance and quotas. The effort, implemented in January, brought… Read More »

Optimism on market rebalancing drags oil prices lower

 Renewed optimism about the rebalancing of the crude oil market brought concerns about excitability and dragged the price for oil lower early Thursday. A decision from Saudi Arabia this week to cut its output further, signs of strong demand growth in the United States, the world’s leading economy, and security concerns in OPEC-member Nigeria helped push the price… Read More »

Strong start to summer driving season pushes U.S. oil towards $50

U.S. crude oil prices rose towards $50 per barrel on Tuesday as a strong start to the summer driving season in the United States suggested strong fuel demand in months ahead. U.S. demand for transport fuels such as gasoline used in cars and diesel in buses tends to rise significantly as families visit friends and relatives or go… Read More »

Oil extends losses as gasoline weighs down prices

Oil prices fell on Tuesday, pressured by sluggish demand and evidence of a burgeoning revival in U.S. shale production that could complicate efforts by OPEC and other producers to reduce a supply glut. Benchmark Brent crude LCOc1 was down 80 cents at $54.92 a barrel by 11:31 EST (1531 GMT). On Monday, the Brent futures contract closed down… Read More »

Despite Saudi signals, OPEC unlikely to deliver all promised oil cuts

OPEC is unlikely to deliver fully on its target to cut production despite Saudi Arabia saying it had trimmed more than it had committed to, OPEC delegates say, but compliance of 80 percent would be good and as low as 50 percent acceptable. The Organisation of the Petroleum Exporting Countries is planning to cut its output by 1.2… Read More »

Exclusive: Venezuela’s PDVSA sees 2017 oil output stuck near historic lows – document

Venezuelan state energy company PDVSA projects oil production will remain near 23-year lows in 2017, an internal document shows, suggesting more hardship ahead for the crisis-wrought OPEC member country. Cash-squeezed PDVSA, which accounts for nearly all of Venezuela’s export revenues and is the socialist government’s financial motor, saw production tumble by nearly 10 percent in 2016 due to… Read More »

Pertamina to complete Cilacap oil refinery upgrade in 2021

Indonesian state energy firm Pertamina aims to finish upgrading an oil refinery in Central Java in 2021, one year earlier than its previous target, its chief executive said on Thursday. Pertamina has a joint venture with Saudi Aramco to upgrade the Cilacap oil refinery, on the south coast of Central Java, at a cost of around $5 billion.… Read More »

Oil prices jump on new output deal

Oil prices have surged after oil producing countries that are not Opec members agreed to cut output. Brent crude jumped to $57.89 a barrel – the highest since July 2015 – before falling back to $56.55, although that was still a gain of 4.1% on the day. On Saturday, non-Opec countries agreed to cut their output by 558,000… Read More »

Palm oil giant Olam accused over sourcing

Palm oil giant Olam has been accused of using suppliers that may use unsustainable practices in parts of Southeast Asia. The claims against the agricultural commodities trader were made in a report by Mighty, a US-based environmental lobby group. Mighty also accuses Olam and its main stakeholder, Singapore state-owned investment company Temasek, of turning a blind eye to… Read More »

Oil prices fall as production creeps up ahead of announced 2017 output cut

Oil prices fell by one percent on Monday as a higher U.S. rig count unsettled markets amid nagging concern that output cuts, planned as part of concerted action between producer club OPEC and Russia, might not be as big as initially anticipated. Brent crude futures were trading at $53.89 per barrel at 0132 GMT, down 57 cents, or… Read More »