All eyes on Vienna as oil drops; growth hits pound
Businessam Staff
May 25, 2017
Oil retreated from a five-week high as investor attention turned from the U.S. Federal Reserve’s somewhat dovish message to the gathering of major crude producers in Vienna. The pound fell after disappointing output data. West Texas oil swung between gains and losses before sliding as Saudi Arabia signaled Thursday’s meeting won’t produce a deeper cut than […]
OPEC considers extending oil output cut to March 2018
Businessam StaffMay 24, 2017
OPEC and non-member oil producers moved closer on Wednesday to clinching a deal on extending output cuts by nine months to clear a global stocks overhang and prop up the price of crude. The Organization of the Petroleum Exporting Countries meets in Vienna on Thursday to consider whether to prolong the accord reached in December […]
OPEC, non-OPEC could deepen oil cuts –Kuwait
Businessam StaffMay 24, 2017
OPEC and non-member oil producers could deepen output cuts or extend them for a year when they meet in Vienna this week as they seek to clear a global stocks overhang and prop up the price of crude, Kuwait said on Wednesday. The top oil producer in OPEC, Saudi Arabia, favours extending the output curbs […]
There is debate over length of OPEC-led oil output cut extension -ISNA
Businessam StaffMay 24, 2017
Iran’s oil minister Bijan Zanganeh said Wednesday that OPEC will continue its production curb but there is debate among members about how long it will continue, the Iranian Students’ News Agency (ISNA) reported on Wednesday. “It could be three, six or nine months,” Zanganeh said. Zanganeh said Iran will not decrease its own production and […]
Shell to sell $4.1-billion stake in Canadian Natural
Businessam StaffMay 24, 2017
Royal Dutch Shell Plc has decided to offload a roughly $4.1-billion stake in Canadian Natural Resources Ltd (CNRL) that it acquired as part of a deal to retreat from Canada’s oil sands earlier this year, people familiar with the situation told Reuters. The energy company has been interviewing investment banks to hire a financial adviser […]
OPEC to prolong oil cuts as delegates predict smooth meeting
Businessam StaffMay 23, 2017
OPEC will likely agree to extend production cuts for another nine months, delegates said on Tuesday as the oil producer group meets this week to debate how to tackle a global glut of crude. OPEC’s de facto leader, Saudi Arabia, favors extending the output curbs by nine months rather than the initially planned six months, […]
BP starts oil project that will help double its U.K. output
Businessam StaffMay 22, 2017
BP Plc started a project in the U.K. North Sea that will restore production halted since 2013 and help double the company’s output in the area by the end of the decade. BP and its partners budgeted 4.4 billion pounds ($5.7 billion) for the Quad 204 project, which involved building a new floating production and […]
S&P GLOBAL PLATTS PETROCHEMICAL INDEX (PGPI)
Businessam StaffMay 20, 2017
Prices in the $3 trillion-plus global petrochemicals market fell more than 3.5% in April to $958.51 per metric ton (/mt), according to the just-released monthly average of the S&P Global Platts Petrochemical Index (PGPI), a benchmark of seven widely used petrochemicals. This follows a similar drop in prices in March. On a year-over-year basis, global […]
The markets frustrate OPEC’s efforts to push up oil prices
Businessam StaffMay 19, 2017
Know thy enemy The markets frustrate OPEC’s efforts to push up oil prices The cartel is fighting not just shale producers but the futures market Borrowing three words from Mario Draghi, the central banker who helped save the euro zone, Khalid al-Falih, Saudi Arabia’s energy minister, and his Russian counterpart, Alexander Novak, on May 15th […]
Full tanks and tankers: a stubborn oil glut despite OPEC cuts
Businessam StaffMay 19, 2017
After the first OPEC oil production cut in eight years took effect in January, oil traders from Houston to Singapore started emptying millions of barrels of crude from storage tanks. Investors hailed the drawdowns as the beginning of the end of a two-year supply glut – raising hopes for steadily rising per-barrel prices. It hasn’t […]