Markets - Energy
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BARCELONA: Venezuela and Russia formed a joint venture Thursday to produce 120,000 barrels of oil a day by 2016 in two fields in the Orinoco Heavy Oil Belt.Russia will loan Venezuela $1.5 billion to finance the development of the fields under the terms of the agreement, and put up $1.1 billion for a 40 percent share in Petrovictoria.The agreement establishing Petrovictoria was signed by the president of the state-owned Petroleos de Venezuela (PDVSA), Rafael Ramirez, and the president of Russian state oil company Rosneft, Igor Sechin.PDVSA will sell to Russia 72 percent of the heavy and extra-heavy crude produced by the company, which has a long-term goal of producing 400,000 barrels a day.Three mixed capital companies are currently operating in the Orinoco Belt, producing 230,000 barrels a day in a huge area of southeastern Venezuela.The Belt has estimated reserves of 220 billion barrels of harder-to-refine heavy and extra-heavy oil, the ...
SINGAPORE: Crude futures are set to post their biggest weekly loss in five weeks, with Brent edging down toward $102 per barrel on Friday, as ample supply and a slow global economic recovery fuelled worries that demand for oil would be hit.Crude inventories in the United States are near record levels as the world's top oil consumer produced more from shale, while shrinking factory activity in China capped fuel demand growth at the world's No.2 ...
NEW YORK: Brent crude oil prices retraced earlier losses after falling to a three-week low on Thursday in a broader commodities selloff, riding the coattails of a late turnaround in US equities to end flat.Traders said the US equity market's steady recovery from earlier lows supported oil prices, which moved largely in tandem with the stock markets.They also cited US crude's failure to break through its 200-day moving average, a technical support level. After briefly ...
RIO DE JANEIRO: Brazil will auction concessions to operate an offshore oil field believed to hold up to 12 billion barrels of crude, the government said Thursday.The tender process will take place in late October, said Magda Chambriard, director of the National Oil Agency. New estimates are that the so-called Libra oil field holds between eight billion and 12 billion barrels of oil -- the largest find ever in Brazil, she said.The field covers 1,500 ...
LONDON: Oil fell below $102 a barrel on Thursday in a broader commodities selloff as a decline in China's factory activity entrenched concern about weak demand and on worries about an early scale-back in Federal Reserve stimulus.China's factory activity shrank for the first time in seven months in May, a survey showed. The dollar index hit a three-year high on Wednesday, weighing on commodities denominated in the US currency.Brent crude fell $1.22 to $101.38 a ...More Articles...
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