05292016Sun
Last update: Sun, 29 May 2016 10pm

Markets - Energy

Markets - Energy - Asia

Asia-Pacific Crude-Pertamina offers prompt Banyu Urip  SINGAPORE: Asia-Pacific crude market softened on Monday after Pertamina offered a prompt cargo of Banyu Urip, adding to ample supplies.Pertamina will close on Tuesday a tender to sell 650,000 barrels of the crude for June loading, traders said, even as the market is trading July cargoes this month.Sweet crude supplies elsewhere remained abundant.Supply disruptions in Nigeria did not help ease the West African oil glut as June-loading cargoes are still unsold.Libya's crude production has also rebounded to above 300,000 barrels per day (bpd) after the Marsa al Hariga export terminal re-opened late last week, a spokesman for the Tripoli-based National Oil Corporation (NOC) said on Monday.Russia was China's largest crude oil supplier for a second month this year, customs data showed on Monday, with shipments in April surpassing imports from Saudi Arabia and hitting a record high as demand from independent refiners remained strong.Crude imports from Russia surged 52.4 percent ...

Markets - Energy - Europe

Oil falls as Iran firm on export rise, US rigs decline slower LONDON: Brent crude prices fell for a fourth consecutive session on Monday as investor focus returned to global supply, with Iran insisting on a rise in oil exports and U.S. drillers slowing the reduction in rigs.Global benchmark Brent futures were down 44 cents at $48.28 a barrel by 1148 GMT, on track for a fourth straight day of losses for the first time in a month.U.S. crude futures traded at $47.87 a barrel, down 54 ...

Markets - Energy - Middle East & Africa

Saudi Aramco to supply up to 270,000 bpd of crude to Indonesia refinery JAKARTA: Energy giant Saudi Aramco is ready to supply up to 270,000 barrels per day (bpd) of crude oil to a refinery it will jointly upgrade with Indonesia's Pertamina , chief executive of the Southeast Asia state-owned energy company said on Monday. Forecasting growing crude oil demand, Saudi Aramco is seeking to invest further in Indonesia's refining and petrochemicals sector, part of broader expansion plans in China, India, Vietnam and the United States.Saudi Aramco and ...

Markets - Energy - Europe

Britain's FTSE advances as Royal Mail rises LONDON: UK shares edged higher on Monday, led by a rise in Royal Mail after a spate of broker upgrades, though mining stocks were under pressure. The blue-chip FTSE 100 index rose 0.2 percent to 6,166.25 pionts by 0837 GMT. The index is down just over 1 percent for the year, having posted its biggest daily gain in over a month last Friday.Royal Mail was the top riser on the FTSE 100 index, up 2.9 ...

Markets - Energy - Asia

Boss of China solar firm Hanergy steps down after losing billions SHANGHAI: The controversial boss of Chinese solar energy firm Hanergy Thin Film Power Group -- once listed as China's richest man -- has stepped down as chairman and executive director, the company said, almost a year after its shares imploded.Li Hejun stepped down from Friday "for the reason of strengthening corporate governance", Hanergy said in a statement to the Hong Kong stock exchange, where its shares have been suspended since May last year after plunging ...

Markets - Energy - Asia

Oil prices dip after Iran says it won't freeze output SINGAPORE: Oil prices dipped in Asia Monday after Iran said it has no plans to join any output freeze by other major producers.The Organization of the Petroleum Exporting Countries -- of which Iran is a member -- is due to meet in Vienna on June 2, after talks in Doha in April involving OPEC members and other major producers such as Russia failed to reach a deal to cap production.Despite a recent rebound, world crude ...

Markets - Energy - Middle East & Africa

Egypt's gas projects to increase production to 5.5-6bn cfd by end-2019 DAMIETTA: Egypt will increase its natural gas production to between 5.5 and 6 billion cubic feet per day by the end of 2019, Oil Minister Tarek El Molla said on Sunday, up from the current 3.9 bln cubic ft per day. Once an energy exporter, Egypt has turned into a net importer because of declining oil and gas production and increasing consumption. It is trying to speed up production at recent discoveries to fill its ...