02142016Sun
Last update: Sun, 14 Feb 2016 05pm

Americas

Markets - Energy - Americas

Alberta oil royalty review holds most rates steady; industry relieved CALGARY: Alberta's left-leaning government unveiled a new energy royalty framework on Friday that left rates unchanged on existing oil wells and oil sands projects, alleviating fears that costs would rise to punishing levels amid the worst crude price slump in decades.The western Canadian province, home to huge oil sands deposits, along with conventional and unconventional oil and natural gas, said the new framework would take effect in 2017, with existing royalty rates remaining in place for 10 years on wells drilled before 2017.Royalty rates for oil sands projects will not change, but the government pledged more transparency and accountability on costs producers may deduct when paying royalties.Alberta Premier Rachel Notley noted the province's position in the global market had changed dramatically in recent years, with its biggest customer, the United States, now also its biggest competitor."It's not the time to reach out and make a big money grab," she told ...

Markets - Energy - Americas

Oil market set for more volatility after turbulent week LONDON: World oil prices swung between sharp gains and losses this week as possible efforts to finally tackle a supply glut were offset by lingering concerns over weak global economic growth."This week's big story (for commodities) has, of course, been the rebound in oil prices on unconfirmed reports that Russia and OPEC may finally be willing to agree coordinated cuts in output," Capital Economics analyst Caroline Bain said on Friday. "We are sceptical that anything ...

Markets - Energy - Americas

Oil soars towards $34 on possible production cuts NEW YORK: Oil soared on Thursday after a Russian official said Saudi Arabia had proposed that oil-producing countries cut output by up to 5 percent each amid a massive supply glut in the world market that has depressed prices for a year and a half.The comments initially sent Brent crude up more than 8 percent to almost $36 a barrel and U.S. crude up nearly 8 percent, cresting just below $35.The price gains later moderated ...

Markets - Energy - Americas

US crude stocks soar to highest on record: EIA NEW YORK: US crude stocks rose to the highest level on record last week, while gasoline stocks increased and distillate inventories fell, data from the Energy Information Administration showed on Wednesday.Crude inventories rose by 8.4 million barrels in the last week, compared with analysts' expectations for an increase of 3.3 million barrels. That brought crude inventories to 494.92 million barrels, the highest level since the EIA began tracking the data.Crude stocks at the Cushing, Oklahoma, ...

Markets - Energy - Americas

Exxon Beaumont refinery prepares to restart crude unit HOUSTON: Exxon Mobil Corp's 344,600 barrel per day (bpd) Beaumont, Texas, refinery has restored steam production and was preparing to restart a crude distillation unit later this week for the first time after a Thursday power outage, sources familiar with plant operations said on Tuesday. An Exxon spokesman said on Tuesday the refinery was in the process of restoring normal operations, but declined to say how long the process would take. Sources familiar with plant ...

Markets - Energy - Americas

Oil surges on hopes for output cuts to trim glut NEW YORK: Oil prices ended more than 4 percent higher on Tuesday as investors hoped OPEC and non-OPEC producers were inching closer to a deal to reduce output amid one of the biggest supply gluts in decades.Crude surged after the Organization of the Petroleum Exporting Countries renewed calls for rival producers to cut supply alongside its members, but Russia, seen as key to any deal, has resisted so far.Iraqi Oil Minister Adel Abdel Mahdi said ...

Markets - Energy - Americas

US crude below $30 as prices extend losses SINGAPORE: US crude fell back below $30 a barrel as world oil prices extended their losses in Asia Tuesday after worries about the global supply glut returned to the fore.After plunging to 12-year lows, prices soared late last week on hopes that plans for further economic stimulus measures in the eurozone and Japan would perk up demand.But the rally fizzled out Monday on stubborn oversupply fears.At around 0215 GMT, US benchmark West Texas Intermediate for ...