02102016Wed
Last update: Wed, 10 Feb 2016 11am

Asia

Markets - Energy - Asia

Russia beats Saudis in monthly China crude exports in Dec, 4th time in 2015 BEIJING: Russia overtook Saudi Arabia in December crude oil exports to China, becoming the largest supplier into the country for a fourth month in 2015, customs data showed on Tuesday.China imported 4.81 million tonnes, or 1.13 million barrels per day of crude oil from Russia in December, 29 percent more than December 2014.Imports from Saudi Arabia were down 1.2 percent in December versus a year earlier at 4.468 million tonnes, or about 1.05 million bpd. Copyright Reuters, 2016 ...

Markets - Energy - Asia

China commercial crude oil stocks down 3pc in 2015 BEIJING: China's commercial crude stocks fell in December to their lowest level in 20 months, and dropped roughly 3 percent last year, according to Reuters calculations, as the world's second-largest oil consumer continues to build its strategic reserves.The commercial stocks - which exclude strategic reserves - were down 0.7 percent at the end of December from the previous month, and refined fuel stocks were up 5.3 percent, the official Xinhua News Agency reported on Monday.Diesel ...

Markets - Energy - Asia

Taiwan to expand oil imports from Iran as sanctions gone SINGAPORE: Taiwan's refiners will increase crude imports from Iran this year, company spokesmen said on Monday, paving the way for the sanctions-hit OPEC producer to regain its market share in Asia.The companies are likely to be among the first in Asia to restart trade relations with Iran after the lifting of international sanctions.Refiners CPC Corp and Formosa Petrochemical will resume imports, bringing them back to contractual volumes that had been previously agreed with the National ...

Markets - Energy - Asia

Oil prices extend rise above $32 in Asia on demand hopes SINGAPORE: Oil prices extended their rally in Asia Monday buoyed by hopes of extra stimulus measures in the eurozone and Japan that could help boost demand in the face of a global supply glut.Prices ended on a buoyant note Friday, with the US benchmark West Texas Intermediate (WTI) for March delivery soaring nine percent to $32.19 a barrel, while Brent soared 10 percent to $32.18.The upward momentum continued in Asia on Monday, with WTI up ...

Markets - Energy - Asia

China's opening up of oil market under scrutiny after deals sour BEIJING/SINGAPORE: A Chinese industry body said it could review rules covering the import of crude by new entrants after a private refinery failed to secure financing for 1.5 million barrels of crude it bought, in a blow to Beijing's moves to open up its oil market.Baota Petrochemical Group Co Ltd could not get letters of credit for two crude cargoes worth more than $50 million it bought from commodity merchants Vitol and Mercuria, two traders ...

Markets - Energy - Asia

Oil prices extend gains in Asia on stimulus pledge SINGAPORE: Oil prices rose in Asia Friday after the European Central Bank (ECB) signalled further stimulus measures to help the struggling eurozone economy, but analysts expect oversupply woes to limit gains.Remarks by ECB chief Mario Draghi that possible additional monetary stimulus measures could come as soon as March lifted global markets and brought a measure of joy after weeks of painful losses.At around 0320 GMT, US benchmark West Texas Intermediate (WTI) for March delivery was ...

Markets - Energy - Asia

Plunging crude prices slam Singapore oil rig maker SINGAPORE: The world's largest builder of offshore oil rigs said Thursday its fourth quarter net profits were down 44 percent from last year, as plunging oil prices wreak havoc on energy firms' earnings worldwide.The price of oil has crashed about 75 percent since mid-2014, hit by oversupply, overproduction, weak demand and a slowdown in the global economy led by China.The Singaporean conglomerate Keppel Corp, whose portfolio also includes property development and infrastructure, said net profit ...