05032016Tue
Last update: Tue, 03 May 2016 07pm

Asia

Markets - Energy - Asia

Iran's oil production has already surpassed 3.5mn bpd DUBAI: Iran's oil production has already surpassed 3.5 million barrels per day, the deputy oil minister said on Saturday, and the Islamic Republic is seeking to increase oil and gas exports in the coming month. "Iran's crude oil exports will increase to 2 million barrels per day in the coming month ... Gas condensate exports would also increase by 10 percent in the coming month," Rokneddin Javadi was quoted as saying by state news agency IRNA.Copyright Reuters, 2016 ...

Markets - Energy - Asia

China Sinopec taps govt asset firms to restructure overseas upstream unit BEIJING: China's state-run Sinopec Group has brought in two government asset firms as strategic investors to its overseas upstream unit to shore up profits amid low oil prices. China Chengtong Holdings Group Ltd and China Reform Holdings will hold a combined 70 percent stake in Sinopec International Petroleum Exploration and Production Corp (SIPC), while Sinopec Group holds the remaining 30 percent. Copyright Reuters, 2016 ...

Markets - Energy - Asia

Kazakhstan says to join Doha oil producers' meeting ASTANA: Kazakh Energy Minister Kanat Bozumbayev will attend an oil producers' meeting in Doha on April 17 where they plan to discuss an output freeze, the ministry said on Friday. Kazakhstan, the second-biggest oil producer in the former Soviet Union with an output of about 1.5 million barrels per day, said a day ago it was still undecided about whether to join the talks.Bozumbayev, appointed minister at the end of March, has made no public ...

Markets - Energy - Asia

Oil trades cautiously ahead of crunch producers' summit SINGAPORE: Oil prices rose slightly in Asia Friday after the International Energy Agency (IEA) said it saw the crude supply glut easing by year's end, but trading was cautious ahead of a crunch producers' summit.The IEA report, released ahead of Sunday's summit in Doha, said the oil surplus would fall to 200,000 barrels per day in the second half of this year from 1.5 million bpd in the first six months.However, the Paris-based agency said ...

Markets - Energy - Asia

Oil traders lose faith in recent rally, position for lower prices SINGAPORE: Oil traders have ramped up their bets in the futures and options market that April's rally will run out of steam, as the outlook for demand weakens and with few clear signs of an end in sight to a supply glut. While prices for front-month delivery Brent crude futures rallied by as much as 20 percent this month, sparking hopes of an end to a rout that had previously pulled the market down by ...

Markets - Energy - Asia

US oil to test a support at $40.92 SINGAPORE: US oil is expected to test a support at $40.92 per barrel, a break below which could cause a loss to the next support at $40.47.The support is provided by the 138.2 percent Fibonacci projection level of an upward wave 3, the third wave of a five-wave cycle from the April 5 low of $35.24.This wave was disrupted by a strong resistance at $41.90, the March 22 high. A further consolidation below this level ...

Markets - Energy - Asia

Oil falls after rally fuelled by output freeze hopes SINGAPORE: Oil prices fell on Wednesday, taking a breather after a rally fuelled by reports Saudi Arabia and Russia had agreed to freeze output ahead of a key producers' meeting.Prices climbed to their highest levels this year on Tuesday, as reports the two oil majors had reached a consensus boosted expectations a wider deal will be forged at a meeting in Doha.Sunday's talks will bring together OPEC members led by Saudi Arabia and non-OPEC producers, ...