05012016Sun
Last update: Sun, 01 May 2016 06pm

Asia

Markets - Energy - Asia

Oil prices rise in Asia as output meeting approaches SINGAPORE: Oil prices bounced Friday, with Brent climbing back above $40, as the market digested falling US output ahead of a producers' meeting this month to discuss a proposed output freeze.US production fell for the 10th time in 11 weeks, to 9.0 million barrels per day in the week through April 1, the lowest level since November 2014, according to data from the US Energy Information Administration.Commercial crude stockpiles in the world's top oil consumer also dropped, indicating stronger demand.At around 0420 GMT, US benchmark West Texas Intermediate for May delivery climbed 76 cents, or 2.04 percent, to $38.02 and Brent crude for June was up 62 cents, or 1.57 percent, at $40.05.Prices retreated Thursday following a five percent rally on Wednesday in reaction to the decline in US crude inventories.But traders are setting their sights on the April 17 meeting in Doha among crude producers led by Russia and ...

Markets - Energy - Asia

Asia-Pacific Crude-Under pressure as China demand weakens  SINGAPORE: Asia-Pacific crude stayed under pressure on Thursday as sellers were still trying to offload unsold May-loading cargoes in the market hit by weak demand from China.High oil inventories and a tanker logjam at Shandong's key port Qingdao have curbed independent Chinese refiners' demand for crude.Grades from Malaysia, Australia, Vietnam and Russia were still available for loading in May even as most buyers are shifting their focus to cargoes to be lifted in June.BHP has ...

Markets - Energy - Asia

China urges power firms to sign long term contracts with coal miners SHANGHAI: China has asked state-owned power plants to negotiate long-term supply contracts with coal producers in a bid to stabilise the market and ease pressure on the country's loss-making miners, according to a draft document seen by Reuters. The document was sent to major coal buyers in the power sector and coal producers by State-Owned Asset Supervision and Administration Commission (SASAC) in advance of a meeting due to take place on Thursday between both sides.The ...

Markets - Energy - Asia

India crude import policy overhaul gives state refiners leeway NEW DELHI: India's cabinet on Wednesday agreed to let state-owned oil refiners devise their own crude import policies so they can secure cheaper oil cargoes in an oversupplied market and improve profitability. The new policy puts state-owned refiners on a par with private firms such as Reliance Industries and Essar Oil that are not bound by government rules and can earn hefty refining margins. The previous policy limited purchases by state refiners to a handful ...

Markets - Energy - Asia

Kazakh state oil firm completes $3bn Vitol advance deal ASTANA: Kazakh state-owned oil company KazMunayGaz has completed the deal that will allow it to receive up to $3 billion from trader Vitol in the form of advance payments for crude from the Tengiz oilfield, a KazMunayGaz executive said on Wednesday. Under the deal, initially announced last December, KazMunayGaz will supply about 20 million tonnes of oil within four years, deputy chief executive Daniyar Berlibayev told reporters, adding that shipments will begin in April or ...

Markets - Energy - Asia

Asia-Pacific Crude-More cargoes sell at lower premiums  SINGAPORE: The Asia-Pacific crude market remained weak on Tuesday after more May-loading cargoes were sold in tenders at lower premiums.PTT bought 300,000 barrels of Kidurong from Murphy Oil in its tender, in addition to the 1 million barrels Azeri Light and an unknown volume of Vietnamese Hai Thach crude.The Kidurong was likely sold at a premium below $3 a barrel to dated Brent.Separately, Petronas has sold a May 3-9 Bunga Kekwa crude cargo to a ...

Markets - Energy - Asia

India's Iran oil imports set to surge to 7-year high in 2016/17: sources NEW DELHI: India is set to import at least 400,000 barrels per day (bpd) of Iranian oil in the year from April 1, with refiners looking to ramp up purchases after the sanctions targeting Tehran ended in January, industry sources familiar with the matter said.Average annual imports at that level in the fiscal year just begun would be the highest in at least seven years, and would carry forward a bump in purchases that lifted ...