09272016Tue
Last update: Tue, 27 Sep 2016 03pm

Asia

Markets - Energy - Asia

South Korea's KNOC says drops oil field project in Iraq's Sangaw South SEOUL: State-owned Korea National Oil Corp (KNOC) has decided to drop out of Iraq's Sangaw South oil field project because of uneconomic exploration results, a KNOC spokesman said on Monday. A Korean consortium headed by KNOC holds 60 percent of Sangaw South in the Kurdish region of Iraq, with half of that owned by KNOC. The state-run oil company has invested a total of about $204 million on exploration and acquisition of the stake since 2008. "The pullout was decided in a recent board meeting as we figured economics of exploration and production were low to carry out the project," KNOC spokesman Cho Jung-geun said. KNOC signed a production-sharing agreement for the Sangaw South oil field with the Kurdish Regional Government in December 2008, according to the KNOC website. South Korea, Asia's fourth-largest economy, is the world's fifth-largest crude importer. Since 2008, it has engaged in overseas exploration and production ...

Markets - Energy - Asia

Asia Distillates-Jet fuel discount deepest in nearly 11 months SINGAPORE: Asia's jet fuel discount to Singapore quotes widened by 3 cents to $0.95 cents a barrel on Monday, the deepest discount in nearly 11 months as high supplies weighed on prices.The discount for Asia's benchmark 500ppm gasoil, meanwhile, widened by 4 cents to reach a two-session low of 15 cents.Supplies remained high as China continued to pour out fuel on Asian markets. China exported 1.53 million tonnes of diesel in July, surpassing the previous ...

Markets - Energy - Asia

Oil down in Asia on Iraq export boost, stronger dollar SINGAPORE: Oil prices eased in Asia Monday, ending a seven-day run, following news that Iraq will boost crude exports, while the dollar strengthened on speculation the Federal Reserve could hike interest rates this year.The commodity entered a bull market last week -- after rising more than 20 percent from recent lows below $40 a barrel -- on hopes producers will take action to ease the supply glut.But gains were chipped in Asia after Bloomberg News ...

Markets - Energy - Asia

Brent holds firmly above $50 as oil returns to bull market SINGAPORE: Brent crude held firmly above $50 a barrel in Asian trade Friday as a bullish momentum continued, fuelled by hopes of an output freeze by key producers and data showing robust US demand.Prices have roared back to enter a bull market, rallying more than 20 percent from lows seen earlier this month when they pushed below $40 a barrel for the first time since April.Members of the Organization of the Petroleum Exporting Countries and ...

Markets - Energy - Asia

Oil dips in Asia amid Saudi Arabia output boost reports SINGAPORE: Oil prices eased slightly in Asia Thursday amid reports OPEC kingpin Saudi Arabia would further raise output in August. Prices hit five-week highs this week, supported by hopes that a Russian-Saudi cooperation may reach a pact to freeze output, easing the stubborn supply glut dogging the market since late last year.OPEC members and their non-OPEC rivals are to meet informally in Algeria next month, and both Saudi and Russia have indicated they could discuss ...

Markets - Energy - Asia

Oil stays above $46 as market ponders output freeze calls SINGAPORE: Oil prices fell in Asia Wednesday as investors booked profits from recent gains, but stayed above $46 on hopes producers would decide to freeze output at a meeting next month.Prices closed at five-week highs overnight, bolstered by a weaker dollar and after remarks by OPEC kingpin Saudi Arabia and non-OPEC rival Russia on cooperation to stabilise prices, which could include an output freeze.US crude climbed 1.8 percent to settle at $46.48 a barrel in ...

Markets - Energy - Asia

Oil halts rally as market weighs chance of output freeze SINGAPORE: Oil prices eased in Asia trade Tuesday but held above $45 a barrel as the market weighed the possibility of major producers reaching an agreement to freeze output during a meeting next month.Members of the Organization of Petroleum Exporting Countries (OPEC) as well as non-members are scheduled to meet informally in Algeria in September, and Saudi Arabia's oil minister Khalid al-Falih has hinted that discussions could include actions to stabilise prices.His remarks last week ...