09252016Sun
Last update: Sun, 25 Sep 2016 03pm

Asia

Markets - Energy - Asia

Oil falls as glut, profit-taking beat back optimism over OPEC meet TOKYO: Crude prices fell on Tuesday as continued worries over a global oil glut and profit-taking on gains of nearly 3 percent from the previous session beat down upwards momentum from a possible meeting of oil producers.Venezuelan Oil Minister Eulogio del Pino said on Monday that a meeting between OPEC and non-OPEC countries may take place "in the coming weeks" as the crisis-stricken South American nation sought support to prop up weak oil markets.Some OPEC officials have said a global oil output freeze could be discussed at an already scheduled September meeting of the organization, but non-OPEC Russia, the world's largest oil producer, said it does not see any grounds for holding production at current levels.Since the plunge in oil prices that began in mid-2014, Venezuela has repeatedly tried to broker deals to freeze production and reduce a supply glut, with limited success."Crude prices have been rising, so there may ...

Markets - Energy - Asia

Oil prices retreat in Asia trade SINGAPORE: Oil prices retreated in Asia trade after rebounding overnight on news that OPEC is planning informal talks next month -- a sign it could intervene to strengthen prices.The Organization of the Petroleum Exporting Countries said in a statement that a meeting would take place on the sidelines of the International Energy Forum in Algeria from September 26 to 28, ahead of a planned meeting due at the end of November.Analysts said markets were reacting ...

Markets - Energy - Asia

Azeri oil exports via Turkey pipeline up 5pc Jan-July BAKU: Azeri oil exports through the Baku-Tbilisi-Ceyhan (BTC) pipeline via Georgia and Turkey totalled 17.7 million tonnes in January-July, up 5 percent from the same period in 2015, state energy company SOCAR said on Monday. Oil exports through the BTC rose 1.15 percent in 2015 to 28.84 million tonnes. Azerbaijan exports oil via the pipeline from the Azeri, Chirag and Guneshli (ACG) oil fields operated by BP. It also exports oil via Russia, through the ...

Markets - Energy - Asia

Oil prices up in Asian trade SINGAPORE: Oil edged higher to near $42 a barrel in Asia Monday but analysts said the increase was unlikely to last as the commodity remains under pressure by a supply glut and a strong dollar.Prices have been fluctuating since entering a bear market last week, falling more than 20 percent and closing below $40 a barrel for the first time since April.Initially recovering as US commercial crude inventory data showed an unexpected draw in gasoline, ...

Markets - Energy - Asia

China fuel exports hit record in July, crude imports up 1.2pc BEIJING: China's fuel exports rose to a record in July as easing demand growth and a surplus in refined oil products pushed refiners to increase shipments to overseas buyers.The refined fuel exports surged 52.3 percent from a year ago to a monthly record 4.57 million tonnes, data from the General Administration of Customs showed on Monday.China imported 2.08 million tonnes of oil products in July, down 13 percent from last year, leaving net exports at ...

Markets - Energy - Asia

Oil rises on new output freeze calls, but traders bet on further falls SINGAPORE: Oil prices rose on Monday, lifted by reports of renewed talks by some members of the Organization of the Petroleum Exporting Countries (OPEC) to restrain output.U.S. West Texas Intermediate (WTI) crude futures were at $41.99 per barrel at 0643 GMT, up 19 cents, or 0.5 percent, from their last close.Brent futures were trading at $44.42 per barrel, up 15 cents, or 0.34 percent.The price rise came on the back of renewed calls by some ...

Markets - Energy - Asia

Essar Oil's fuel exports to fall in 2018/19 as focus shifts to local sales VADINAR: Indian refiner Essar Oil's fuel exports will sharply drop in 2018/19 as it ramps up local sales by doubling its retail network and turns some of its naphtha into profitable gasoline, its managing director said. Rising fuel demand, driven by India's thirst for gasoline, is expected to help push the growth rate in the country's fuel consumption ahead of China's. Essar Oil, which operates the 400,000 barrels per day Vadinar refinery in western Gujarat ...