Trends - Crude Oil - Business Recorder

Business & Finance

Nigeria's Lekoil seeks $100mn for Ogo oilfield drilling

Lekoil reached a deferred payment deal earlier this year to keep its stake in OML 310, where Ogo sits.
Lekoil is in talks for a mix of direct investment into the asset and vendor financing.

Published 28 Aug, 2020 07:49pm

Business & Finance

OGDCL discovers Hydrocarbon reserves at Kohat

The Joint Venture of Baratai Block comprising OGDCL as operator (97.5%) and Khyber Pakhtunkhwa Oil & Gas Company Limited (KPOGCL) (2.5%) has discovered Gas & Condensate from its exploratory Well Siab-1, announced the company on Friday.

Published 28 Aug, 2020 04:08pm

Markets

Saudi Arabia's July crude oil exports to China fall

BEIJING/SINGAPORE: Saudi Arabia's crude oil exports to China fell in July, taking it out of the top two supplier...

Published 28 Aug, 2020 02:02am

Markets

Oil prices steady as Gulf of Mexico coast braces for Hurricane Laura

Brent crude futures for October, which expire on Friday, rose 13 cents, or, 0.3% to $45.77 a barrel by 0540 GMT, having fallen 22 cents, or 0.5%, on Wednesday. The more active November Brent contract was up 10 cents at $46.26 per barrel.

Published 27 Aug, 2020 11:02am

Markets

Oil holds near five-month high on US output cuts, virus concern weighs

Hurricane Laura seen as biggest storm threat since Katrina.
US crude and gasoline stocks fall –API.
Coming up: EIA inventory data at 1430 GMT.

Published 26 Aug, 2020 06:26pm

Markets

Saudi Arabia slips to 3rd-biggest in China crude supply for July

Saudi Arabia shipped 5.36 million tonnes to China last month, the equivalent of 1.26 million barrels per day (bpd).
Russia, the biggest crude supplier to China in July, shipped 7.38 million tonnes, or 1.74 million bpd.

Published 26 Aug, 2020 04:19pm

Business & Finance

Pakistan Refinery Limited halts operations after Karachi rains damage oil pipelines

The incident resulted in severely damaging the aforesaid oil pipelines, it added.

Published 26 Aug, 2020 03:25pm

Markets

Brent prices rise on U.S. output cuts, China trade deal hopes

Brent crude oil futures added 12 cents, or 0.3%, to $45.98 a barrel by 0335 GMT, while U.S. West Texas Intermediate crude remained steady at $43.35 a barrel. Both benchmarks settled at a five-month high on Tuesday.

Published 26 Aug, 2020 09:48am

Markets

Saudi Arabia slips to 3rd-biggest in China crude supply for July

BEIJING/SINGAPORE: Saudi Arabia's crude oil exports to China fell in July, taking it out of the top two supplier...

Updated 26 Aug, 2020 02:50am

Markets

Oil prices rise on storm-driven output cuts, COVID-19 weighs

Brent crude oil futures had added 84 cents, or 1.86%, to $45.97 a barrel.

Published 25 Aug, 2020 08:01pm

Markets

Oil prices mixed on storm-driven output cuts, rising COVID-19 cases

Brent crude oil futures added 9 cents, or 0.2%, to $45.22 a barrel by 0419 GMT, while U.S. West Texas Intermediate crude was down 9 cents, or 0.2%, at $42.53 a barrel.

Published 25 Aug, 2020 10:11am

Markets

Oil gains on storm-hit US output and COVID-19 treatment hopes

Brent crude was up 32 cents, or 0.7%, at $44.67 a barrel.

Published 24 Aug, 2020 08:40pm

Markets

Oil prices steady as 'double trouble' storms bear down on Gulf of Mexico

Brent futures slipped 2 cents, or 0.1%, to $44.33 a barrel by 0316 GMT, while U.S. West Texas Intermediate crude was down 2 cents, or 0.1%, to $42.32 a barrel. Both benchmark contracts had risen early on Monday.

Published 24 Aug, 2020 10:21am

Markets

Oil climbs for third straight week, buoyed by producers holding back output

U.S. West Texas Intermediate (WTI) crude futures inched up 8 cents, or 0.2%, to $42.90 at 0158 GMT, on course for a 2% rise for the week.
Brent crude futures rose 16 cents, or 0.4%, to $44.07, heading for a weekly rise around 0.5%.

Published 21 Aug, 2020 10:11am

Markets

Oil falls on OPEC+ oversupply, US jobless data

OPEC+ needs to fix daily oversupply of more than 2 mln barrels.
US weekly jobless claims back over 1 million.
Benchmark prices fall nearly 3%.

Published 20 Aug, 2020 07:29pm

Markets

Indian Oil to fully restart Paradip refinery by Saturday

The refinery's maintenance shutdown has been extended by a few days due to shortage of laborers amid the COVID-19 pandemic.
Remaining seven are being started in sequence as all are connected and start up will complete over the next two days.

Published 20 Aug, 2020 05:31pm

Markets

Saudi Arabia, Russia insist oil production cuts be respected

The coronavirus pandemic slammed the global economy earlier this year, plunging oil prices into unprecedented negative territory.

Published 20 Aug, 2020 02:29am

Markets

US eyes October deadline to end exemptions on Venezuela oil sanctions

US President Donald Trump has ramped up sanctions on Venezuela's state-run PDVSA, its key foreign partners.
Officials in Washington say the failure of sanctions to loosen Maduro's grip on power has frustrated Trump.

Published 20 Aug, 2020 01:38am

Markets

OPEC+ presses for compliance with oil cuts

Wants Iraq, Nigeria, Angola, Kazakhstan to cut more.
Oil prices near 5-month highs.
Demand could reach pre-COVID levels in Q4.
Second virus wave seen as key risk to demand.

Published 20 Aug, 2020 01:36am

Markets

Oil slips as demand worries outweigh US stocks draw

US West Texas Intermediate (WTI) crude futures were down 32 cents, or 0.75pc, at $42.57 a barrel.

Published 19 Aug, 2020 03:50pm

Markets

Oil slips as demand fears outweigh strong U.S. stocks draw

With investors keeping one eye on a key producer countries’ ministerial meeting later in the day, Brent crude futures fell 33 cents, or 0.7%, to $45.13 a barrel by 0418 GMT, having edged up 9 cents on Tuesday.

Published 19 Aug, 2020 10:20am

Markets

Oil steadies as demand fears face off with high OPEC+ compliance

Demand concerns from coronavirus fuel market losses.
OPEC+ panel focuses on compliance with oil cuts.
Coming up: API data on US crude inventories.

Published 18 Aug, 2020 11:38pm

World

Japan ramps up aid to Mauritius after oil spill

The new team of seven experts is to leave Japan on Wednesday and will carry materials such as sorbent to help clean up the oil.

Published 18 Aug, 2020 01:42am

Markets

Trump administration finalizes oil drilling plan in Alaska wildlife refuge

The energy industry and Alaska Governor Michael Dunleavy said opening ANWR to drilling would create jobs and boost the state's economy.
A Republican-passed tax bill in 2017 opened the area to oil and gas leasing, a key pillar of US President Donald Trump's agenda to expand fossil fuel production.

Published 18 Aug, 2020 01:05am

Markets

OPEC+ compliance with oil output cuts in July around 97pc

OPEC+ technical JTC panel is meeting to review compliance.
No changes expected in OPEC+ supply cut deal.
OPEC+ ministerial panel meets on Wednesday.

Published 17 Aug, 2020 10:57pm

Markets

Oil rises on China plan to boost US imports, OPEC+ compliance

China plans to ship more US oil in Aug-Sept.
OPEC+ compliance with output cuts in July 97% -sources.
OPEC+ ministerial panel to meet on Aug. 19.

Published 17 Aug, 2020 10:45pm

Business & Finance

Iran says OPEC has raised and stabilised crude oil price

In 2018, US President Donald Trump pulled the United States out of Iran's 2015 nuclear deal with six powers and reimposed sanctions that have sharply cut Iran's oil exports.

Published 17 Aug, 2020 06:14pm

Markets

Oil steady as China's plans to boost US imports counters tensions

Brent crude was down 3 cents, or 0.1pc, to $44.77 a barrel by 0858 GMT, while US West Texas Intermediate crude was up 3 cents, or 0.1pc, to $42.04 a barrel.

Published 17 Aug, 2020 04:29pm

Markets

Oil prices advance as China ramps up U.S. crude imports

Brent crude added 30 cents, or 0.7%, to $45.10 a barrel by 0410 GMT, while U.S. West Texas Intermediate crude was up 34 cents, or 0.8%, to $42.35 a barrel.

Published 17 Aug, 2020 10:28am

Markets

Oil slips after IEA lowers 2020 demand forecast

The Organization of the Petroleum Exporting Countries (OPEC) also said that world oil demand will fall by 9.06 million bpd this year.
Wall Street has recovered most of the trillions in market capitalization lost in the early part of the pandemic.

Published 13 Aug, 2020 11:16pm