energy minister


Saudi Arabia to set up US$10b oil refinery in Pakistan

GWADAR, Jan 13 — Saudi Arabia plans to set up a US$10 billion (RM41 billion) oil refinery in Pakistan’s deepwater port of Gwadar, the Saudi energy minister said yesterday, speaking at the Indian Ocean port that is being developed with the help…

Mexico fuel shortage worries industry as lines in capital grow

MEXICO CITY, Jan 10 — Gasoline shortages in Mexico sparked by a crackdown on fuel theft prompted warnings from business leaders that industries like carmaking will suffer if the shortfalls persist as lines at gas stations in the capital grew…

Saudi Arabia vows to slash oil exports after price slide

RIYADH, Jan 10 — Opec kingpin Saudi Arabia said yesterday it would slash its oil exports by 800,000 barrels per day in January and promised further cuts as producers move to shore up tumbling prices. Energy Minister Khalid al-Falih said the…

Saudi Arabia announces rise in oil reserves after external audit

RIYADH, Jan 9 —Top oil exporter Saudi Arabia announced a slight rise in its crude oil reserves today after they were independently audited, providing more detail about the size of deposits shrouded in secrecy for decades. Saudi Arabia's reserves…

Mexico fuel theft crackdown sparks shortages, puts govt on defensive

MEXICO CITY, Jan 8 — Mexican President Andres Manuel Lopez Obrador said yesterday that his crackdown against fuel theft was yielding positive results, even as the intervention sparked severe fuel shortages in parts of the country and long lines of…

Oil falls to US$53 on economic worries, surging supply

LONDON, Jan 2 ― Oil fell to about US$53 a barrel today, under pressure from rising output in major Opec and non-Opec producers and due to concerns about an economic slowdown that could weaken demand. Russian production hit a post-Soviet record in…

Russia plays down OPEC deal given US sanction risk

MOSCOW: It is highly unlikely that OPEC and other oil producers would set up a joint structure due to the additional red tape it would create as well as the risk of US monopoly-related sanctions, Russian Energy Minister Alexander Novak said. The Organisation of the Petroleum Exporting Countries and other top oil producers led by […]

Ringgit closes sharply higher against US dollar

KUALA LUMPUR: The ringgit ended sharply higher against the US dollar today on sustained buying interest for the local currency, said a dealer.

At 6pm, the local note stood at 4.1500/1550 against the greenback from Thursday’s close of 4.1660/1700.

OANDA head of trading for Asia Pacific Stephen Innes said the local currency should take solace in surging oil prices along with the bullish flip in global equity markets.

“These are two significant positives for Malaysian capital markets, despite the stronger US dollar,“ he added.

International benchmark Brent Crude rose 1.92% to US$53.74 after the recent volatility.

“The real kicker for oil markets was the reaffirmation from Russian Energy Minister Novak who voiced expectations for a more stable market in the first half of 2019 and most importantly, suggested 100% cooperation among OPEC and its allies in supporting the market,” said Innes.

Meanwhile, the ringgit was mostly lower against major currencies.

The domestic unit rose against the British pound to 5.2468/2548 against Thursday’s 5.2600/2667 but declined against the euro to 4.7488/7550 from 4.7459/7521.

It depreciated against the Singapore dollar to 3.0336/0384 from 3.0329/0369 and fell against the Japanese yen to 3.7597/7653 from 3.7576/7618. — Bernama

Oil market likely to rebalance early 2019, say Opec ministers

KUWAIT CITY, Dec 24 — Oil ministers from leading Opec nations said yesterday they expect prices will arrest their recent slide and rebalance early next year, when a deal on new production cuts takes effect. Oil prices have shed more than 36 per…

Iraq Oil Minister sees improvement in oil prices

KUWAIT: Iraq’s oil minister said yesterday he expects “an improvement” in oil prices at the beginning of next year, after the implementation of the Organisation of Arab Petroleum Exporting Countries (Opec) and non-Opec decision to curb production made earlier this month. “We are optimistic that the current fall in prices will stop because there is […]