energy minister


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 […]

Oil slumps to lowest in a year as stock markets sink

LONDON, Dec 20 — Oil prices fell more than 4 per cent today, hitting their lowest in more than a year on worries about oversupply and the outlook for energy demand as a US interest rate rise knocked stock markets. Equities dropped worldwide after…

Oil slumps 3pc, near lowest in a year as stock markets sink

LONDON, Dec 20 — Oil prices fell about 3 per cent today, heading back towards their lowest levels for more than a year on worries about oversupply and the outlook for energy demand as stock markets tumbled following a US interest rate rise. Stock…

Tenaga’s continued ICPT in 1H19 ‘not unexpected’

KUCHING: Analysts were not overly surprised by the extension given for the Imbalance Cost Past-Through (ICPT) up to the first half of 2019 (1H19) as announced by Tenaga Nasional Bhd (Tenaga Nasional). The peninsula power supplier last Friday said that the government, via the Energy Commission (EC), had approved the continuation of the ICPT for […]

Opec offsets Iran oil loss, sees lower 2019 demand

LONDON, Dec 12 — Opec said today it had offset a drop in sanctions-hit Iranian oil exports and lowered the 2019 forecast of demand for its crude, underlining the challenge the producer group faces to prevent a glut even after last week’s…