oil production


Asia stocks seen mixed; oil drops ahead of Opec

SYDNEY, June 18 — Asian stock futures indicate a mixed start to the week after US shares fell on Friday with China and the US exchanging trade threats. Oil fell, while Asian currencies were slightly weaker against the dollar as Treasury yields…

Iran says three Opec members to veto Saudi-proposed supply boost

London, June 18 — Iran says Venezuela and Iraq will join it in blocking a proposal to increase oil production that’s backed by Saudi Arabia and Russia when Opec and its allies meet in Vienna this week. “Three Opec founders are going to stop…

Russia, Saudi Arabia want Opec to increase output

MOSCOW: Russia and Saudi Arabia will ask Organisation of the Petroleum Exporting Countries (Opec) to hike production by 1.5 million barrels a day in the third quarter of 2018, Russian Energy Minister Alexander Novak said on Saturday.

Opec and Russia decided together in 2016 to cut their supply in order to push prices up following a crash induced by a global crude production glut.

An oil production shortfall in Iran and Venezuela has changed the scenario for the two countries and members of the oil cartel.

Novak said Moscow and Riyadh “propose increasing production in the third quarter by 1.5 (million bpd),” according to RIA Novosti news agency.

“We are only proposing this for the third quarter. In September we will review the situation in the market and decide the future course.”

Since 2017, an Opec agreement on production cuts has allowed oil prices to rise but there are fears that renewed American sanctions on Iran and a fall in output in crisis-hit Venezuela could disrupt supply. – AFP

Malaysia palm output seen at record as growers weigh wage hike


KUALA LUMPUR (June 14): Palm oil production in Malaysia is set to climb to a record this year as rain boosts yields, according to a growers’ group in the world’s second-largest producer. Output may rise to between 20.5 million and 21 million metric tons from 19.9 million tons last year, said Nageeb Wahab, chief executive of the Malaysian Palm Oil Association. The group, which includes Sime Darby Plantation Bhd, IOI Corp and Kuala Lumpur Kepong Bhd, represents about 40% of the 5.8 million hectares (14 million acres) of oil palmRead More

Colombia vote worries oil, mining investors

BOGOTA: Investors in Colombia’s oil and mining sectors have much at stake in Sunday’s presidential race with the frontrunner pledging business-friendly measures to revive production while his leftist rival wants to end reliance on petroleum and coal, the country’s top exports. Leftist candidate Gustavo Petro, a former member of the M-19 guerilla group, has promised […]

Exxon Mobil breaks with past, bulks up energy trading to boost profit

HOUSTON, June 12 — Exxon Mobil Corp <XOM.N> is pushing deeper into energy trading, building a global cadre of experienced traders and beefing up risk-management systems to lift profit, according to executive recruiters and people familiar…

Opec sees ‘considerable uncertainty’ in oil market

PARIS, June 12 — After months of sharp oil price rises there is now considerable uncertainty as to the market’s direction for the rest of the year, Opec said today as a key meeting of oil producers looms. Question marks over global economic…

Oil near flat as Opec supply hike appears less certain

NEW YORK, June 12 — Oil prices were little changed today as comments from the Iraqi oil minister cast doubt as to whether the Organisation of the Petroleum Exporting Countries would decide to boost output at its upcoming meeting. Global benchmark…

Shock manufacturing slide casts doubt on UK economy’s bounceback

LONDON, June 11 — British factories had their worst month in five-and-a-half years in April, suggesting the economy’s weak start to 2018 has persisted and lowering the likelihood of the Bank of England raising interest rates again anytime soon….

Oil prices slip as US and Russian supplies grow

LONDON, June 11 — Oil prices slipped today, pulled down by rising Russian production and the highest US drilling activity in more than three years but supported by concerns over future Iranian and Venezuelan output. Analysts expect higher US…