Tag: Oil

KUALA LUMPUR: Petroliam Nasional Bhd (PETRONAS) and Phoenix Petroleum have agreed and signed a memorandum of understanding (MoU). To develop a collaboration in downstream...

Dated Brent crude oil prices expected to remain stable around $80/barrel in first half of 2023, with potential recovery to $85-$90 in second half. China and India's increasing demand and altered oil flows due to Ukraine war will impact global oil markets.

OPEC+ countries preserve production cuts ahead of EU Russian crude ban, while China's relaxing Covid measures signal potential increased fuel demand. Global oil benchmarks WTI and Brent show positive momentum, reflecting market optimism about future energy consumption.

Boustead Plantations Bhd expects continued palm oil price volatility amid rising production costs, including higher minimum wages and increased fertilizer and diesel prices. The company remains optimistic about cost management and crop enhancement strategies to improve profitability in the coming year.

OPEC+ and allied oil producers, including Russia, have slightly reduced their oil output for October, a modest 100,000 barrel per day decrease. This symbolic cut comes amid growing recession fears and falling crude prices, which have already dropped from June's $120 per barrel peak.

President Joe Biden traveled to Iowa to announce a strategy for reducing gas prices by temporarily suspending ethanol blending restrictions. The move aims to cut fuel costs by approximately 10 cents per gallon at select stations, addressing high inflation challenges facing American consumers.

Congress overwhelmingly approved measures to end normal trade relations with Russia and ban oil imports, escalating economic pressure over the Ukraine conflict. The Senate passed both bills unanimously, and the legislation now awaits President Biden's signature.

Guyana has granted ExxonMobil permission to develop its fourth offshore oil field, the $10 billion Yellowtail Project. Expected to produce up to 250,000 barrels per day, the project will come onstream by 2025, adding to the company's existing Liza and Payara fields.

Russian soldiers allegedly committed atrocities in Bucha, leaving behind 410 civilian bodies with signs of torture and execution. European leaders condemned the actions and called for increased sanctions against Moscow.

Climate activists from Fridays for Future movement staged global protests across multiple countries, calling for systemic change and criticizing G20 nations' continued fossil fuel support while connecting environmental activism with peace efforts.