Petroleum industry
China North East Petroleum Holdings Limited, a leading independent oil producing and oilfield services company in Northern China, has secured $13.5 million in a registered direct offering. The company has sold 1,963,637 shares of its common stock at $6.875 per share to several select institutional investors.
Petroleum industry
Stocks closed higher on Thursday, amid optimism on economic growth, with investors extending the winning streak to seven days. The holiday-shortened week brought a mix of economic reports, including retail sales data and consumer confidence index. The U.S. Treasury's decision to provide capital to Fannie Mae and
Petroleum industry
Angolan President Jose Eduardo dos Santos met with ministers from the Organization of Petroleum Exporting Countries (OPEC) to discuss the global oil market and prices. The meeting took place in Luanda, with President dos Santos highlighting the need for stability in oil prices, both for consumers and producers. Secretary-General Abdullah
Petroleum industry
As the Western Hemisphere experiences a mild winter, the downward pressure on crude oil prices will persist, driven by a slow economic recovery worldwide. According to the London think tank Center for Global Energy Studies (CGES), oil prices will continue to slide due to a poor outlook for economic recovery,
Petroleum industry
China Petroleum and Chemical Corporation (Sinopec) has announced a significant deal with ExxonMobil's subsidiary Esso Highlands Limited, securing a 20-year supply of liquefied natural gas (LNG) for Sinopec's terminal in Qingdao, Shandong Province. The agreement, signed by Unipec Asia Co., Ltd., a subsidiary of Sinopec, will
Petroleum industry
Oil prices surged on Monday, bucking earlier losses and concerns over the Dubai World debt crisis, as a weaker dollar and rising equities led to increased demand for crude. Light, sweet crude for January delivery traded 32 cents, or 0.4%, higher at $76.37 a barrel on the New
Petroleum industry
The sudden drop of the US dollar to a 15-month low on Wall Street, despite a closed bond market and lack of economic reports, triggered a chain reaction that energized key sectors of the economy, including stocks, gold, and oil. Amidst a backdrop of persistently low interest rates, the dollar&
Petroleum industry
Petrobras, Brazil's largest corporation, has announced a significant oil discovery in deep waters off the coast of Angola. The discovery, made by the Sonangol E.P. consortium, in which Petrobras holds a 5 percent stake, marks the second find in Block 15/06, a deepwater Atlantic region. The
Petroleum industry
CRISIL, a prominent Indian credit rating agency, has reaffirmed the ratings of Asian Oilfield Services Ltd (BOM:530355), assigning a stable outlook to the company's long- and short-term bank facilities. The ratings reflect the company's comfortable financial risk profile, experienced promoters, and operational efficiencies. However, the
Petroleum industry
A surge in U.S. economic indicators, including manufacturing and housing data, pushed crude oil prices above $78 a barrel on the New York Mercantile Exchange on Monday. The Institute for Supply Management's manufacturing index jumped to 55.7 in October, exceeding analyst expectations and re-igniting economic optimism.
Petroleum industry
The recent GDP numbers indicate that the commercial real estate sector is expected to continue declining in the coming quarters due to massive amounts of idle space and empty strip malls. However, the residential side of the economy showed a surprising increase, rising 23.4% and marking the first increase
Petroleum industry
A recent surge in US economic growth indicators, including a 3.5% increase in third-quarter gross domestic product, has led to a rise in crude futures prices. The news has revived investor confidence in the oil market, potentially signaling better demand in the future. However, oil market participants caution that
