Petroleum industry
In a significant move to address growing concerns over tight supply and high prices, Opec's member countries have agreed to raise their output ceiling by 500,000 barrels per day (b/d) with immediate effect. This decision, orchestrated by Saudi Arabia, reflects a recognition that urgent action is
Petroleum industry
The oil market reached new heights as investors shrugged off OPEC's decision to increase crude output and focused on concerns over product supply. A surprise decline in US gasoline stocks and a drop in distillate stocks sparked market activity, with Nymex and IPE futures trading at record highs.
Petroleum industry
Crude oil futures reached a 13-week high as hedge funds scrambled to cover their short positions, driving prices up by 6% to over $51 per barrel on the New York Mercantile Exchange (Nymex). The price surge was also fueled by colder-than-average weather in Europe and the US Northeast, as well
Petroleum industry
US heating oil futures have continued their upward trajectory, driven by expectations of a colder-than-normal winter in the Northeast, the largest heating oil market in the country. The rally comes as crude futures have retreated, with traders profiting from Wednesday's gains ahead of the expiration of the December
Petroleum industry
The US government foreign policy analysts view President Vladimir Putin's focus on energy supply as his strongest card in terms of world influence, backed by think-tanks such as Rice University's Baker Institute. However, the US also expresses concerns that the treatment of Yukos, a Russian oil
Petroleum industry
The Hong Kong stock market shrugged off another record high in crude oil prices and edged higher on Tuesday, with a lot of buying interest focused on second and third-tier stocks. However, this trend is not considered healthy, as investors are trying to find a topic to buy on and
Petroleum industry
The recent surge in oil prices to a record high of $50/bl is having a profound impact on the global economy, and key policymakers are starting to take notice. The International Monetary Fund's latest World Economic Outlook report highlights the damaging effects of high oil prices on
Petroleum industry
Economists and analysts in the Asia-Pacific region are warning of a potentially damaging effect of high oil prices on inflation, which could lead to higher interest rates. The latest rally in oil prices has sparked renewed focus on this issue, with some governments in the region already implementing fuel subsidies
Petroleum industry
Crude prices experienced significant gains last week on the back of US storm warnings and supply disruptions caused by Hurricane Ivan. The effects of the storm were still being felt in the US pipeline market, with the spread between Heavy Louisiana Sweet (HLS) and Light Louisiana Sweet (LLS) collapsing from
Petroleum industry
Pipeline exports to non-CIS destinations are set to reach 3.75mn b/d in the fourth quarter, up by 4pc or 144,000 b/d from the third-quarter plan. The increase is largely due to a boost in shipments from the Baltic port of Primorsk and the planned start of
Petroleum industry
Russia's largest state-controlled oil and gas company, Gazprom, is set to merge with Rosneft, creating a unified state oil and gas champion that will give the government even greater control over the nation's energy sector and a more powerful tool in foreign policy. The merger, which
Petroleum industry
The largest oil refiner in Asia, a subsidiary of China Petroleum and Chemical Corp (Sinopec), has announced a long-awaited deal with foreign oil majors for a major refining and petrochemical project in Fujian province. The joint venture, Fujian Petrochemical, will expand an existing refinery and build a petrochemical production complex
