Petroleum industry
The Bush administration has refused to consider tapping the Strategic Petroleum Reserve (SPR) to cool down high oil prices, despite the absence of about 1 million barrels per day of Iraqi exports from the market. Treasury Secretary John Snow argued that the extra oil input from the SPR would have
Petroleum industry
Yesterday, Hong Kong stocks experienced their largest decline in almost three weeks, with the Hang Seng Index plummeting 2.22% to close at 11,929.93 points. The downturn was triggered by a surge in oil prices, which exceeded $40 per barrel, prompting institutional players to initiate selling. The H-share
Petroleum industry
US Energy Secretary Spencer Abraham's Moscow visit has sparked renewed interest in the Murmansk pipeline project and Russia's liquefied natural gas supplies, both crucial for the US. The trip comes on the heels of President Putin's call for increased export capacity in his state
Petroleum industry
The Russian parliament has approved a new law that will significantly raise the oil export tax and the unified production tax rate, aiming to capture a larger share of the windfall profits from high world crude prices. The new tax rates will take effect in August, with the export duties
Petroleum industry
The recent meeting of energy ministers in Trinidad and Tobago highlighted the energy insecurity plaguing the Western Hemisphere. Secretary of Energy Spencer Abraham estimated that the US will source 25% of its gas from outside North America in just two decades. Caribbean islands struggle to fund their high oil import
Petroleum industry
China's demand for distillates and gasoline is soaring, prompting the country to seek alternative suppliers in West Africa to meet its rising demand. West African production is set to surge by over 500,000 barrels per day (b/d) to 4.88 million b/d this year, driven
Petroleum industry
Opec's primary objective, to promote a long-term rise in oil prices, has been remarkably successful. Since the 1998 Riyadh pact between Saudi Arabia, Venezuela, and Mexico, crude prices have nearly doubled from an average of just under $20/bl in the 10 years preceding the Asian financial crash
Petroleum industry
Iraq's oil exports have rebounded significantly, reaching 2 million barrels per day this month. The increase is attributed to a combination of factors, including the opening of Iraq's second crude export terminal at Khor al-Amaya, which has introduced more flexibility to lifters and reduced anchorage time
Petroleum industry
Crude oil futures posted a mild recovery on Friday as traders squared positions ahead of the Opec meeting, despite concerns about oversupply and price volatility. The light, sweet May contract on the New York Mercantile Exchange (Nymex) settled at $35.73 for a gain of 22 cents, while the May
Petroleum industry
The Brent futures market rallied, confirmed by stable prices at the upper end of a $1.17 trading range over the week, despite concerns about US gasoline stocks and rising Middle East tensions. However, a bearish inventory report on March 24 put pressure on prices. Refining activity remained muted, with
Petroleum industry
ONGC Videsh Ltd, the overseas arm of Oil and Natural Gas Corporation (ONGC), will maintain its position as India's flagship firm for acquiring equity oil abroad, rather than being split to accommodate its state-owned partners, Indian Oil Corporation (IOC) and Gail India Ltd. While IOC and Gail can
Petroleum industry
SK Group, the third-largest conglomerate in South Korea, has decided to abolish its public relations (PR) center in a move aimed at streamlining its corporate structure and improving governance. The PR center, which carried out advertisements to enhance the group's image using funds from SK Telecom, the group&
