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...

Brent crude prices expected to remain flat around $80/barrel in first half of 2023, with potential recovery to $85-$90 in second half. Increased demand from India and China may offset Western restrictions on Russian oil supply, driven by shifting global energy landscapes.

Oil prices rose 2% as OPEC+ kept production targets and Chinese COVID restrictions ease. WTI crude futures climbed 0.9% to $80.68, while Brent crude increased 0.8% to $86.29, signaling potential increased global demand and market stability.

Boustead Plantations Bhd expects continued volatility in palm oil prices for the remainder of the year. High production costs from increased minimum wages, fertilizer, and diesel prices will impact profitability. The company remains optimistic about cost management and crop enhancement strategies for 2022.

OPEC and allied producers, including Russia, slightly reduced oil output for October, trimming supplies by 100,000 barrels per day. The move comes amid recession fears and falling crude prices, which have dropped from June's $120 per barrel peak, providing relief at gas pumps.- EXCERPT: Summarizes key points, highlights impact, and uses relevant keywords

- President Biden visits Iowa to announce waiving ethanol blending restrictions, aiming to reduce gasoline prices by around 10 cents per gallon. This move is part of his strategy to combat inflation, which reached 8.5% in March, the highest rate since 1981.- EXCERPT: Condensed 100-word summary providing context and key information

Congress overwhelmingly approved suspending normal trade relations with Russia and banning oil imports. The Senate unanimously passed two bills that will now go to President Biden for signing, following his previous executive actions against Russian energy imports.

Guyana's government has approved ExxonMobil's $10 billion Yellowtail offshore oil project, marking the company's fourth field development. Expected to produce up to 250,000 barrels per day, the project will come onstream by 2025, adding to Exxon's existing Liza and Payara fields and strengthening Guyana's energy sector.

In the aftermath of Russian troop withdrawal, Ukrainian authorities discovered hundreds of civilian bodies in Bucha, showing signs of torture and execution. European leaders condemned the atrocities, with some calling for increased sanctions against Moscow and potential energy import restrictions.

Climate activists from Indonesia to Europe and the US staged global protests, calling for stronger environmental policies and an end to the Ukraine war. The Fridays for Future movement, inspired by Greta Thunberg, organized demonstrations demanding systemic changes to combat climate change.