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HONG KONG, Oct 9, 2023 (AFP) – Oil prices soared more than four percent Monday after Hamas launched an attack on Israel at the weekend, sparking concerns about possible supply shocks from the crude-rich region. Brent jumped 4.7 percent to $86.65 and West Texas Intermediate was up 4.5 percent at $88.39 in early Asian business. The surprise attack and Israel’s declaration of war in response to it have left more than 1,000 dead and raised […]
By Daniel AVIS WASHINGTON, Oct 3, 2023 (AFP) – Growing geopolitical fragmentation since the invasion of Ukraine has hit commodity markets, threatening to slow the transition to renewable energy as the world looks to combat climate change, the International Monetary Fund said Tuesday. The fractures have led to a doubling in new trade restrictions on commodities since 2021, with low-income countries bearing the brunt of the costs, the IMF announced Tuesday. “To achieve net-zero-carbon emission […]
HONG KONG, China (AFP) — Oil prices soared almost six percent in Asian trade Monday morning after major producers led by Saudi Arabia announced a surprise cut of more than one million barrels per day. The West Texas Intermediate contract jumped 5.74 percent to $80.01 a barrel, while Brent jumped 5.67 percent to $84.42. The move by Saudi Arabia, Iraq, UAE, Kuwait, Algeria and Oman will be in effect from next month until the end […]
(Eagle News) — On the day that gasoline stations implemented the biggest oil price hike so far this year, people are already feeling the crunch. On Tuesday morning, March 8, gasoline prices rose by as much as P3.60 per liter. Diesel, which is used by ordinary public utility jeepneys (PUJs), had the highest increase by as much as P5.85. The price of kerosene, used in ordinary cooking stoves and fuel for lighting, rose by […]
LONDON, United Kingdom (AFP) — Benchmark oil contract Brent North Sea crude climbed back to $60 per barrel on Wednesday, with OPEC cutting output and on easing concerns over weak demand growth. Around 0940 GMT, Brent crude for delivery in March hit $60 for the first time in 3.5 weeks and was up 20 percent compared with two weeks ago, prior to an oil production cut by the Organization of the Petroleum Exporting Countries […]
Oil prices soared on Monday after Russia and Saudi Arabia renewed a pact to cap output, while the US agreed to halt raising tariffs on Chinese imports, stalling a trade row that many feared could hit demand for the commodity. Russian President Vladimir Putin said Saturday he and Crown Prince Mohammed bin Salman “have agreed to extend our agreement” to limit production as prices slump on global markets. An existing deal committing OPEC and non-members […]
(Eagle News)–The Department of Energy on Saturday, May 26, said it would recommend the suspension of excise tax on fuel if its price reaches $80 per barrel for three consecutive months. Energy Undersecretary Donato Marcos said in a radio dzbb interview that the recommendation, should it push through, would be given to the Department of Finance. In the meantime, he said they were monitoring gasoline stations, and were now requiring them to give a detailed […]
(Eagle News) — Senator Grace Poe on Thursday, May 24, said she and her colleagues in the committee on public services would hold a hearing on the “domino effect” of the Tax Reform for Acceleration and Inclusion law in Iloilo on Friday, May 25. “Kailangang isipin natin kung paano mapagagaan ang buhay ng ating mga kababayan lalo na sa probinsya dahil sa pagmahal ng kuryente, tubig at bilihin at ang nakaambang pagtaas ng pamasahe,” Poe […]
(Eagle News) — Bayan Muna Rep. Carlos Zarate has filed a bill which he said “will repeal the anti-poor and anti-people provisions” of the Tax Reform for Acceleration and Inclusion law. In a statement, Zarate said House Bill 7653 will remove the excise tax added to sugar-sweetened beverages. He said HB 7653 will also restore the Value Added tax exemption of low-cost housing, among others. “We hope that this bill will be fast-tracked by Congress because the economic […]
LONDON, United Kingdom (AFP) — OPEC secretary general Mohammed Barkindo welcomed Thursday the rebalancing of the world oil market, hinting the cartel would likely renew its output-cutting deal next month. Barkindo made the comments at the annual Oil & Money conference in London, before the latest production meeting of the 14-nation Organization of the Petroleum Exporting Countries (OPEC) in early November. “There is no doubt that the market is rebalancing at an accelerating pace — […]
KUWAIT CITY, Kuwait (AFP) — Oil markets have already begun to rebalance after strong signs that producers are complying with output cuts, Kuwait Oil Minister Essam al-Marzouk said on Wednesday. “We are confident that rebalancing in the oil markets has already started,” Marzouk said. “We expect a positive impact on the market by the end of the first quarter of 2017,” he told a conference organised by Petroleum Intelligence. Marzouk said that signs indicate that […]
(REUTERS) The South Korean court overseeing Hanjin Shipping’s receivership process said on Wednesday that a sale of the world’s seventh-largest container carrier, which collapsed late last month, is one of many options it is considering if the court concludes the company is to be rehabilitated. Judge Choi Ung-young, who serves as a court spokesman for media inquiries on the case, said a sale is possible in principle if it’s deemed the best way to […]
