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BRASILIA, Brazil (AFP) — Brazilian President Jair Bolsonaro decided on Monday to change the president of state-owned Petrobras, Joaquim Silva e Luna, amid strong pressure due to recurrent increases in fuel prices. The information, leaked by the Brazilian press, was confirmed in the evening by the Ministry of Mines and Energy, which proposed economist Adriano Pires, a specialist in the oil and gas field, as the candidate to replace him. The appointment must be approved […]
Price hike follows major rollback last week (Eagle News) – Oil companies are set to implement another price hike on Tuesday, March 28, with diesel prices increasing by P8.65 per liter, and gasoline by P3.40 per liter. Kerosene prices are also set to increase by P9.40 per liter. The price hike, the 12th this year, follows a rollback that happened last week due to the movement of world crude prices affected by Covid lockdowns […]
BERLIN, Germany (AFP) — Germany said Friday it was drastically slashing its energy purchases from Russia amid Moscow’s invasion of Ukraine, with oil imports to be halved by June and coal deliveries to end by the autumn. “In recent weeks, together with all relevant players, we have made intensive efforts to import less fossil energy from Russia and broaden out our supply base,” said Economy Minister Robert Habeck. “The first important milestones have been […]
OTTAWA, Canada (AFP) – Canada announced Thursday it will boost oil exports by about five percent to help address supply shortages faced by allies shunning Russian energy after Moscow’s invasion of Ukraine. “Our European friends and allies need Canada and others to step up. They’re telling us they need our help in getting off Russian oil and gas in the short term,” Resources Minister Jonathan Wilkinson said in a statement. Canada is “uniquely positioned to […]
Brent crude back to above $120 a barrel HONG KONG, China (AFP) — Oil prices extended their gains Thursday on growing fears of further Russia sanctions that could hit already thin supplies, while most equity markets retreated owing to surging inflation and central bank plans to sharply hike interest rates. The recent rally across equities over the past week appears to have run its course for now as investors nervously track developments in the […]
NEW YORK, United States (AFP) — Oil prices soared Monday as a weekend attack on Saudi facilities and discussions among European Union members over banning Russian crude raised concerns about global supplies. Top producer Saudi Arabia warned that Yemeni rebel attacks on the kingdom’s oil facilities pose a “direct threat” to global supplies, while Baltic states indicated they would favor an embargo of Russian crude in retaliation for its invasion of Ukraine. The comments propelled […]
Rollback was in reaction to decrease in oil prices in world market last week (Eagle News) – Philippine oil companies are set to implement a price rollback of P11.45 price for diesel and P5.45 per liter for gasoline on Tuesday, March 22, in the first ever fuel price reduction this year after 11 straight weeks of price hikes. Kerosene prices will also be reduced by P8.55 per liter. Oil companies already issued their advisories […]
by François PICARD Agence France-Presse HOUSTON, United States (AFP) – Two years ago, the American liquified natural gas (LNG) company Tellurian was in free fall: Its stock price collapsed, it laid off 40 percent of its staff, and suspended a key project in Louisiana. Now, executive chairman Charif Souki says investors “are lining up at the door to ask me: ‘Can we finance your project?’” At the annual CERAWeek energy conference in Houston, Souki told […]
DUBAI, United Arab Emirates (AFP) — Japan on Sunday urged the United Arab Emirates to pump more oil to calm markets rocked by Russia’s invasion of Ukraine, the latest major consumer to lobby Gulf producers. The plea by Japan’s Foreign Minister Yoshimasa Hayashi came during meetings with Emirati officials which coincided with a visit by Germany’s economy minister, three weeks into the Russian offensive. British Prime Minister Boris Johnson also flew to the UAE and […]
by Haitham EL-TABEI Agence France Presse RIYADH, Saudi Arabia (AFP) — Energy giant Saudi Aramco said Sunday its 2021 net profit soared by more than 120 percent, due to higher crude prices, as global economic growth recovered from a pandemic induced downturn. The announcement came hours after Yemen’s Huthi rebels — against whom Saudi Arabia leads a military coalition — targeted several locations, including Aramco facilities, in cross-border armed drone attacks. Aramco, Saudi Arabia’s […]
MADRID, Spain (AFP) — Thousands of demonstrators hit the streets across Spain on Saturday in protest at the soaring cost of food, light and fuel, which have been exacerbated by Russia’s invasion of Ukraine. The rallies, which took place in Spain’s main cities, were called by the far-right Vox party which sought to tap into growing social discontent over the spiralling cost of living that has left many families struggling to pay their bills. […]
Diesel prices expected to go down by P10.70 to P10.90 per liter, gasoline by P5.10 to P5.30 per liter (Eagle News) – For the first time this year, oil prices are expected to have a huge rollback after 11 consecutive price hikes, with diesel prices expected to be reduced by around P11 per liter and gasoline by around P5 per liter at least. This big time price rollback is due to the global movement […]
