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TOKYO, Japan (AFP) — Japan’s central bank chief said on Friday the country will likely reach its key two-percent inflation target as oil rates surge, but the bank will continue monetary easing policies because the price rises are caused by external factors. The Bank of Japan has struggled to lift inflation for nearly a decade with the world’s third-largest economy swinging between periods of sluggish inflation and deflation, both considered bad for growth. “Unlike in […]
PARIS, France (AFP) — The International Energy Agency on Friday urged governments to urgently implement measures to cut global oil consumption within months following supply fears stemming from Russia’s invasion of Ukraine. The IEA also called on the OPEC+ group of oil-producing nations led by Saudi Arabia and Russia to help “relieve the strain” on markets, while warning that the world faced the biggest shock to supply “in decades”. The outbreak of war in Ukraine […]
LONDON, United Kingdom (AFP) — Oil prices soared Thursday on tensions surrounding key producer Russia, as equities diverged with traders tracking interest rate decisions, the Ukraine conflict and China’s pledge to support volatile markets. The price of benchmark oil contract, Brent North Sea crude, jumped more than five percent to return above $100 per barrel after Russia rejected a ruling from the UN’s top court to suspend its Ukraine offensive. “Russia’s invasion is still […]
Claims suspending fuel excise tax would largely benefit the rich (Eagle News) – Finance Secretary Carlos Dominguez III said that the government expects to collect P147 billion in taxes this year from fuel, particularly P131.4 billion in excise taxes and P15.8 billion in VAT or value added tax. The funds to be generated from these taxes would be used for the government’s ‘Build, Build, Build” projects, and for the salaries of government employees, including […]
PARIS, France (AFP) – The International Energy Agency cut its world oil demand forecast for 2022 on Wednesday, warning that sanctions against Russia over its invasion of Ukraine could spark a global supply “shock”. “Faced with what could turn into the biggest supply crisis in decades, global energy markets are at a crossroads,” the IEA said in a monthly report. “While it is still too early to know how events will unfold, the crisis may […]
ABU DHABI, United Emirates (AFP) – British Prime Minister Boris Johnson was to lobby Saudi Arabia and the United Arab Emirates to pump more oil to calm turbulent markets as he meets the Gulf states’ leadership on Wednesday. Johnson arrived in Abu Dhabi for talks with Crown Prince Mohammed bin Zayed and was due to fly to Riyadh later as the West seeks to end its dependency on Russian oil following the invasion of Ukraine. […]
BRASILIA, Brazil (AFP) — The Brazilian government on Monday assured the United States it will increase its oil production, a decision that could help ease concerns over global crude supply after Russia’s invasion of Ukraine. Bento Albuquerque, Brazil’s minister of Mines and Energy, said he had spoken with his US counterpart, Secretary of Energy Jennifer Granholm, and confirmed that Brazil would seek to increase its oil output. “She asked me if Brazil could be […]
HONG KONG, China (AFP) — WTI crude dived more than five percent Tuesday to fall back below $100 a barrel as concerns about a possible slowdown in China’s economy lead investors to rethink their expectations for demand. The contract shed 5.7 percent to $97.13, while Brent was off six percent at $100.54. The steep losses come just over a week after they both soared to near 14-year highs as Vladimir Putin’s war in Ukraine fanned […]
NEW YORK, United States (AFP) — US equities suffered in Monday’s trading despite hopes for progress in peace talks between Ukraine and Russia as well as a drop in oil prices fueled by new Covid-19 lockdowns in China. Europe shrugged off earlier losses in Asia after Moscow said it made headway Monday in peace talks with Kyiv ahead of the latest round of negotiations. But Wall Street was generally gloomy, with indices starting positively […]
by Jérémy MAROT / Juliette VILROBE Agence France-Presse PARIS, France (AFP) – The French government has announced a package worth 2.0 billion euros ($2.2 billion) to help consumers struggling with soaring fuel prices, with the cost of filling up set to be cut at the pump. French Prime Minister Jean Castex announced late Saturday that petrol and diesel prices would be reduced by 15 centimes per litre. The bill will be slashed by this amount […]
(Eagle News) –Oil prices are again forecast to increase next week, by at least P12 per liter for diesel and by P6.80 to P7 per liter for gasoline. “Expect fuel prices to go up next week,” the forecast from Unioil said posted on its Facebook page on Saturday, March 12. According to the forecast, diesel prices will increase by P12.20 to P12.30 per liter, while gasoline prices “will increase by P6.80 to P7.00 per liter” […]
RIYADH, Saudi Arabia (AFP) — A drone attack on an oil refinery in the Saudi capital caused a small fire but no disruption to supplies, officials said Friday, as crude prices soar after Russia’s invasion of Ukraine. The act of “sabotage and terrorism” follows a series of similar attacks on Saudi facilities by Yemen’s Iran-backed Huthi rebels, who are fighting a Saudi-led coalition. The attack took place in the early hours of Thursday morning. “The […]
