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PARIS, France (AFP) — Total said Tuesday its quarterly profit fell by 99 percent because of dropping oil prices and announced it would slash investments in response to ongoing turmoil in crude markets. The French oil major reported a net profit of $34 million for the first quarter, against $3.1 billion a year earlier. Oil prices suffered a sharp drop in the first quarter due to overproduction and a price war between Saudi Arabia and […]
(Eagle News) – Philippine government has started intensive clinical studies on the curative properties of virgin coconut oil on COVID-19 suspect cases in certain communities in Southern Luzon as it included VCO as a supplement in the daily treatment regimen of coronavirus patients at the Philippine General Hospital. The program involved several departments of the Philippine government including the Department of Agriculture through the Philippine Coconut Authority (PCA), the Department of Science and Technology’s […]
SYDNEY, Australia (AFP) — Australia said Wednesday it will take advantage of record low oil prices to develop a long-needed strategic oil reserve, which will be located in the United States. With global demand for oil slowing to a trickle owing to worldwide virus lockdowns, crude prices turning negative and storage facilities bursting at the seams, Energy Minister Angus Taylor said it was time to act. Australia has long had one of the lowest levels […]
by Roland JACKSON Agence France Presse US oil prices dived to 22-year lows under $11 Monday after crashing 40 percent in a market flooded with crude as demand evaporates in the face of the coronavirus pandemic. Ahead of Wall Street opening the US benchmark West Texas Intermediate (WTI) crude for May delivery sank to $10.77 — the lowest level since 1998. Trade, however, was also technically driven as investors closed out their positions ahead […]
HONG KONG, China (AFP) — Oil prices collapsed to more than two-decade lows Monday as traders grow concerned that storage facilities are reaching their limits, while equities were mixed, with some support coming from signs that the coronavirus may have peaked in Europe and the United States. US crude benchmark West Texas Intermediate briefly plunged almost 20 percent to below $15 — its lowest since 1999 — as stockpiles continue to build owing to a […]
SINGAPORE, Singapore (AFP) — US crude crashed to below $15 a barrel on Monday, its lowest level for over two decades, as concerns about a virus-triggered demand shock and lack of storage eclipsed an output cut deal. West Texas Intermediate (WTI), the US benchmark, fell more than 19 percent to $14.73 a barrel in early Asian trade, before markets steadied and it clawed back some ground to $15.78 a barrel. International benchmark Brent dropped 4.1 […]
SINGAPORE (AFP) — Oil languished at multi-year lows on Thursday, with WTI crude remaining around $20 a barrel as dire warnings about a virus-triggered demand shock overshadowed a deal to cut output. US benchmark West Texas Intermediate made small gains in Asian afternoon trade to $20.05 per barrel at one point. It had slipped below the $20 mark Wednesday, and hit its lowest price in 18 years. International benchmark Brent crude, which also suffered […]
RIYADH, Saudi Arabia (AFP) — Oil output cuts by OPEC and its allies, together with pledges from other G20 nations and purchases by strategic reserves, could remove 19.5 million barrels per day from the market, the Saudi energy minister said. US President Donald Trump said Monday that the actual output cuts may be deeper than the headline figure of 9.7 million bpd — with top producers considering slashing output by 20 million barrels a day […]
SINGAPORE, Singapore (AFP) — Oil prices rose Tuesday after US President Donald Trump said producers are considering cutting 20 million barrels per day — more than double the figure publicly announced — to help the virus-hit sector. US benchmark West Texas Intermediate rose nearly 2 percent to trade at $22.85, while international benchmark Brent crude climbed 1.5 percent to trade at $32.26. OPEC producers dominated by Saudi Arabia and allies led by Russia thrashed out […]
by Benoît PELEGRIN Agence France Presse LONDON, United Kingdom (AFP) — Top oil producers were trying to finalize a crucial agreement on output cuts in the small hours of Friday in an attempt to counter a collapse in prices due to the coronavirus and a Saudi-Russian price war. The video conference meeting of OPEC countries and their OPEC+ allies including Russia, as well as other key non-members, began just after 1440 GMT on Thursday and […]
by Benoît PELEGRIN Agence France-Presse LONDON, United Kingdom (AFP) — OPEC and its allies will meet to discuss oil production cuts next week following US President Donald Trump’s claim that leading producers Russia and Saudi Arabia will slash output to boost tumbling prices. The meeting was originally expected to be held via video conference on Monday, but will now take place on Thursday, the government of energy-rich Azerbaijan said Saturday. “OPEC has informed us about […]
by Anuj Chopra with Omar Hasan in Dubai RIYADH, Saudi Arabia (AFP) — Saudi Arabia said on Monday it will raise its oil exports to a record 10.6 million barrels per day starting from May despite a global supply glut, escalating a price war with Russia. Oil prices are languishing at 17-year lows as the coronavirus pandemic threatens a painful global recession that could further sap demand. Saudi Arabia, the world’s top oil exporter which […]
