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NEW YORK, United States (AFP) — Global oil prices fell Friday after top producer Saudi Arabia signaled a likely boost in supply as soon as the third quarter, and world stock markets were mixed over the sudden US move to cancel the summit with North Korea. Saudi oil minister Khaled al-Faleh said at an economic conference in Russia that a gradual output increase could happen in the second half of the year to prevent […]
(Eagle News) — The discovery of oil reserves in Alegria, Cebu can help boost the Philippine economy. This is according to President Rodrigo Duterte after the Department of Energy announced the discovery of commercial quantities of gas and oil from Alegria oil Field in Southern Cebu. “We have been lagging behind our neighbors, and not because we are lazy or poor. But in terms of natural resources. We are behind Indonesia because they have oil. […]
RIYADH, Saudi Arabia (AFP) — The Saudi and Emirati energy ministers voiced concerns on Thursday over oil price fluctuations, saying they were determined to maintain output, the Saudi oil ministry said. In a phone call, Saudi Arabia’s Khaled al-Faleh and the United Arab Emirates’ Suheil al-Mazrouei “voiced their concerns about recent market volatility, fuelled by anxiety over geopolitical events despite the availability of ample supply,” the ministry said. Benchmark oil contract Brent North Sea hit […]
HONG KONG, China (AFP) — Crude prices continued to rally Thursday, propelling Asian energy firms and equity markets, as rising demand and Donald Trump’s decision to tear up the Iran nuclear deal point to a thinning of supplies. While broadly expected, the president’s announcement has helped light a fire under oil, with both main contracts now sitting at highs not seen since the end of November and speculation they could go even higher. The decision […]
BAGHDAD, Iraq (AFP) — Iraq, which on May 12 holds its first parliamentary election since declaring victory over the Islamic State group, is oil-rich but has been ravaged by a series of wars since the 1980s. Cradle of civilization During ancient times the lands now comprising Iraq were known as Mesopotamia (“Land Between the Rivers”), a region located between the Tigris and the Euphrates. Its extensive alluvial plains gave rise to some of the world’s […]
RIYADH, Saudi Arabia (AFP) — Saudi Arabia, the world’s largest oil exporter, has said it will take all necessary measures to prevent supply shortages following the US withdrawal from the Iran nuclear deal. “The kingdom will work with major oil producers within and outside OPEC, and with major consumers as well to limit the impact of any shortages in supplies,” the Saudi energy ministry said in a statement late Tuesday. The kingdom’s assurance came just […]
by John Biers Agence France Presse NEW YORK, United States (AFP) — Wall Street stocks powered higher Friday after a mixed US jobs report was seen as reducing the odds of faster Federal Reserve interest rate hikes. US stocks initially went sideways following the jobs data but began moving gradually higher after the open, with the Dow ultimately finishing up a solid 1.4 percent. Earlier, European stock markets rose, while oil prices pushed higher on […]
BANDA ACEH, Indonesia (AFP) — Ten people have been killed and dozens injured in a huge blaze at an illegal oil well in Indonesia, authorities said Wednesday. Several homes were also destroyed after an oil spill sparked a huge fire at about 1:30 am (1830 GMT Tuesday) in a residential area on Sumatra island’s Aceh province. It was still burning by early afternoon. “There was a group of people digging in the old well but suddenly […]
HONG KONG, China (AFP) — Asian markets enjoyed another day of gains Thursday as energy firms tracked a surge in oil prices, while fears over Syria and a possible China-US trade war eased. Fresh hopes that Donald Trump and North Korea’s leader Kim Jong Un will hold a historic summit within months also provided some much-needed optimism. Both main crude futures rallied almost three percent Wednesday on the back of data showing a drop in […]
WELLINGTON, New Zealand (AFP) — New Zealand is halting all new offshore oil and gas exploration as part of its efforts to deal with climate change, the centre-left government said Thursday. “(We are) taking an important step to address climate change and create a clean, green and sustainable future for New Zealand,” Prime Minister Jacinda Ardern said. The oil and gas industry in New Zealand generates about NZ$2.5 billion a year ($1.8 billion), including NZ$1.5 […]
HONG KONG, China (AFP) — Asian markets rallied on Wednesday, with energy firms boosted by a rush into oil after data indicated a jump in US demand and OPEC provided an optimistic outlook for supplies. The across-the-board gains come as investors await the conclusion of a crucial Federal Reserve policy meeting later in the day, which they hope will provide some clarity on its interest rate plans over the rest of the year. Worries that […]
by Juliette Michel © Agence France-Presse NEW YORK, United States (AFP) — Boosted by surging output, the United States is becoming a significant exporter of crude oil, a shift that is remaking American infrastructure and altering the global petroleum market. Now pumping more than 10 million barrels per day, the US has become the second biggest oil producer in the world behind Russia and ahead of Saudi Arabia. The bounty is the result of the […]
