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BEIJING, China (AFP) — China will limit exports of refined petroleum products to North Korea starting October 1, its commerce ministry said, confirming Beijing’s participation in new UN sanctions intended to rein in its rogue neighbor. The United Nations Security Council, including permanent member Beijing, approved tough sanctions against Pyongyang last week in response to its sixth and most powerful nuclear test. Washington had initially sought a full oil embargo, but softened its stance […]
AUCKLAND, NEW ZEALAND (Reuters) — New Zealand’s jet fuel shortage on Tuesday (September 19) forced 39 flights to be cancelled, 13 of them international, with concerns the fuel crisis may spread after fuel stations in the country’s largest city Auckland halted high-octane gasoline sales. The fuel shortage, caused by a damaged pipeline to Auckland Airport, has caused widespread disruption to air travel since the weekend and comes only days before Saturday’s (September 23) national election […]
LONDON, United States (AFP) — United States Secretary of State Rex Tillerson on Thursday urged China to use the oil it supplies to North Korea as leverage to pressure the isolated nation into reconsidering its nuclear program. The United Nations Security Council unanimously imposed on Monday an eighth set of sanctions on North Korea after its latest nuclear test, banning it from trading in textiles and restricting oil imports. Washington had called for tougher restrictions, […]
PARIS, France (AFP) — French oil company Total said Thursday underlying profits gushed higher in the second quarter thanks to a recovery in the price of oil, with the company also benefitting from increased output. The firm’s measure of adjusted profits that excludes exceptional items climbed 14 percent from the same period last year to $2.5 billion ($2.1 billion euros). That beat the consensus forecast of analysts surveyed by financial data firm Factset, who were […]
HONG KONG, China (AFP) — Asian markets mostly rose on Wednesday, led by energy giants on the back of rising commodity prices, while traders were also buoyed by strong earnings and positive economic data that saw Wall Street rack up fresh records. Improving demand and the weakening dollar helped fuel a jump in copper prices to five-month peaks, while oil has also been boosted by a report pointing to lower United States stockpiles. Both crude […]
NEW YORK, United States (AFP) — Wall Street stocks fell modestly Friday on mixed earnings and lower oil prices, ending Nasdaq’s streak of 10 straight gains that included three straight closing records. Petroleum-linked shares including Dow member Chevron and Halliburton fell as oil prices dropped on worries about excess supply. General Electric was the biggest loser in the Dow, tumbling 2.9 percent after signaling it expects 2017 earnings to be on the low end of […]
DOHA, Qatar (AFP) — State-owned Qatar Petroleum and French energy giant Total will formally launch a 25-year joint venture to develop the Al Shaheen oil field this week, the companies said Monday. The North Oil Company, to be launched on Tuesday, will be made up of a 70 percent stake from QP and a 30 percent stake from Total, which is taking over operations from Maersk Oil, according to a statement released by Qatar Petroleum. […]
HONG KONG, China (AFP) — Asian energy firms sank Thursday following a plunge in oil prices while equity traders remained on edge after North Korea’s latest missile test and warnings from the United States it would use force to deal with the nuclear-armed state. Crude fell around four percent Wednesday on renewed concerns about a global supply glut that overshadowed data pointing to a drop in US stockpiles. Investors are worried that an output cut […]
HONG KONG, China (AFP) — Asian markets mostly rose on Tuesday with energy firms rallying with their United States counterparts after the recovery in oil prices extended in New York, where the Dow chalked up another record high ahead of Independence Day. Crude lost around a fifth of its value between mid-May and mid-June, hitting 10-month lows, as traders fretted that a pick-up in US output was offsetting cuts by key producers in OPEC and […]
ISLAMABAD, Pakistan (AFP) — The death toll from an oil tanker explosion in central Pakistan has risen to 190, hospital and government officials said Friday, as 16 more people succumbed to their injuries. The tanker overturned early Sunday on a main highway from Karachi to Lahore while carrying some 40,000 litres of fuel. It exploded minutes later as crowds from a nearby village gathered to scavenge for fuel, despite warnings by the driver as well […]
MOSCOW, Russia (AFP) — Russian President Vladimir Putin on Friday launched the deep-water phase of the TurkStream gas pipeline project, calling Turkey’s Recep Tayyip Erdogan from a ship off the Black Sea coast. TurkStream will deliver Russian gas to Turkey and is eventually intended to serve the European Union. “Go!” Putin said, pressing a button on the Pioneering Spirit pipelaying ship, the world’s largest construction vessel, to formally launch the work, accompanied by Gazprom energy […]
Reuters — Oil prices held near multi-month lows on Wednesday (June 21) as investors discounted evidence of strong compliance by Organization of Petroleum-Exporting Countries and non-OPEC oil producers with a deal to cut a global output. Global benchmark Brent was unchanged at $46.02 barrel at 0651 GMT after falling nearly 2 percent in the previous session to its lowest settlement since November. United States crude futures for August were trading up 4 cents at $43.55, after spending […]
