Breaking News, Latest Philippines Headlines, World, Entertainment, Politics, Weather & Video News
by Omar Hasan Agence France Presse KUWAIT CITY, Kuwait (AFP) — While the Gulf’s bitter diplomatic crisis is unlikely to affect energy prices in the short term, a prolonged rift that disrupts Qatar’s gas supplies could send prices soaring, analysts say. With rising United States shale oil output driving a global supply glut, the decision by Saudi Arabia and its allies earlier this month to sever diplomatic ties with Qatar provided only a fleeting boost […]
by Rigoberto Diaz Agence France-Presse BOCA DE CAMARIOCA, Cuba (AFP) – Near the Cuban seaside village of Boca de Camarioca, a giant drill runs into the ground and out to sea, probing for oil. Cuba once got most of its oil cheap from its socialist ally Venezuela, largely paid for by exporting medical staff and supplies — but economic crisis in Venezuela has stemmed the flow of crude. That has caused “instability” of supplies on the […]
TOKYO, Japan (AFP) — Tokyo stocks opened slightly lower on Tuesday with energy-linked firms slipping on lower oil prices as a stronger yen put the brakes on automaker shares. The Japanese market has slipped from nearly two-year highs this week while Wall Street retreated from records on Monday. Investors were cautious ahead of the British general election on Thursday, after deadly terror attacks in London. A European Central Bank meeting and testimony by ex-FBI director […]
by Simon Sturdee and Joseph Sotinel Agence France Presse VIENNA, Austria (AFP) — Oil producers within and outside the Organization of Petroleum Exporting Countries agreed on Thursday to extend output cuts into 2018 to ease a global supply glut and support the price of crude. Market prices for oil fell, however, because of disappointment that there was no decision to deepen the cuts in the face of rising United States output, but also in profit-taking following […]
NEW YORK, United States (AFP) — Buoyant trading in New York saw Wall Street set fresh records on Thursday, with United States stocks recording their sixth consecutive positive finish. European markets were mainly in negative territory, however, and oil shares suffered on investor disappointment following an Organization of Petroleum Exporting Countries decision not to deepen cuts in crude output or prolong them past March of next year. Oil futures nose-dived by about $2.50 in New […]
HONG KONG, China (AFP) — Asian traders trod carefully Tuesday as profit-taking from the previous day’s rally offset a healthy lead from Wall Street, while the pound briefly fell after authorities said a blast in Manchester could be terror-related. Global markets pushed higher Monday as energy firms benefited from a surge in oil prices as OPEC and Russia look set to extend an output cut, while US dealers welcomed an optimistic survey on US manufacturing. […]
NEW YORK, United States (AFP) — US stocks continued to rebound from last week’s rout on Monday, rising for the third straight session, while oil prices strengthened ahead of a closely-watched OPEC meeting. European stocks finished modestly lower, while Tokyo and Hong Kong both gained. Continued US economic optimism was reflected in a new survey showing executives in the manufacturing and services sector expect to see increased revenue, hiring and capital spending in 2017, according […]
by Ali Khalil Agence France Presse DUBAI, United Arab Emirates — Oil-exporting Arab states of the Gulf are heading “in the right direction” to plug budgetary gaps thanks to fiscal reforms, but more change is still necessary, the International Monetary Fund said Tuesday. “If they continue on this path in the next three to five years, the level of deficit will be less than 2 percent” of gross domestic product, IMF regional chief Jihad Azour told […]
YANBU, Saudi Arabia (CCTV) — Cooperation between China and Saudi Arabia in the oil industry has become closer in recent years, expanding from exploration to the refinery sector, a progress that Amin H. Nasser, president of Saudi Aramco, attributes to China-proposed “Belt and Road” initiative, which fits in well with Saudi Vision 2030. A typical case that inks their closer ties is Yanbu Aramco Sinopec Refining Company or Yasref, a joint venture in which Saudi […]
RIYADH, Saudi Arabia (AFP) — Saudi Arabia is committed to stabilizing the global oil market, the energy ministry of the world’s biggest oil exporter said on Tuesday, as prices fell below $48 a barrel. The Organization of the Petroleum Exporting Countries and non-OPEC countries last year pledged to reduce output by around 1.8 million barrels per day (bpd) as part of a concerted effort to curb a global oil glut. Saudi Arabia “is committed and […]
BENGHAZI, Libya (AFP) — Forces loyal to eastern Libya’s strongman Khalifa Haftar said Monday they were preparing a large counter-offensive to retake key oil export terminals days after losing them to rival fighters. “Libyan forces are mobilising in great numbers to chase terrorist gangs from the Oil Crescent,” said Mohamad Ghanim, a spokesman for the self-proclaimed Libyan National Army. On Friday the Islamist-led Benghazi Defence Brigades (BDB) seized the key oil terminals of Ras Lanuf, […]
QUEZON CITY, Philippines (Eagle News) — Big oil companies on Thursday, March 2 implemented a price rollback on cooking gas or liquefied petroleum gas (LPG). Eastern Petroleum is now implementing a Php 0.35 centavos per kilogram or Php 3.85 per 11 kg cylinder rollback of its EC gas products. Petron also implemented the same rollback on Wednesday, March 1. The LPG price decrease was due to the downward trend of LPG contract prices in the […]
