(REUTERS) Four people died and two were missing after a helicopter crashed en route to a Chevron oil platform off the Angolan coast, the U.S. oil company said on Tuesday. The helicopter left Malongo port in Angola’s Cabinda province on Monday at 1523 local time to make the short journey to the Tombua-Landana offshore oil platform but never arrived. “The helicopter did not reach its intended destination. It was carrying five passengers and one pilot,” […]
Tag: oil
Fuel tanker fire extinguished in Gulf of Mexico
MEXICO CITY, Mexico (AFP) — A massive fire that burned for more than 24 hours aboard a fuel tanker ship loaded with thousands of barrels of oil on board was put out Sunday without having caused spills, a Mexican state-owned oil company said. The 31 crew members of the oil firm Pemex’s Burgos tanker were safely evacuated. The vessel, which burned just off the eastern port city of Veracruz, was carrying more than 160,000 barrels […]
Energy stocks hit in Asia as oil sinks, dollar weak
HONG KONG, China (AFP) — Energy firms sank in Asian trade on Tuesday as oil prices extended the previous day’s sharp losses due to profit-taking after a recent rally and fresh worries about a global oversupply. Even a fall in the dollar, which usually makes crude cheaper, could not stop the slide in the commodity after Iraq flagged a pick-up in output and rebels in key producer Nigeria announced a ceasefire. Investors were also treading water as […]
Oil continues decline on supply glut
Singapore (AFP) — Oil prices fell for a third day in Asia trade Thursday after figures showing high US crude stockpiles and increased Saudi production. Official US data on Wednesday showed a jump in crude inventories, taking by surprise investors who expected a drawdown in supply, pushing prices of the commodity down by 3 percent overnight. While gasoline supplies and US domestic production have fallen, analysts warn that global production levels are far outstripping demand. […]
Saudi cabinet approves economic diversification plan
JEDDAH, Saudi Arabia (AFP) — The Saudi cabinet has approved a major plan to diversify the national economy away from oil with an aim to generate 450,000 jobs in non-government sectors by 2020, officials said Tuesday. The National Transformation Program (NTP) 2020 also aims to cut public expenditures by 40 percent over the next five years and boost the contribution of the private sector, officials said. NTP is one of several programs designed to achieve […]
Oil climbs $50 for the first time in seven months
QUEZON City, Philippines – Low prices have been wrecking havoc among oil firms and producers for almost half of the year. But prices are climbing slowly in the past weeks and for the first time oil futures reach $50 which also caused allied energy stocks to go up. (Eagle News Service Described by Jay Paul Carlos, Video Editing and Uploaded by Vince Alvin Villarin) https://youtu.be/EV9TdR34Khw
Energy stocks jump in Asia as oil passes $50 a barrel
HONG KONG, China (AFP) — Energy stocks jumped in Asia Thursday after oil surged past $50 a barrel for the first time this year, providing a bright point as regional bourses generally took a breather. Oil prices, which have been edging towards the psychological barrier as global supply disruptions mount, were buoyed by data showing a fall in US crude inventories that put another dent in a stubborn glut. Canada’s central bank also announced that […]
Asia markets cautious on growth woes but dollar, oil rally
HONG KONG, China (AFP) — Asian stock markets moved cautiously Thursday as worries over the global economy sap confidence but the dollar held the previous day’s gains and oil prices extended a rally. A disappointing set of readings and announcements from the world’s biggest economies over the past week have cast a pall over stock markets, reversing recent gains that were fuelled by hopes a recovery was taking hold. New York provided another negative lead, […]
IEA chief says oil price bottoming depends on global growth
KITAKYUSHU, Japan (Reuters) – International Energy Agency (IEA) chief Fatih Birol said on Sunday that oil prices may have bottomed out, providing that the health of the global economy does not pose a concern. Oil prices hit 2016 highs on Friday with Brent crude LCOc1. reaching $48.50 a barrel on optimism that a global oil glut will ease. That, coupled with a weaker dollar, has helped lift crude futures by more than $20 a […]
Saudi prince unveils $2 trillion plan to shift from kingdom’s oil dependence
The powerful young prince overseeing Saudi Arabia’s economy unveiled ambitious plans on Monday (April 25) aimed at ending the kingdom’s “addiction” to oil and transforming it into a global investment power. Deputy Crown Prince Mohammed bin Salman said the kingdom would raise the capital of its public investment fund to 7 trillion riyals ($2 trillion) from 600 billion riyals ($160 billion). He added that the world’s top oil exporter expects state oil company Saudi Aramco […]
Oil prices tumble after Saudi-Iran tensions sink output deal
(Reuters) Oil prices tumbled on Monday after a meeting by major producers in Qatar collapsed without an agreement to freeze output, leaving the credibility of the OPEC producer cartel in tatters and the world awash with unwanted fuel. Geopolitical tensions between Saudi Arabia and Iran were blamed for the failure, which revived industry fears that major government-controlled producers will increase their battle for market share by offering ever-steeper discounts. “OPEC’s credibility to coordinate output is […]
Oil prices recover in Asia
Singapore (AFP)—Oil prices recovered in Asia on Monday after a steep fall in the previous session, with US crude back above $30 a barrel as traders mulled the impact of a potential freeze by key producers. Oil spiked sharply last week after major exporters held talks on a potential agreement to reduce a global supply glut that has dragged prices to their lowest levels in nearly 13 years this month. Saudi Arabia and Russia, […]
