Breaking News, Latest Philippines Headlines, World, Entertainment, Politics, Weather & Video News
by Joseph SOTINEL and Simon MORGAN Agence France Presse VIENNA, Austria (AFP) — OPEC members and other oil-producing countries gather in Vienna on Thursday to discuss cutting output to prop up prices, as US President Donald Trump urged them to keep the faucets open. Oil ministers from 20 or so countries busily criss-crossed the Austrian capital on Wednesday for preparatory negotiations ahead of the two-day meet at the headquarters of the Organization of Petroleum Exporting […]
by David HARDING Agence France Presse DOHA, Qatar (AFP) — Qatar will leave OPEC next month in order to focus on gas production, the Gulf state’s new Energy Minister Saad al-Kaabi announced Monday, denying the surprise move was a result of Doha’s bitter feud with oil-rich Saudi Arabia. Qatar has been a member of OPEC since 1961 and the decision to pull out after more than five decades comes at a turbulent time in Gulf […]
DOHA, Qatar (AFP) — Qatar is to leave OPEC next month in order for the Gulf state to focus on gas production, Energy Minister Saad al-Kaabi announced on Monday. “Qatar has decided to withdraw its membership from OPEC effective January 2019,” Kaabi said at a Doha press conference. He added that Qatar would still continue to produce oil but would concentrate on gas production, where it is the biggest exporter of liquefied natural gas in […]
(Eagle News) — The series of reduction in the prices of petroleum products is due to the ample supply of petroleum in the international market, according to the Department of Energy (DOE). In an interview with Eagle News Service, Energy Assistant Director on Oil and Management Bureau Rodela Romero explained that the crude oil pricing in the world market affects oil prices in the country, particularly because we are highly dependent on imported fuel. Romero […]
NEW DELHI, India (AFP) — An India-led coalition to harness solar energy will eventually replace the OPEC oil cartel, India’s premier predicted Tuesday, as he opened the International Solar Alliance’s first assembly with UN chief Antonio Guterres. “The role of the oil wells today will be that of the Sun’s rays tomorrow,” Narendra Modi said at the meeting in New Delhi. “In the coming years, when the world discusses initiatives for the welfare of humanity […]
HONG KONG, China (AFP) — Asian markets were mixed Tuesday following the latest tit-for-tat tariffs in the China-US trade row, while investors are now looking ahead to the Federal Reserve’s next policy meeting. While the levees had been widely expected, there are concerns about how long the spat will go on for after China canceled planned talks between the two sides and said negotiations “cannot be carried out under the threat of tariffs”. Fresh political […]
ALGIERS, Algeria (AFP) — A meeting between oil producing countries on Sunday decided not to alter supply to the global market, after calls by US President Donald Trump for an immediate hike in output to reduce prices. A committee of participating states “expressed its satisfaction regarding the current oil market outlook with an overall healthy balance between supply and demand”, a statement said, at the end of a meeting in Algiers. But Saudi Arabia’s energy […]
TEHRAN, July 1, 2018 (AFP) – Iran vowed Sunday to defeat US efforts to block its oil exports and warned rival producer Saudi Arabia it would never take Tehran’s “place” on the international oil market. “We will surely do something to thwart the US rallying cry that Iranian oil (exports) must be stemmed,” First Vice President Eshagh Jahangiri said in statements broadcast on state television. “The (Iranian) government has a plan… and God willing we are certain […]
by Michelle Fitzpatrick/ Joseph Sotinel Agence France Presse VIENNA, Austria (AFP) — OPEC energy ministers said they would be putting more oil onto the market to meet “extra demand”, reaching a last-ditch compromise in a spat that pitted Saudi Arabia against archfoe Iran. The ministers announced on Friday they had agreed to ramp up oil production by around a million barrels a day from July. “I think it will contribute significantly to meet the […]
by Michelle Fitzpatrick © Agence France-Presse VIENNA, Austria (AFP) — Iran’s oil minister walked out of a key meeting with OPEC peers on Thursday, as a rift deepened with regional rival Saudi over its push to ramp up the cartel’s oil output. “I do not think we can reach an agreement,” Bijan Namdar Zanganeh told reporters at his Vienna hotel after quitting talks with a group of ministers on the eve of a crucial OPEC […]
by Joseph Sotinel © Agence France-Presse LONDON, United Kingdom (AFP) — OPEC ministers gather in Vienna Tuesday for crunch talks on a landmark pact curbing oil output, with Saudi Arabia and Russia hoping to persuade their peers to increase production again. The upcoming June 22-23 meetings of OPEC and non-OPEC energy ministers are expected to be contentious, with several countries bristling at the thought of reversing a deal that has been in place for 18 months […]
(Eagle News) — The Philippines is looking to import diesel from Russia. According to Presidential Spokesperson Harry Roque, based on a report from Energy Secretary Alfonso Cusi, the Philippine National Oil Company Exploration Corporation (PNOC-EC) has taken steps to do just that to help mitigate the effects of the rising prices in fuel. “Ang landed cost po dito kasama na ‘yung cost, insurance and freight sa Pilipinas is estimated only to be between ₱25 to ₱27,” Roque said. He said, […]
