Commodities & Oilprice

Oil inches down on Trump’s latest China trade threats

April 07, 2018 | Commodities & Oilprice, Economics & Markets, Government & Regulations

London, UK | – Oil prices fell on Friday after U.S. President Donald Trump’s threat of new tariffs on China reignited fears of a trade war between the world’s two biggest economies. Trump said on Thursday he had ordered U.S. trade officials to consider tariffs on an extra $100 billion of imports from China, escalating tensions with Beijing. “There is a risk for oil prices that China uses the bazooka option it has on U.S. crude oil exports. China is the main importer (after Canada) …

Chinese oil contract to rival US WTI and UK’s Brent is born

March 26, 2018 | Asia, Commodities & Oilprice, Energy Trading & Markets

China launched its first ever crude-futures contract as the world’s biggest oil buyer seeks to wield greater power over pricing and challenge benchmarks in the U.S. and Europe. London, UK | – The long-awaited yuan-denominated futures on the Shanghai International Energy Exchange traded at 432.3 yuan a barrel ($68.47) for September settlement by 11:30 a.m. local time before a midday break. Trading will resume at 1:30 p.m. The contracts, which are open to foreign investors, end years of delays and setbacks since China’s first attempt …

Oil prices rebound on account of healthy demand

March 09, 2018 | Commodities & Oilprice

London, UK | — Oil prices were broadly steady on Thursday but still set to slip over the week for the second time in a row against a backdrop of rising US crude production and an increase in inventories. Brent crude futures were down 3c at $64.31 a barrel by 10.05am GMT. US West Texas Intermediate (WTI) crude futures were up 3c at $61.18 a barrel. Brent was on track for a drop of about 0.1% this week, after last week’s 4.4% slide. A build …

Russia concerns keeps market guessing ahead of OPEC meeting

November 28, 2017 | Commodities & Oilprice, Energy Trading & Markets, OPEC

OPEC is expected to extend its deal with Russia and other oil producers to keep 1.8 million barrels a day off the market, but what’s not clear is for how long OPEC ministers head to Vienna on Thursday to decide whether to extend output cuts beyond March next year. The prospect, however, of an alliance breakdown between the world’s two largest oil producers threatens to scupper the cartel’s plans. OPEC is expected to extend its deal with Russia and other oil producers to keep 1.8 million barrels …

Saudi Arabia says oil deal with Russia helping market, demand healthy

October 05, 2017 | Commodities & Oilprice, Eastern Europe & Russia, Energy Trading & Markets

Moscow, Russia | – World energy markets can handle supplies of U.S. shale oil next year as demand is rising and deals between Russia and Saudi Arabia have helped stabilize crude prices, Saudi Arabia said on Thursday, suggesting confidence about the outlook. Saudi Arabia and Russia, the world’s biggest producers of crude, helped secure a deal between OPEC and 10 rival suppliers to cut output until the end of March 2018 in an effort to reduce a price-sapping glut. Saudi Energy Minister Khalid al-Falih, whose …

Russia’s oil cut deal with OPEC may be extended to end of 2018 – Putin

October 05, 2017 | Commodities & Oilprice, Eastern Europe & Russia, OPEC

London, UK | – President Vladimir Putin said Russia is open to extending a deal with OPEC to curb oil supplies to the end of 2018, though he’ll wait to make a decision until nearer the expiry of the existing pact in March, Bloomberg reports. The comments are the strongest signal yet that the Kremlin is willing to redouble efforts to lift global energy prices, coming as Putin prepares to welcome King Salman Bin Abdulaziz of Saudi Arabia to Russia for the first time this week. …

OPEC’s long-sought success spoiled by 2018 oil supply worry

August 15, 2017 | Commodities & Oilprice, OPEC

London, UK | – Oil investors are already worrying over the potential fallout when OPEC’s deal to cut output expires, marring emerging signs that the accord to shrink a glut is finally succeeding. Uncertainty about how supplies curbed by OPEC and its allies will be returned to the market in 2018 is clouding the outlook for crude, according to BMI Research. Prices remain vulnerable even though demand is strong, production gains are largely exhausted in Libya and Nigeria, and U.S. shale output is slowing, the …

Nigeria to compel oil firms to lower high oil production cost

August 03, 2017 | Commodities & Oilprice, Government & Regulations, Nigeria

Abuja, Nigeria | – The Federal Government of Nigeria is set to compel international oil companies (IOCs) to cut the cost of producing oil in Nigeria. Minister of State for Petroleum Resources, Dr. Emmanuel Kachikwu, who confirmed the plan said at the present low price of crude oil, it makes economic sense to cut cost. Consequently, he stated that the cost, which the National Petroleum Policy put at $28.99 per barrel, would be reviewed downward with the IOCs in order to arrive at an acceptable …