Nasdaq MOSCOW – Russian President Vladimir Putin has ordered the government to provide state funds to ensure a smooth heating season, including the introduction of regulated prices for fuel oil supplied for household heating in some regions, the Kremlin said on Thursday. Russia has been tackling shortages and high fuel prices in recent month. Fuel oil is in high demand
Nasdaq NEW DELHI – Record high imports of crude oil from Russia in fiscal 2022-23 helped India’s refiners boost exports of diesel and jet fuel to Europe as the continent shunned Russian products, preliminary ship-tracking data from Kpler and Vortexa showed. Access to cheap Russian crude has boosted output and profits at Indian refineries, enabling them to export refined products
Nasdaq Oil prices climbed on Monday as the borders reopened in China, the world’s top crude importer, boosting the outlook for fuel demand growth and offsetting global recession concerns. Brent crude futures LCOc1rose 90 cents, or 1.2%, to $79.47 a barrel at 0520 GMT, while U.S. West Texas Intermediate crude CLc1 was up 90 cents, or 1.2%, at $74.67. Hopes for less-aggressive U.S. interest rate rises are buoying financial
Reuters BEIJING – China’s national offshore oil and gas producer CNOOC Ltd reported a 59% plunge in 2020 profit, hitting the lowest since 2017, as the coronavirus pandemic whacked energy prices and hammered fuel consumption. The listed branch of China National Offshore Oil Corp reported a net profit of 24.96 billion yuan ($3.82 billion), down from 61.05 billion yuan in
Reuters LONDON -Oil rose on Tuesday as the United States moved towards expanding pandemic aid payments, potentially spurring fuel demand and stimulating economic growth, which pushed investors to take on more risk. Brent crude was up 53 cents, or 1%, at $51.39 a barrel by 1440 GMT, while U.S. West Texas Intermediate (WTI) crude futures added 52 cents, or 1.1%,
Reuters LONDON/NEW YORK/SINGAPORE – Renewed restrictions in Europe and the United States to combat the coronavirus have slowed the pace of fuel demand recovery, offsetting a rebound in Asian economies where consumption has almost returned to pre-COVID levels. As the second wave of the virus hit many Western countries, governments imposed new lockdowns, closing restaurants and bars and banning gatherings.
Reuters LONDON – Oil prices rose on Tuesday as analysts took the view that renewed lockdown restrictions would have only a limited impact on fuel demand, partly reversing a steep drop in prices the previous day. Brent crude LCOc1 was up 62 cents, or 1.5%, at $42.06 per barrel at 1343 GMT. U.S. West Texas Intermediate (WTI) crude CLc1 for October, due to expire
Reuters LONDON – Tens of millions of barrels of crude and oil products stored on tankers at sea due to the coronavirus crisis are being sold, in a sign fuel demand is recovering as lockdowns ease, shipping sources say. Fuel demand tumbled as much 30% from March to May, with some surplus stored at sea as land storage filled up.
Reuters LONDON/NEW YORK – Fuel demand is gradually recovering as coronavirus lockdown measures ease around the globe but a second wave of infections could swiftly undermine the trend, industry data showed. Road traffic in some of the world’s major cities in June had returned to 2019 levels, data provided to Reuters by location technology company TomTom showed. But a resurgence
CNBC Oil prices reversed course and turned positive on Thursday, despite a record high U.S. crude inventories and worries that a rapid resurgence in Covid-19 cases could choke a revival in fuel demand. U.S. West Texas Intermediate (WTI) crude futures gained 28 cents, or 0.7%, to trade at $38.29 per barrel on Thursday, after dropping $2.36 on Wednesday. Brent crude
Reuters LONDON – Brent oil rose to above $42 a barrel on Friday, adding to gains in the previous session, after OPEC producers and allies promised to meet supply cuts and on signs of demand, hit by the coronavirus crisis, recovering. Iraq and Kazakhstan, during a meeting of an OPEC+ panel on Thursday, pledged to comply better with oil cuts,
Reuters NEW YORK – U.S. shale producers, refiners and pipeline companies are scrambling for cash and face likely restructuring as they struggle under heavy debt loads and a dual supply/demand shock in the worst crisis the oil industry has faced. Fuel demand has tumbled roughly 30% worldwide due to the coronavirus pandemic, and just as the health crisis worsened a
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