Tag: Crude oil

Saudi Arabia defers to renew pact to supply oil to Pakistan on deferred payments
26Aug By Michael SmithNo Comments
USA

Saudi Arabia defers to renew pact to supply oil to Pakistan on deferred payments

Saudi Arabia is yet to renew an agreement worth $3.2 billion with Pakistan that allows oil supplies on deferred payments after that pact expired two months back and decision about its renewal remains pending with Riyadh.According to media reports, the $3.2 billion Saudi oil facility was part of the $6.2-billion Saudi Arabian package announced in November 2018 to ease Pakistan’s external sector woes.“Pakistan has already prematurely returned $1 billion Saudi loan - four months ahead of its repayment period. Pakistan could also return $2 billion remaining Saudi cash loan, subject to availability of similar facility from China. The agreement over $3 billion cash support and $3.2 billion oil facility per annum had the provision of renewal for two more years…Saudi Arabia has not provided the oi...
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[Market] Oil prices falls on U.S.-China tensions over Hong Kong
20Jun By Team FPNo Comments
Asia, Market

[Market] Oil prices falls on U.S.-China tensions over Hong Kong

Soon after U.S President Donald Trump said he was working on a strong response to China’s proposed security law in Hong Kong, oil prices took a drastic downturn on Wednesday.Brent crude fell 47 cents, or 1.3%, to $35.70 a barrel by 1106 GMT and U.S. West Texas Intermediate (WTI) crude was down 32 cents, or almost 1%, at $34.03. “As much as oil fundamentals are improving, there are still several flies in the bullish ointment. They include the latest uptick in U.S.-China tensions,” said Stephen Brennock of oil broker PVM.“The threat of a fresh U.S.-China trade war is no longer just a tail risk and could spell disaster for risk assets,” he added.Gloomy forecasts over the economic impact of the pandemic also weighed on crude prices.The euro zone economy is likely to shrink between 8% and 12% t...
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Iraq confirms full compliance with OPEC crude oil production cuts
7Jun By Joe RodriguezNo Comments
China

Iraq confirms full compliance with OPEC crude oil production cuts

The Iraqi Ministry of Oil on Saturday reconfirmed its full commitment to the Organisation of Petroleum Exporting Countries (OPEC) crude oil production cuts, saying that all member states should stand unified to revive the oil market.“Iraq reconfirms its full adherence to the agreement out of a firm belief that all member states of the Organisation of Petroleum Exporting Countries (OPEC) and other oil producers should yield to a unified stance in order to revive the oil market, through finding effective solutions to restore its stability and balance,” Oil Ministry Spokesman Assem Jihad said.“Iraq believes in working with a spirit of solidarity with other oil-producing countries in order to restore stability and balance to global oil markets,” he added.Jihad further expressed that Iraq never...
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Oil prices falls on U.S.-China tensions over Hong Kong
27May By Mike TrudellNo Comments
Asia, China, Market

Oil prices falls on U.S.-China tensions over Hong Kong

Soon after U.S President Donald Trump said he was working on a strong response to China’s proposed security law in Hong Kong, oil prices took a drastic downturn on Wednesday.Brent crude fell 47 cents, or 1.3%, to $35.70 a barrel by 1106 GMT and U.S. West Texas Intermediate (WTI) crude was down 32 cents, or almost 1%, at $34.03. “As much as oil fundamentals are improving, there are still several flies in the bullish ointment. They include the latest uptick in U.S.-China tensions,” said Stephen Brennock of oil broker PVM.“The threat of a fresh U.S.-China trade war is no longer just a tail risk and could spell disaster for risk assets,” he added.Gloomy forecasts over the economic impact of the pandemic also weighed on crude prices.The euro zone economy is likely to shrink between 8% and 12% t...
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22May By Team FPNo Comments
China

Coronavirus outbreak: Oil prices drop as China abandons target for 2020 GDP

Oil prices fell 5% on Friday after China failed to set an economic growth target for 2020, sparking concerns that the coronavirus pandemic will continue to depress fuel demand in the world's second-largest oil user.Brent crude dropped US$1.56, or 4.3%, to US$34.50 a barrel by 0323 GMT, after gaining nearly 1% on Thursday.West Texas Intermediate (WTI) crude declined by US$1.79, or 5.3%, to US$32.13 a barrel, having gained more than 1% in the last session.In a week-long meeting kicked-off by China's National People's Congress (NPC) on Friday, the government said it omitted the 2020 target, while pledging to issue 1 trillion yuan (US$140 billion) of special treasury bonds to support companies and regions hit by the pandemic.Abandoning the growth target "could be interpreted as putting less fo...
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