Palm oil prices fall on increasing June stocks
Malaysian palm futures dropped on Thursday, ending three sessions of gains. Inventory in the second largest palm oil exporter in the world rose to an unprecedented 18-month-high. At closing, the benchmark palm oil contract on…
As Wars Rage, Middle East's Waning Influence on World Oil Prices Exposed
The contained move in oil prices during the Israel-Iran war highlights the increasing efficiency of energy markets and fundamental changes to global crude supply, suggesting that Middle East politics will no longer be the dominant…
Saudi Arabia is prepared for multiple scenarios of oil prices, says the economy minister
Saudi Arabia's Economy Minister said that the Kingdom is prepared for all possible scenarios in terms of oil prices and budgets. According to the International Monetary Fund (IMF) and economists, Riyadh requires oil prices above $90 per barrel in order to balance its budget.
Aramco's executive claims that oil demand may increase if the tariff dispute is resolved
Aramco, the Saudi oil giant and a cash cow of the kingdom for many years, is expecting oil demand to be resilient this year. It also expects further upsides if the U.S.-China trade dispute is successfully resolved. Washington…
Aramco's executive claims that oil demand may increase if the tariff dispute is resolved
Aramco, the Saudi oil giant and a cash cow of the kingdom for many years, is expecting oil demand to be resilient this year. It also expects further upsides if the U.S.-China trade dispute is successfully resolved. Washington…
Saudi Arabia's GDP will grow by 1.3% between 2024 and 2024
Preliminary government data released on Sunday showed that Saudi Arabia's economy will grow by 1.3% in 2024. This growth is due to increased non-oil activities and government initiatives. Data released by the General Authority…
Africa Oil Corp. bullish on Nigerian growth and Namibia long-term game
A senior executive at the company said that Canada's Africa Oil Corporation would double its Nigerian production and its reserves once it completed its deal to acquire Prime Oil on Tuesday. Africa Oil will acquire the entire…
The US sanctions against Russia have caused a spike in global diesel prices
Analysts and LSEG data indicate that global diesel prices and refinery margins increased following the latest round U.S. sanctions against Russia's oil market on the expectation of tightening supplies. On Jan. 10, the United…
VLCC Rates Spike as US Sanctions Bite
Supertanker freight rates jumped after the U.S. expanded sanctions on Russia's oil industry, sending traders rushing to book vessels to ship supply from other countries to China and India, shipbrokers and traders said.Chinese…
Guyana exports 225 crude cargoes by 2024
Guyana will export 225 cargoes in crude oil by 2024, said its energy minister on Tuesday. A consortium led the U.S. giant Exxon Mobil has been ramping up its production and updating its facilities. Last year, Latin America's…
Indonesia suspects that virgin palm oil is mixed with used cooking oils exported by Indonesia
Indonesia announced on Thursday that its exports of used palm oil and cooking oil residues in recent years exceeded production capacity. This indicated crude palm oil had been mixed into the oil, prompting Indonesia to issue a regulation this week limiting shipments.
US Storm, Weaker Dollar Push Oil to 12-week High
Oil prices edged up to a 12-week high on Monday as a winter storm boosted demand for energy to heat U.S. homes and businesses, and on support from a weaker U.S. dollar and expectations of tighter sanctions on Iranian and Russian oil exports.Brent futures rose 27 cents…
Indonesian companies have one-and-a half months to introduce the new B40 biodiesel blend
Yuliot Tajung, deputy minister of energy and mineral resources in Indonesia, told reporters Friday that Indonesian companies would have a transition period of one and a half months to meet the B40 biodiesel requirements. The industry is still waiting on technical regulations.
Palm prices rise on lower-than-expected end-Nov stock forecasts
Malaysian palm futures rose on Thursday due to lower estimated November stocks. The country is the second largest palm oil exporter in the world. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange…
Cargill estimates that China's palm oil demand in 2024 will drop 30% year-on-year.
A Cargill executive said that the demand for palm products in China will drop by 30% between 2024 and 2019. This is because high prices have made it less appealing than soyoil, while vegetable oil demand stagnates. The benchmark…
Nigeria approves Exxon Seplat after two years
Nigeria has approved the sale to Seplat Energy of Exxon Mobil Corp.'s onshore assets, said the chief executive of the country's Upstream regulator on Monday. This comes more than two years since the original $1.28 billion agreement.Since it was announced in February 20…
Brazil's mega dams were supposed to lead the way for a greener future. Climate change came next
The drought has exacerbated the problem of underperformance. When he first came to power in the early 2000s, Brazil's President Luiz inacio Lula da silva bet his green future on "run-of river" megadams - whose turbines move by…
Indonesian palm oil stocks in July at a 5-year low amid increased biodiesel production and higher demand
Data from a leading industry group showed that Indonesian palm oil inventories fell 10.82% from the previous month to a 5-year low of 2,51 million metric tons as demand for biodiesel grew and production decreased, according to data released on Wednesday.
Putin wants BRICS to play a greater role in the global energy dialogue
On Wednesday, President Vladimir Putin called for a greater role for the BRICS group on global energy markets. Russia is looking for ways to counter Western influences. The Energy Week International Forum will be held in Russia this week.
Palm oil gains for the third consecutive session and logs a weekly gain
The price of palm oil in Malaysia rose for the third consecutive session on Friday, and also logged a gain over the week, thanks to the strength of rival Dalian contracts. However, lower crude oil prices and concerns about demand capped this rise.
