Upstream oil businesses profit from higher rents and limited supplies
August 24, 2023 | 11:14
Given the tightening of crude supplies in the global market, the oil and gas drilling segment is in high demand, boosting the business prospects of upstream service providers.
OPEC+ to reconvene to navigate crude market volatility
March 30, 2021 | 16:41
The OPEC+ grouping of oil producers will hold its third ministerial summit of the year via videoconference Thursday to discuss output cuts in the face of fresh price volatility.
Oil prices fall more than US$1 as coronavirus spreads
March 23, 2020 | 10:52
Oil prices fell more than US$1 a barrel at the start of the trading session on Sunday (Mar 22), as more governments ordered lockdowns to curb the spread of the global coronavirus pandemic that has slashed the demand outlook for crude.
Crude import tax zeroed in November
September 20, 2019 | 10:10
The Prime Minister announced import tax on crude oil will be scrapped from the current rate of 5 per cent.
Oil under pressure from eurozone crisis
May 17, 2012 | 08:03
Oil prices back away from multi-month lows on Wednesday, but remained under intense pressure on stubborn concerns over the eurozone debt crisis and signs of weak energy demand in the United States.
Oil prices fall on eurozone and growth worries
May 09, 2012 | 08:28
Oil prices fell Tuesday on fresh worries about the eurozone debt crisis after leadership changes in France and particularly Greece underscored uncertainty about austerity and growth, analysts said.
Oil spikes on report of fall in Iran crude exports
March 24, 2012 | 08:32
World oil prices spiked higher Friday as traders seized on reports that Iranian crude exports were expected to fall significantly this month.
Oil prices tumble on weak Chinese data
March 23, 2012 | 08:41
World oil prices tumbled Thursday in reaction to weak Chinese economic data and after France said industrialised countries were considering the release of crude stockpiles, analysts said.
Ministry won't cut petrol price despite cheaper oil
August 10, 2011 | 13:41
Despite the continued decline in world crude oil prices, the domestic petrol price is likely to remain unchanged in the near future, an official from the Ministry of Finance said.
Gulf producers move to reassure over oil supplies
April 19, 2011 | 09:42
Gulf oil producers on Monday assured consumers of sufficient crude supplies to help stem rises in oil prices fuelled by sweeping unrest in the Middle East and speculations.
Brent oil price bounces above $116 on Libya violence
March 10, 2011 | 07:43
Stepped-up fighting in Libya, including the bombing of key oil infrastructure, sent London oil prices back up Wednesday, but higher US crude stockpiles pressed New York prices down slightly.
Oil up in Asia
February 15, 2011 | 09:31
Oil prices climbed in Asian trade Tuesday, bolstered by continued unrest in the Middle East and North Africa and robust Chinese demand, analysts said.
Oil pushes back above $100
February 09, 2011 | 19:57
World oil prices climbed back above $100 on Wednesday, ahead of the weekly energy report in the United States, and as protests intensified to oust Egyptian President Hosni Mubarak.
Oil price shoots above $103 on Egypt crisis
February 04, 2011 | 09:47
Brent crude rallied to a 28-month high above $103 on Thursday as the political crisis in Egypt erupted into violence, sparking fresh concern over energy supplies in the crude-rich Middle East.
Oil rebounds in Asian trade on surprise inventory falls
November 18, 2010 | 09:50
Oil prices rebounded in Asian trade on Thursday on reports of falling crude inventories in the US, after plunging more than seven dollars during the week, analysts said.
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