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[ad_1] NEW YORK: Oil prices rose about 1% to a nine-month high on Friday on rising US diesel futures and worries about tight oil supplies after Saudi Arabia and Russia extended voluntary cuts this week. Brent futures rose 76 cents, or 0.9%, to $90.68 a barrel by 1608 GMT. US West Texas Intermediate (WTI) crude rose 67 cents, or 0.8%, to $87.54. Both crude benchmarks remained technically overbought for a sixth day in a row, with Brent on track for its highest close since November 16 and WTI since November 11. For the week, both benchmarks were up about 3% after Brent gained about 5% last week and WTI gained about 7% last week. Also read Of rising oil prices and the devaluing rupee This week, Saudi Arabia and Russia extended their voluntary supply cuts of a combined 1.3 million barrels per day (bpd) to the end of the year. Saudi Arabia will probably find it difficult to end its cuts at the end of the year without triggering a price slide, Commerzbank analysts said in a not

[ad_1] HONG KONG: Oil prices soared almost six per cent in Asian trade Monday morning after major producers led by Saudi Arabia announced a surprise cut of more than one million barrels per day. The West Texas Intermediate contract jumped 5.74 per cent to $80.01 a barrel, while Brent jumped 5.67 percent to $84.42. [ad_2] Source link https://worldnews2023.com/business/oil-prices-soar-almost-6-after-opec-output-cut-times-of-india/?feed_id=308279&_unique_id=668006a4c7306

[ad_1] WINNIPEG: Canadian oil and gas producers will drill 8% more wells in 2024 to take advantage of greater access to pipelines, with the Trans Mountain oil pipeline expansion due to open, an industry group said in an annual forecast on Friday. Conventional oil production accounts for a small portion - 14% on average this year - of Canada's overall crude output, which comes mainly from oil sands. Canada is the world's fourth-largest oil producer. Producers will drill 6,229 wells next year, up 481 from 2023, the Canadian Association of Energy Contractors predicted. Most of the increased drilling will likely happen in the second half of 2024, as the industry rebounds from a softer market in the recent third quarter, the association said. The Trans Mountain expansion is scheduled to start shipping crude late in the first quarter of 2024, while the Coastal GasLink is approaching mechanical completion. Capital discipline by producers is likely to cap growth in drilling, th

[ad_1] LAUNCESTON: Asia's crude imports lifted to a record high in July as the top-importing region's two biggest buyers, China and India, continued to take large volumes of discounted Russian oil . A total of 27.92 million barrels per day (bpd) arrived in Asia in July, according to data compiled by Refinitiv Oil Research , eclipsing May's previous record high of 27.35 million bpd and higher than June's 27.53 million bpd. Much of the strength in Asia's imports can be put down to China, with Refinitiv estimating the world's biggest crude buyer saw arrivals of 12.04 million bpd in July, the third consecutive month that imports have been above 12 million bpd. Russia remained the top supplier to China, with pipeline and seaborne arrivals of 2.04 million bpd in July, which was down from June's 2.56 million bpd. However, it was still enough to exceed imports from Saudi Arabia, which Refinitiv estimated at 1.82 million bpd in July, down from 1.94 million bpd

[ad_1] SINGAPORE: Saudi Aramco raised its multi-billion-dollar investment in China by finalising and upgrading a planned joint venture in northeast China and acquiring an expanded stake in a privately controlled petrochemical group. The two deals, announced separately on Sunday and Monday, will see Aramco supplying the two Chinese companies with a combined 690,000 barrels a day of crude oil, bolstering its rank as China’s top provider of the commodity. Aramco said on Monday it had agreed to acquire a 10% stake in privately controlled Rongsheng Petrochemical Co Ltd for about $3.6 billion. The deal includes the supply of 480,000 bpd of crude oil to Rongsheng-controlled Zhejiang Petrochemical Corp (ZPC) for 20 years, Aramco added. It follows a preliminary agreement Aramco reached with the Zhejiang provincial government in 2018 for a 9% stake in ZPC. The deals are the biggest to be announced since Chinese President Xi Jinping visited the kingdom in December where he called for o

[ad_1] ISLAMABAD: The Saudi Fund for Development (SFD) will finance Pakistan's oil derivatives worth $1 billion, the Economic Affairs Division said on Thursday. The fund's chief executive, Sultan Abdulrahman Al-Marshad, signed an agreement pledging the financing with Economic Affairs Secretary Dr Kazem Niaz, the division said on Twitter. SFD CEO Al-Marshed said the agreement emphasised the Kingdom of Saudi Arabia's commitment to continue supporting the brotherly Islamic Republic of Pakistan. The agreement also reflected the interest of "our leaders in supporting the government of Pakistan to navigate economic challenges and build a sustainable economy", he added. "I am pleased to convey to you the greetings and wishes of the government of Saudi Arabia for continuous progress, growth, and prosperity in Pakistan." [ad_2] Source link https://worldnews2023.com/business/saudi-fund-to-finance-1b-pak-oil-derivatives-the-express-tribune/?fee

[ad_1] Tehran: Iranian Oil Minister Javad Owji has said the country`s crude exports have reached the highest level since the reimposition of US sanctions in 2018, state media reported. Owji on Sunday added that Iran`s crude exports have increased by 83 million barrel from the beginning of the current Iranian calendar year, which started on March 21, 2022, to February 19, 2023, compared to the same period in 2021-2022, reported the official news agency IRNA. It also showed a 190-million-barrel increase from the same time span in 2020-2021, he said, without revealing the exact number of Iran`s total crude exports, Xinhua news agency reported. The Iranian oil Minister claimed that the country`s gas exports have witnessed a year-on-year rise of 15 per cent in the current Iranian calendar year, noting that Iran has raked in $6.5 billion from its liquefied petroleum gas exports since March 2022. In May 2018, the US intensified its sanctions on Iran, mainly targeting the count

[ad_1] KARACHI: Pakistan Refinery Limited (PRL), which is controlled by state-owned Pakistan State Oil (PSO), and a leading smartphone distributor have jointly expressed the intension to acquire Shell Pakistan with management control, according to a bourse filing on Monday. The lead to the offer, Next Capital, said in a public announcement at the Pakistan Stock Exchange (PSX) that PRL and Air Link Communication had collectively expressed the intention to acquire 77.42% shares and control of Dutch oil marketing company Shell Pakistan. The acquisition proposal is, however, against the intension of the Dutch firm, which has put itself on sale. Earlier, it announced that it would welcome acquisition proposals from foreign firms apparently in a bid to avoid hurdles in the way of dispatching sales proceeds to its headquarters. Over the past one year, the foreign businesses operating in Pakistan have largely been unable to send earnings to their headquarters abroad owing to Pakista