Oil Prices

Oil Prices Fall on Further Rise in U.S. Drilling, Signs of Slowing Demand

Oil prices fell early on Monday, weighed down by high supplies despite an OPEC-led initiative to cut production to tighten…

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Russian energy minister expects oil market to stabilize by mid-year

Oil market will stabilize by the middle of 2017 when world’s oil balances in storages will reach the 5-year average…

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Russia to slash oil export duties in 2017 if prices fail to recover

Russia’s Finance Ministry will move ahead with plans to cut oil export duties in 2017 if there is no significant…

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Sinopec plans to increase local gas capacity by two-third

China Petroleum & Chemical Corporation (Sinopec) is looking to increase its domestic natural gas production capacity by about two-thirds by…

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Kuwait Petroleum exploring US$630M cost-cutting plan due to low oil prices

Prompted by the persistent slump in oil prices, Kuwait Petroleum Corp. is exploring cost-cutting measures, including layoffs and compensation cuts,…

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News in brief: March 23, 2016

* Competition to set up a regional benchmark price for LNG in Asia is heating up, as CME Group jumped…

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PetroChina net profit plunges 66.9% on impairment provision

State-run PetroChina Co. Ltd. said its net profit for 2015 tumbled almost 67% given a 25 billion yuan assets impairment…

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Study: India to become new center of non-OPEC oil demand growth

India is on track to replace China as the center of the world’s non-OPEC oil demand growth as the South…

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Iran not interested in Oil production cut

Iran would not be part of a deal to freeze oil production which is expected to be signed in April,…

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Malaysia’s Petronas to shed 1000 jobs in company-wide shakeup

Malaysia’s Petroliam Nasional Bhd, or Petronas, is pursuing a group-wide reorganization, including key management changes as well as plans to…

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