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IEA sees 'more comfortable' year for oil market in 2022

Agence France-Presse
Posted at Dec 14 06:31 PM

The Omicron variant will slow the recovery in global demand for oil but the market will be "more comfortable" in 2022, the International Energy Agency said. Read more »

OPEC+ meets under pressure from Biden and Omicron

Agence France-Presse
Updated as of Nov 30 01:28 PM

OPEC+ oil producers meet Thursday under pressure from US President Joe Biden, and a new Covid-19 variant that has complicated the equation. Read more »

OPEC postponses technical meetings to evaluate Omicron impact

Ahmad Ghaddar and Alex Lawler, Reuters
Posted at Nov 29 08:59 AM

OPEC and its allies have postponed technical meetings to later this week, giving themselves more time to assess the impact of the new Omicron coronavirus variant on oil demand and prices, according to OPEC+ sources and documents. Read more »

US leads other nations in releasing oil reserves vs OPEC

Timothy Gardner, Reuters
Posted at Nov 24 09:43 PM

The US will release millions of barrels of oil from strategic reserves in coordination with China, India, South Korea, Japan and Britain, to try to cool prices. Read more »

US to release oil from reserves amid high prices

Timothy Gardner, Reuters
Posted at Nov 23 09:11 PM

The US said on Tuesday it would release 50 million barrels of oil from strategic reserves in a coordinated move with China, India, South Korea, Japan and Britain. Read more »

Japan working on release of oil reserves - sources

Ritsuko Shimizu, Yoshifumi Takemoto and Aaron Sheldrick, Reuters
Posted at Nov 22 03:53 PM

Japanese officials are working on ways to get around restrictions on releasing national reserves of crude oil in tandem with other major economies. Read more »

Oil price rally set to ease off as supply rebounds, IEA says

ABS-CBN News
Posted at Nov 16 05:41 PM

An oil market rally may ease off as prices that hit a three-year high last month help push up global production, particularly in the United States, the IEA said. Read more »

Petron posts P4.99-billion net income in Jan-Sept

ABS-CBN News
Updated as of Nov 09 10:24 PM

Petron posted a net income of P4.99 billion in the January to September period, reversing the P12.6 billion net loss it incurred in the same period last year. Read more »

Poe files bill seeking to suspend excise tax on fuel

Sherrie Ann Torres, ABS-CBN News
Posted at Nov 08 07:57 PM

Sen. Grace Poe will try congressional intervention by filing a bill seeking to impose “automatic suspension” of government’s excise tax collection. Read more »

Saudi Aramco Q3 profits soar 158 percent

Agence France Presse
Posted at Oct 31 03:44 PM

Saudi Aramco's earnings rose 158 percent year-on-year in the third quarter on higher oil prices and volumes sold as the global economy recovered, it said on Sunday. Read more »

Gov't should cushion oil price hike impact— group

ABS-CBN News
Updated as of Oct 26 11:37 AM

The government should accelerate measures to cushion the impact of rising oil prices on consumers, a Laban Konsyumer officer said Tuesday. Read more »

Energy dept seeks power to suspend fuel excise tax as prices soar

ABS-CBN News
Updated as of Oct 20 10:58 AM

Energy Secretary Alfonso Cusi urged lawmakers to give his department the authority to suspend excise tax on fuel as oil prices continue to rise. Read more »

Chinese and HK shares fall as China Q3 GDP misses estimates

Alun John, Reuters
Posted at Oct 18 12:20 PM

Mainland Chinese and Hong Kong equity markets fell on Monday after data showed China's economy grew more slowly than expected in the third quarter, weighing on regional stocks, although losses were capped by hopes of support from policymakers. Read more »

OPEC+ caution and money behind reluctance to pump more oil

Alex Lawler, Ahmad Ghaddar and Olesya Astakhova
Posted at Oct 07 03:39 PM

After seeing their income slide during the pandemic, OPEC+ are enjoying the boost in revenues. Read more »

DOE tells oil firms to ensure inventory amid price hikes

ABS-CBN News
Posted at Oct 05 04:03 PM

The Department of Energy on Tuesday ordered oil companies to ensure they have enough inventory as world crude prices continue to rise. Read more »

Stagflation fears keep equity markets in a somber mood

Sujata Rao, Reuters
Posted at Oct 04 08:42 PM

World stocks were on the back foot on Monday and the dollar stayed close to one-year highs on concerns that higher inflation, supply shortages and China's property sector woes would put global economic recovery at risk. Read more »

OPEC meets on output increase as oil prices rally

Reuters
Posted at Oct 03 09:19 PM

OPEC and its allies meet on Monday to debate how much oil to release into the red hot market as oil trades above $80 per barrel. Read more »

$80 oil sparks mixed fortunes for world economy

Benoît Pelegrin, Agence France-Presse
Posted at Sep 29 06:44 PM

Oil prices jumped above $80 this week for the first time in almost three years, handing a major boost to producers but fuelling more inflationary pain for consumers. Read more »

Brent crude price jumps above $80 a barrel

Agence France-Presse
Posted at Sep 28 01:18 PM

The price of Brent crude oil jumped Tuesday above $80 for the first time in almost three years on expectations for surging demand and concerns about supplies as the world slowly emerges from the pandemic crisis. Read more »

Oil surges to 3-year peak, Asia shares swing higher

Reuters
Posted at Sep 27 01:00 PM

Oil stormed past its July peaks on Monday as global output disruptions forced energy companies to pull large amounts of crude out of inventories. Read more »