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OPEC+ maintains caution on output despite market recovery

Benoît Pelegrin, Agence France-Presse
Updated as of Mar 05 09:05 AM

The OPEC group of oil producers and its allies decided after talks on Thursday to allow only a slight rise in crude output despite a recovery in prices, amounting to less than a third of the output boost market observers had predicted. Read more »

Inflation likely within 4.3 to 5.1 percent in February: Bangko Sentral

ABS-CBN News
Posted at Feb 26 05:36 PM

Inflation could settle between 4.3 percent to 5.1 percent range in February, Bangko Sentral ng Pilipinas Governor Benjamin Diokno said Friday. Read more »

Oil hovers near 13-month highs as storm hits US output, Fed assures rates staying low

Julia Payne, Reuters
Posted at Feb 25 07:32 PM

Oil prices extended gains for a fourth session on Thursday to reach the highest levels in more than 13 months, underpinned by an assurance that US interest rates will stay low, and a sharp drop in US crude output last week due to the storm in Texas. Read more »

Oil prices rise to highest in a year on US growth optimism, crude supply restraint

Roslan Khasawneh, Reuters
Posted at Feb 05 03:27 PM

Oil prices climbed on Friday to their highest levels in a year, extending a run of strong gains on signs of economic growth in the United States and a continued commitment by producers to hold back crude supply. Read more »

Oil prices edge lower as COVID-19 lockdowns overshadow demand prospects

Florence Tan, Reuters
Posted at Jan 25 04:12 PM

Oil prices slipped for a second straight session on Monday as renewed COVID-19 lockdowns raised fresh concerns about global fuel demand.  Read more »

Oil prices slide in lockdown-driven rout, stocks slip

Roland Jackson, Agence France-Presse
Posted at Oct 29 09:49 PM

Oil prices dived on Thursday on demand fears as more nations go into lockdown to staunch the spread of the coronavirus, while European stock prices slid as investors awaited a eurozone interest rate call and absorbed a barrage of corporate results.   Read more »

Oil industry placing risky bet on plastics: report

Kelly Macnamara, Agence France-Presse
Posted at Sep 04 09:11 AM

Big oil producers are pinning their future growth on the world's insatiable appetite for plastic, researchers said Friday, in a "bet" on society's failure to tackle disposable consumption that risks stranding billions of dollars in petrochemical investments. Read more »

Saudi Aramco profits dive 73 percent as virus batters oil demand

Anuj Chopra with Omar Hassan in Dubai, Agence France-Presse
Posted at Aug 09 10:14 PM

Energy giant Saudi Aramco said on Sunday its second-quarter profits plunged a massive 73 percent due to sharply lower oil prices as the coronavirus crisis undercuts global demand.  Read more »

OPEC throttles output in May

Agence France-Presse
Posted at Jun 17 10:36 PM

Major oil producers sharply cut back output in May, data showed on Wednesday, as part of a concerted effort to prop up prices that have fallen dramatically in the wake of the global coronavirus pandemic. Read more »

Saudi, Russia reach deal on oil cuts, raising pressure for compliance

Rania El Gamal, Olesya Astakhova and Alex Lawler, Reuters
Posted at Jun 03 09:22 PM

Rather than easing output cuts in July, OPEC and its allies, a group known as OPEC+, were discussing keeping those cuts beyond June. Read more »

Oil and European shares rise as lockdowns ease, gold jumps

Elizabeth Howcroft, Reuters
Posted at May 18 07:50 PM

European stock markets rose on Monday and oil prices climbed to their highest in as much as two months as a loosening of coronavirus shutdowns boosted market sentiment, even though the deadly outbreak has yet to be fully contained.   Read more »

Saudi to cut oil output by another 1 million barrels a day

Reuters
Posted at May 11 09:46 PM

Saudi Arabia said Monday it had asked oil giant Aramco to cut an additional one million barrels per day from June, to support prices that have crashed during the coronavirus crisis.   Read more »

Duterte hikes tariffs on imported oil, refined petroleum to fortify COVID-19 response

Arianne Merez, ABS-CBN News
Updated as of May 04 06:47 PM

President Rodrigo Duterte hiked tariffs on crude oil and refined petroleum products by 10 percent to help fund the government's response to the coronavirus pandemic. Read more »

Crude crash brings down Singapore oil tycoon

Martin Abbugao, Agence France-Presse
Posted at May 01 02:56 PM

Singapore tycoon O.K. Lim built up his oil empire from a single-truck outfit through hard work and high-risk gambles, a rags-to-riches tale that made him a legend among crude traders. Read more »

Oil plunges again as virus ravages energy markets

Agence France-Presse
Posted at Apr 22 02:19 PM

Brent dropped 12.31 percent to $16.98 a barrel, extending heavy losses from a day earlier.  Read more »

What the negative price of oil is telling us

Neil Irwin, The New York Times
Posted at Apr 21 11:10 PM

The coronavirus pandemic has caused a series of mind-bending distortions across world financial markets, but Monday featured the most bizarre one yet: The benchmark price for crude oil in the United States fell to negative $37.63.   Read more »

Philippines to gain from world oil price plunge: NEDA chief Chua

ABS-CBN News
Posted at Apr 21 05:10 PM

The country "will not suffer" from crashing prices of oil since it doens't export the commodity, Chua said in his first briefing as the National Economic Development Authority (NEDA) chief.   Read more »

US oil bounces after crash but Asia stocks suffer big losses

Agence France-Presse
Posted at Apr 21 11:45 AM

US crude prices bounced back into positive territory Tuesday, a day after crashing below $0.00 for the first time owing to crippled demand and a storage glut, while the commodity rout sent Asian equities sharply lower. Read more »

US oil futures plunge below $0 as COVID-19 forces supply glut

Stephanie Kelly, Reuters
Updated as of Apr 21 08:25 AM

NEW YORK - US crude oil futures collapsed below $0 on Monday for the first time in history, amid a coronavirus-induced supply glut, ending the day at a stunning minus $37.63 a barrel as desperate traders paid to get rid of oil.   Read more »

Oil storage buckles as virus saps demand

Benoît Pelegrin, Agence France-Presse
Posted at Mar 27 01:04 PM

Global oil storage capacity is under intense pressure because of booming output from Saudi Arabia and the United States while the coronavirus outbreak slams the world economy and crude demand. Read more »