News Articles on {?keyword?} | ABS-CBN News

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 »

Oil crash piles pressure on virus-hit Saudi economy

Anuj Chopra, Agence France-Presse
Posted at Mar 18 01:53 PM

Huge losses are expected after the Arab world's biggest economy shut down cinemas, malls and restaurants, halted flights, suspended the year-round umrah pilgrimage and locked down eastern Qatif region -- home to around 500,000 -- in a bid to contain the deadly virus. Read more »

Saudi to hike April crude supply to 12.3 million bpd -Aramco CEO

Reuters
Posted at Mar 10 05:54 PM

Saudi Aramco will raise its crude supply, which includes oil to its customers inside the kingdom and abroad, to 12.3 million barrels per day (bpd) in April, CEO Amin Nasser said on Tuesday. Read more »

Oil crashes after Saudi Arabia launches price war

Agence France-Presse
Updated as of Mar 09 10:32 AM

The two main contracts were both down about 20 percent in morning Asian trade, with West Texas Intermediate sliding to around $32 a barrel and Brent crude to some $36 a barrel. Read more »

OPEC divided on how to combat coronavirus fallout

Benoît Pelegrin, Agence France-Presse
Posted at Mar 05 09:14 PM

Ministers from the OPEC group of oil-producing countries started meeting in Vienna Thursday to try to overcome their divisions on how to react to the fall in oil prices in the wake of the novel coronavirus epidemic. Read more »

OPEC divided on how to combat coronavirus fallout

Benoît Pelegrin, Agence France-Presse
Posted at Mar 05 11:30 AM

The group already had to contend with abundant supply on global markets weighing on prices but the spread of COVID-19 across the world has sent them plunging.   Read more »

Oil, equities hit by fears over economic impact of deadly virus

Agence France-Presse
Posted at Jan 27 12:40 PM

The economic shock to China and the world -- just as a growth slowdown appeared to be easing -- could be massive, according to one analyst. Read more »

Oil prices surge after US strike kills Iranian general

Agence France-Presse
Updated as of Jan 03 12:11 PM

The head of Iran's Quds Force, Qasem Soleimani, was hit in an attack on Baghdad international airport early Friday, according to Hased, a powerful Iraqi paramilitary force linked to Tehran. Read more »