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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 »

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 »

Inflation likely to remain elevated in 2021: BSP

Warren De Guzman, ABS-CBN News
Posted at Aug 13 04:24 PM

Inflation may remain elevated in the short term before settling within the government target of 2 to 4 percent, Bangko Sentral ng Pilipinas Governor Benjamin Diokno said Friday. Read more »

Top oil producers agree on modest output boost from August

Julia Zappei, Agence France-Presse
Posted at Jul 19 09:02 AM

The world's leading oil producers agreed on Sunday to continue to modestly boost output from August reaching a compromise after the United Arab Emirates blocked a deal earlier this month. Read more »

WTI oil price hits 2014 peak after OPEC+ talks fail

Agence France-Presse
Posted at Jul 06 07:21 PM

New York oil struck a 2014 pinnacle near $77 per barrel Tuesday after OPEC+ crude producers failed to agree on lifting output despite soaring demand. Read more »

Oil demand set to exceed pre-pandemic levels in 2022: IEA

Richard Lein, Agence France-Presse
Posted at Jun 11 05:20 PM

Oil demand is set to rise above pre-pandemic levels by the end of next year, the IEA said Friday, but producers have sufficient capacity to rise to the challenge. Read more »

Oil falls as India's COVID-19 surge dents demand outlook

Reuters
Posted at Apr 26 08:15 PM

Oil prices fell $1 on Monday on fears that surging COVID-19 cases in India will dent fuel demand in the world's third-biggest oil importer, while an expected supply increase from OPEC+ also added to pressure. Read more »

OPEC+ expected to stay cautious in face of market jitters

Agence France-Presse
Posted at Apr 01 12:17 PM

Oil producing countries grouped together under the OPEC+ alliance led by Saudi Arabia and Russia are expected to agree an extension to their current output cuts at a meeting on Thursday.   Read more »

Brent crude oil price surges above $70 a barrel

Agence France-Presse
Posted at Mar 08 04:27 PM

Brent crude oil surged more than two percent Monday following a missile attack on facilities owned by energy giant Aramco in Saudi Arabia, and on optimism about the demand outlook as the global economy recovers. Read more »

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 »