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Big time oil price hike set on Tuesday June 7

ABS-CBN News
Updated as of Jun 06 03:16 PM

Another big time oil price hike looms, as Western nations imposed more sanctions on Russia over its invasion of Ukraine, and demand for fuel increased. Read more »

Bigger oil price hikes seen if Ukraine crisis persists

ABS-CBN News
Posted at Apr 05 09:57 AM

There could be bigger oil price hikes if the ongoing conflict between Russia and Ukraine drags on, an economist said Tuesday. Read more »

Asian markets mixed as strong US jobs data boosts rate hike bets

Agence France-Presse
Posted at Apr 04 02:28 PM

Asian markets were mixed Monday as another strong jobs report provided some reassurance that the recovery in the US economy remained on track. Read more »

WTI crude dives below $100 on China demand concern

Agence France-Presse
Posted at Mar 15 11:27 AM

WTI crude dived more than five percent Tuesday to fall back below $100 a barrel as concerns about a possible slowdown in China's economy lead investors to rethink their expectations for demand. Read more »

BSP: Inflation target will hold despite rising oil prices

Jessica Fenol and Michelle Ong, ABS-CBN News
Posted at Mar 01 11:28 AM

Bangko Sentral Gov. Benjamin Diokno said as long as the Dubai crude remains below $95 per barrel, the inflation target of 2 to 4 percent could hold. Read more »

DOE says requests for suspension of fuel excise tax pending in Congress

ABS-CBN News
Posted at Feb 28 04:57 PM

The Department of Energy has requested for the suspension of excise taxes on petroleum products as early as October 2021, Usec Gerardo Erguiza Jr said. Read more »

Oil prices break $100 on Russian 'military operation'

Agence France-Presse
Updated as of Feb 24 12:19 PM

Oil prices soared past $100 for the first time in more than seven years on Thursday after Russian President Vladimir Putin announced a "military operation" in Ukraine, apparently realizing fears he would invade. Read more »

Top oil producers eye modest output boost as prices surge

Emeline Burckel, Agence France-Presse
Posted at Feb 02 01:53 PM

The 23 members of the OPEC+ oil cartel, who meet on Wednesday, are expected to stick to their guns and increase output modestly as the price of crude surges. 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 »

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 »

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 »

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 »

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 »

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 »

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 »

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 »

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 »