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Biden to release 15 mln barrels from US oil reserves

WASHINGTON: The Biden administration will release 15 million barrels of oil from the US Strategic Petroleum Reserve and the deliveries are expected to take place in December, the White House said in a press release. “The Department of Energy (DOE) is issuing a Notice of Sale tomorrow morning for 15 million barrels from the Strategic […]

Ringgit snaps three-day losing streak to end higher versus US dollar

ringgit dollar

KUALA LUMPUR: The ringgit edged up against the US dollar, snapping a three-day losing streak, as the local stock market’s improved performance and oil price rebound boosted market sentiment. At 6 pm, the ringgit rebounded to 4.0490/0530 against the greenback from 4.0570/0600 at Tuesday’s close. Axi chief global market strategist Stephen Innes said the local […]

As oil prices rally, old Opec tensions set to rise

nodding donkeys

LONDON: As members of the oil cartel Opec and its allies meet this week to discuss adjusting output, analysts expect old tensions between oil producer giants to flare up again. Russia and Saudi Arabia, respectively the world’s second and third largest producers of oil after the United States, had often been at loggerheads in the […]

Opec+ oil ministers to discuss cuts amid looming Covid-19 second wave

MOSCOW: The energy ministers of the Opec+ countries will convene on Monday to discuss compliance with the oil cuts agreement and the situation in the energy market, shadowed by the second wave of the Covid-19 pandemic, reported Sputnik news agency. The meeting of the Opec+ Joint Ministerial Monitoring Committee (JMMC) would be devoted to the […]

Oil prices depressed, remain below $40

KUALA LUMPUR: Market participants are doubtful that a historic one-year oil production cut pledged by major producers recently would solve the oversupply problem. For the week just ended, the West Texas Intermediate crude for May delivery lost 8.1 per cent to settle at $18.27 per barrel on the New York Mercantile Exchange. In contrast, the global benchmark, Brent […]

Trump hails Opec+ agreement to cut oil production

WASHINGTON: US President Donald Trump on Sunday welcomed a deal to cut oil production reached by the Organisation of the Petroleum Exporting Countries (Opec) and some other major oil producing countries, known as Opec+, as it will save hundreds of thousands of US energy jobs. “The big Oil Deal with Opec Plus is done. This […]

Opec+ may proceed with oil supply cut from May 1

KUALA LUMPUR: Opec+ is likely to proceed with the 10 million barrels per day (mbpd) supply cuts beginning May 1, which will be gradually reduced across 12 months, said an economist. OCBC Bank economist Howie Lee said the group member countries have agreed to an output reduction of 10 mbpd in May and June before tapering to 8.0 […]

Opec+ deal ‘very close’

nodding donkeys

MOSCOW: Russia and Saudi Arabia are “very close” to reaching an Opec-non-Opec deal on market regulation for the reduction of oil output, Sputnik news agency reported the head of the Russian Direct Investment Fund (RDIF) Kirill Dmitriev as saying on Monday. “I think the whole market understands that this deal is important and it will bring […]