Spot prices are higher than those in future months in a backwardated market.Asia’s incremental demand for September-loading Middle East crude weakened last month with several North Asian refineries scheduled to shut for maintenance during their autumn season.Asia’s incremental demand for September-loading Middle East crude weakened last month with several North Asian refineries scheduled to shut for maintenance during their autumn season.Saudi Arabia’s crude OSPs are usually released around the fifth of each month, and set the trend for Iranian, Kuwaiti and Iraqi prices, affecting more than 12 million barrels per day (bpd) of crude bound for Asia.Strong fuel oil margins, however, are likely to support prices for heavier grades that produce more of the residual fuel, survey respondents said. (Photo: File)SINGAPORE: Top oil exporter Saudi Arabia may cut prices for most of the crude grades it sells to Asia for a second straight month in September after Middle East benchmark prices weakened.
End-ofTags: oil exporter, crude oil.Two of the five respondents expect Arab Heavy crude’s OSP to stay unchanged in September, while most of the respondents said Arab Medium’s September OSP could fall by 20-40 cents a barrel.State oil giant Saudi Aramco sets its crude prices based on recommendations from customers and after calculating the change in the value of its oil over the past month, based on yields and product prices.The cuts would track a backwardation between prompt and third month Dubai prices that narrowed by 70 cents a barrel in July versus June.Saudi Aramco officials as a matter of policy do not comment on the kingdom’s monthly OSPs.“Fuel oil cracks rallied the most,” one of the respondents said, adding that this could lead to smaller price adjustments for Arab Medium and Arab Heavy crude versus light grades.The official selling price (OSP) for flagship Arab Light crude single screw barrel Manufacturers could drop by at least 50 cents a barrel, falling below a premium of USD 2 a barrel for the first time in four months, a Reuters survey of five buyers in Asia showed.
Spot prices are higher than those in future months in a backwardated market.Asia’s incremental demand for September-loading Middle East crude weakened last month with several North Asian refineries scheduled to shut for maintenance during their autumn season.Asia’s incremental demand for September-loading Middle East crude weakened last month with several North Asian refineries scheduled to shut for maintenance during their autumn season.Saudi Arabia’s crude OSPs are usually released around the fifth of each month, and set the trend for Iranian, Kuwaiti and Iraqi prices, affecting more than 12 million barrels per day (bpd) of crude bound for Asia.Strong fuel oil margins, however, are likely to support prices for heavier grades that produce more of the residual fuel, survey respondents said. (Photo: File)SINGAPORE: Top oil exporter Saudi Arabia may cut prices for most of the crude grades it sells to Asia for a second straight month in September after Middle East benchmark prices weakened.
End-ofTags: oil exporter, crude oil.Two of the five respondents expect Arab Heavy crude’s OSP to stay unchanged in September, while most of the respondents said Arab Medium’s September OSP could fall by 20-40 cents a barrel.State oil giant Saudi Aramco sets its crude prices based on recommendations from customers and after calculating the change in the value of its oil over the past month, based on yields and product prices.The cuts would track a backwardation between prompt and third month Dubai prices that narrowed by 70 cents a barrel in July versus June.Saudi Aramco officials as a matter of policy do not comment on the kingdom’s monthly OSPs.“Fuel oil cracks rallied the most,” one of the respondents said, adding that this could lead to smaller price adjustments for Arab Medium and Arab Heavy crude versus light grades.The official selling price (OSP) for flagship Arab Light crude single screw barrel Manufacturers could drop by at least 50 cents a barrel, falling below a premium of USD 2 a barrel for the first time in four months, a Reuters survey of five buyers in Asia showed.
The oil for delivery in August contracts also fell by Rs 53, or 1.end-ofTags: crude oil, multi commodity exchange, brent crude, west texas intermediateLocation: India, Delhi, New Delhi.On the Multi Commodity Exchange, crude for delivery in July contracts was trading lower by Rs 58, or 1.11 per cent to USD 62.New Delhi: Crude oil futures on Wednesday eased by Rs 58 to Rs 3,889 per barrel as speculators reduced their exposure despite a firm trend overseas.21 per cent to USD 56.33 per cent, to Rs 3,918 a barrel in 695 lots.On the Multi Commodity Exchange, crude for delivery in July contracts was trading lower by Rs 58 at Rs 3,889.However, West Texas Intermediate (WTI) crude was trading up by 0.47 per barrel in New York.37, while Brent crude, the international benchmark, was up 0.47 per cent, at Rs 3,889 per barrel China pipe screw barrel Factory in a business turnover of 21,389 lots.The oil for delivery in August contracts also fell by Rs 53, or 1.33 per cent, to Rs 3,918 a barrel in 695 lots.
Its oil bill has dropped dramatically and this, in turn, has lowered the current account deficit and helped to cut the fiscal deficit. Even the banks have stopped giving these companies money knowing that they will never be able to return the same. The economies of these oil-producing countries were in the doldrums and many of them had to China granulation screw barrel Suppliers raise taxes as oil income literally collapsed as the price went down to $20 a barrel from a peak of $120. With 59 oil and gas companies in the US filing for bankruptcy and several others in the bankruptcy pipeline, it looks like Saudi Arabia is winning the oil war it declared on the US last year. India, one of the largest oil importers, stands to gain as it has since the past year. With current oil prices ruling at around $45 per barrel, it is difficult for the US companies to survive, leave alone compete. It is reported that the number of closures could exceed the 68 declared by the telecom companies when they went bust in 2002-03. The situation looks extremely bleak for shale oil producers as the Saudis are not likely to relent in the near future until they put the US shale companies out of business.
In recent months the Iranians, against whom the US had lifted the trade embargo, insisted on selling their oil in the market to rebuild their economy, and they too would not cooperate with Opec. The government’s subsidy to oil marketing companies has also come down and it must make the best of this situation to strengthen economic growth and build up oil reserves.6 million barrels per day. Last year, it looked like the Saudis were losing the war as US shale oil flooded the global markets, bringing down the price of oil to barely survival levels for the Middle East oil-producing countries. According to reports, it costs the Saudis barely $10 to extract a barrel of oil whereas for the Americans the break-even point is $60-$70.end-of. All efforts by the oil-producing states that comprise Opec to control production so that prices could stabilise were in vain as Saudi Arabia, the largest producer, refused to cut production. But last November Saudi Arabia, which has always been seen as a “swing state” to stabilise prices, flooded the markets by boosting their output to 10. So even mergers of these companies, which had sprouted when the going was good, are not possible because they will not get the funds to finance mergers and acquisitions.In this scenario, where two oil giants are at war, oil-consuming and importing countries stand to benefit. Prices are expected to stabilise around current levels for some time. The good news is that these comparatively low prices stand to last for a while longer.With 59 oil and gas companies in the US filing for bankruptcy and several others in the bankruptcy pipeline, it looks like Saudi Arabia is winning the oil war it declared on the US last year.
[Brent futures had fallen to $63.65 a barrel down 19 cents, or 0.3 per cent, from their previous close.US crude touched $59.05 a barrel on Friday, the highest level since mid-2015, fuelled by the outage of the Keystone pipeline.Singapore: Oil prices slipped in Asian trade on Tuesday amid uncertainty over a possible extension of output cuts by major crude producers and expectations of higher supply as the Keystone pipeline restarts.Brent futures had fallen to $63.65 a barrel by 0427 GMT, down 19 cents, or 0.3 per cent, from their previous close.US West Texas Intermediate (WTI) futures were down 35 cents, or 0.6 per cent, at $57.76 a barrel, after falling 1.4 percent in the last session.US crude touched $59.05 a barrel on Friday, the highest level since mid-2015, fuelled by the outage of the Keystone pipeline, one of Canada’s main crude export routes to the United States.But TransCanada Corp this week said it would restart the 590,000 barrel-per-day pipeline at reduced pressure later on Tuesday after getting approval from US regulators.Uncertainty over Russia’s determination to join with other major oil producers in extending crude production curbs beyond next March has weighed on oil markets.
Members of the Organization of the Petroleum Exporting Countries (OPEC) and other key producers, including Russia, will meet on Nov. 30 to discuss whether to continue with the cuts after they agreed last January to withhold 1.8 million bpd of output.Russia’s economy was negatively affected in October by the ongoing curbs, which saw Moscow agree to cut output by 300,000 bpd, Economy Minister Maxim Oreshkin said on November 23.Goldman Sachs said the outcome of the meeting was “much more uncertain than usual”, adding that the market faced downside risks.“We view risks to oil prices as skewed to downside this week as we believe current prices, timespreads and positioning already reflect a high probability of a nine-month extension,” the bank said.Consultancy Wood Mackenzie said it looked as if producers had nearly concluded an agreement to extend cuts until the end of next year.“(But) if the production cut agreement ends in March 2018, our forecast shows there would be a projected 2.4 million bpd year-on-year increase in world oil supply for 2018,” Ann-Louise Hittle, vice president, macro oils, said in a note on Monday.Some traders are also starting to consider the possibility that while producers will agree to extend the curbs, the scale of the output cuts will be reduced from the current 1.8 million bpd, said Ric Spooner at Sydney’s CMC Markets.“This may be a logical move for OPEC. It would provide continued certainty for the China pipe screw barrel Factory market, avoiding the sharp sell-off that could accompany a cold turkey exit,” he said.“At the same time it would mitigate the risk to OPEC and Russia of precipitating further loss of market share by encouraging competitors with higher prices.”end-ofTags: oil prices, opec, oil production, price cutLocation: Singapore, –, Singapore
[Brent crude for October gained 29 cents to $44.56 a barrel.(Representational Image) Brent crude for October gained 29 cents to $44.56 a barrel. Singapore: Oil edged higher to near $42 a barrel in Asia Monday but analysts said the increase was unlikely to last as the commodity remains under pressure by a supply glut and a strong dollar.Prices have been fluctuating since entering a bear market last week, falling more than 20 per cent and closing below $40 a barrel for the first time since April.Initially recovering as US commercial crude inventory data showed an unexpected draw in gasoline, prices tumbled again later in the week after robust hiring numbers from the US government pushed the dollar higher.A stronger greenback typically makes dollar-priced oil more expensive for consumers using other currencies, denting demand.Weekly rig count data released Friday also showed that US drillers added seven rigs that week, up for the sixth straight week and indicating higher production activity amid an oversaturated market."Modest short covering has probably given oil some boost," said IG Markets analyst Bernard Aw, adding however, that the bounce was unlikely to last.
"Rising US rig additions, low probability of OPEC to revive.T freeze output talks, and weakening demand present a great barrier for oil prices to move higher," he told AFP.At around 0630 GMT, US benchmark West Texas Intermediate for delivery in September was up 28 cents to $42.08 and Brent crude for October gained 29 cents to $44.56 a barrel."Upbeat jobs data from the US Wood plastic crust foam screw barrel Manufacturers showed that the jobs growth was much higher in July than estimates, and helped to push the US dollar [higher], applying pressure on crude prices," said EY Services oil and gas analyst Sanjeev Gupta."While markets will continue to look for clues from economic data from China and Eurozone, due to the overhang of high inventory levels and continuing concerns of oversupply, crude prices are likely move in a tight range over the next couple of weeks," Gupta added.end-of.
2 mn barrels per day.2 per cent, from their last close and not far off their 2019 high of USD 66.5 percent, from their last settlement.OPEC as well as some non-affiliated producers such as Russia agreed late last year to cut output by 1..end-ofTags: crude oil, opec, oil import, oil priceLocation: Singapore, –, Singapore.58 per barrel, up 13 cents, or 0.OPEC as well as some non-affiliated producers such as Russia agreed late last year to cut output by 1.Another key oil price driver has been US sanctions on oil exporters Iran and Venezuela.31 million bpd target it agreed to at the Dec 7 OPEC, non-OPEC meeting,” French bank BNP Paribas said in a note.“US oil production growth, driven by shale, will be increasingly exported in greater volumes to international markets while the global economy is expected to witness a synchronised slowdown in growth,” the bank said.But soaring US production and expectations of an economic slowdown look set to cap prices, analysts said.Despite the sanctions, Iran’s crude exports were higher than expected in January, averaging around 1.Because of the cuts, BNP said it expected oil prices “to rally through Q3 2019”, with Brent to average USD 73 per barrel by then and WTI to average USD 66.BNP Paribas said surging US output would feed into lower oil prices towards the end of the year, with Brent to dip to an average of USD 67 a barrel by the fourth quarter and WTI to average USD 61.OPEC-member and top crude exporter Saudi Arabia is expected to reduce shipments of light crude oil to Asia.
US West Texas Intermediate (WTI) crude oil futures hit 2019 highs of $56.Singapore: Oil prices were around 2019 highs on Wednesday, propped up by supply cuts led by producer club OPEC and by US sanctions on Iran and Venezuela.9 million bpd, thanks to booming shale oil production, which the Energy Information Administration on Tuesday said was expected to keep rising.International Brent crude futures were at USD 66. (and) are now assuming that Saudi Arabia will produce in the first three quarters of 2019 less than the 10..SHALE BOOM, WEAKER ECONOMYStanding against the supply cuts and sanctions is US crude output, which soared by more than 2 million bpd in 2018 to a record 11.39 per barrel shortly after 0300 GMT on Wednesday, up 30 cents, or 0.2 million barrels per day (bpd) to prevent a large supply overhang from swelling.OPEC-member China PVC free foam board screw barrel and top crude exporter Saudi Arabia is expected to reduce shipments of light crude oil to Asia in March as part of the effort to tighten markets.Oil prices have been supported by supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC).“We have lowered Saudi crude oil output in line with announcements . Many analysts had expected Iran oil exports to drop below 1 million bpd after the imposition of US sanctions last November.83 per barrel from Monday.25 million bpd, according to Refinitiv ship tracking data.
Her motivation has driven me forward and has helped me learn a lot. Her former co-star will now be directing her for the new-age web show.Meanwhile, Kapil was also all praise for Zeenat.Love Life and Screw Ups is a modern day slice of life web show, which depicts the different obstacles one faces in life and what they lead them to. “I’ve been a huge fan of Zeenatji since my late childhood, and now to be able to share the screen with her and on top of that to get to direct her is a great honour for me.The actress will be working with Kapil Kaustabh Sharma, whom she has shared screen space with in Dunno Y Na Jaane Kyun.Speaking about the project, Zeenat says, “It’s the first time I worked on a web with two seasons. And I was always comfortable working with him,” she adds. As an actress, she’s fabulous and gets to the nerve of her character to justify it to the core,” he says. She only suggested that I take up direction, and persisted that I am in-charge after we worked together the last time.”She adds that the second season of the show was her fourth project with Kapil. But it is because she is hiding deep pain. We’ve worked together in the past for the Dunno Y series and had bonded well at that time.
Zeenat AmanThe evergreen and the epitome of grace Zeenat Aman is going to be a part of a slice of life web series called Love, Life, and Screw foam board barrel screws Manufacturers Ups, where she will be portraying a modern woman with an unhealthy dating life. Apart from this, Zeenat Aman will also be seen in Ashutosh Gowarikar’s Panipat.end-ofTags: zeenat aman, ashutosh gowarikar. Joanna was a fun and interesting character to play.The actress will be working with Kapil Kaustabh Sharma, whom she has shared screen space with in Dunno Y Na Jaane Kyun. “I observed his growth from being an actor/ writer to a director. I really enjoyed the character of Joanna, who is over the top with everything.
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