SINGAPORE/LONDON (Reuters) – Asia has become a hotspot for a price war between African and Gulf oil producers who, hobbled by bulging global supplies and waning demand, are offering steep discounts to defend their market share in the world’s top net crude buying region.
The competition is welcome news for Asian buyers. If oil stays near $60 per barrel, import costs for the world’s No.2 oil consumer, China, would drop to under $125 billion a year, versus $222 billion in 2013 when crude averaged $110.
SINGAPORE/LONDON, Dec 30 (Reuters) – Asia has become a
hotspot for a price war between African and Gulf oil producers
who, hobbled by bulging global supplies and waning demand, are
offering steep discounts to defend their market share in the
world’s top net crude buying region.
The competition is welcome news for Asian buyers. If oil
stays near $60 per barrel, import costs for the world’s
No.2 oil consumer, China, would drop to under $125 billion a
year, versus $222 billion in 2013 when crude averaged $110.
LONDON (Reuters) – Brent crude oil rose to $60 per barrel on Monday, supported by concern about disruption to exports from Libya, but a global supply glut kept prices nearly 50 percent off their peak for the year.
A fire caused by fighting at one of Libya’s main export terminals has destroyed 800,000 barrels of crude – more than two days of the country’s output, officials said, amid clashes between factions battling for control of the nation..
LONDON (Reuters) – Brent oil fell below $61 per barrel on Wednesday, weighed down by strong supply in the United States and a rising dollar.
Brent for February delivery dropped $1.02 to $60.67 by 0959 GMT (4.59 a.m. ET) after settling up $1.58 on Tuesday.
LONDON (Reuters) – Oil rose above $62 a barrel on Monday, mirroring gains in equities, as investors became confident there would be no further substantial price loss in the run-up to the new year.
Saudi Arabia’s powerful oil minister, Ali al-Naimi, said on Sunday that lower crude prices would help demand by stimulating the economy and slow down supply growth.
LONDON (Reuters) – Brent crude oil slipped on Friday to $63 a barrel, its lowest since July 2009, dragged down by persistent concerns over a global supply glut and a sluggish demand outlook.
Brent is down 8 percent this week, 45 percent below its June peak above $115 per barrel.
LONDON, Dec 10 (Reuters) – Algeria will open a new round of
bidding for investment in its oil and gas fields by the third
quarter of 2015 and may improve the terms for companies, the
head of state energy company Sonatrach said on Wednesday.
Sonatrach’s interim chief, Said Sahnoun, said Algeria was
considering improving terms to attract more interest after the
last round in September awarded just four out of 31 blocks on
LONDON, Dec 5 (Reuters) – A slide in the price of crude oil
is not being matched in Europe by a fall at the pump, and as
political pressure for cheaper petrol mounts, retailers and
consumer groups differ over what causes the lag.
Retail petrol taxes and the strength of the dollar mean that
drivers in Europe can not expect to see the full benefit of the
more than 40 percent drop in crude prices since June.
LONDON, Nov 24 (Reuters) – Swiss-based petrochemical and
refining company Ineos is looking to expand into North Sea oil
and gas production by hiring a number of senior and mid-level
staff, its website showed on Monday.
The post of CEO of the new offshore oil and gas business has
a remit “for leading a strategic review to support the INEOS
entry into North Sea production, culminating in investment
recommendations to the main INEOS board,” the website said.
LONDON, Nov 20 (Reuters) – Brent crude oil fell below $78 a
barrel on Thursday, as the demand outlook was hit by weak
economic data in China and Europe, outweighing support from
possible cuts in oil output at an OPEC meeting next week.
“We’ve had disappointing data from China and Europe, and
U.S. crude inventories are high, so there’s plenty of supply,
but tepid demand,” said Michael Hewson, chief market analyst at