SINGAPORE (Reuters) – High oil prices are straining the coffers of Asian governments, forcing them to contemplate rolling back fuel subsidies despite the political cost amid rampant food inflation, and even though the move risks hurting demand.
International benchmark oil prices have rallied to 2-1/2 year highs above $100 a barrel as revolt cut output from OPEC-member Libya and protests across the Middle East and North Africa threaten to disrupt more of the flow from the world’s top oil-producing region.
SINGAPORE (Reuters) – Top oil exporter Saudi Arabia on Monday shifted upwards from a price it has backed for around two years, saying oil at between $70 and $90 a barrel was comfortable for consumers.
Until now, Saudi Oil Minister Ali al-Naimi had said the ideal range for producers and consumers was $70-$80 a barrel, either side of the $75 identified by the kingdom in November 2008.
SINGAPORE, Nov 1 (Reuters) – An oil price between $70 and
$90 a barrel is a comfortable range for consumers, Saudi Oil
Minister Ali al-Naimi said on Monday, marking a step up from his
earlier statements $70-to-$80 was ideal.
International benchmark U.S. crude CLc1 has been
rangebound for much of this year, but prices have rallied over
the last month, largely in response to a weak U.S. dollar.
LONDON/SINGAPORE (Reuters) – Saudi Arabian Oil Minister Ali al-Naimi helped to calm a record price rally, halt a record crash and restore OPEC’s damaged credibility.
Repeated rumors the 75-year-old minister plans to retire from the top of the world’s most powerful oil ministry have so far proved unfounded.
SINGAPORE (Reuters) – Gold touched a four-week high on Friday, extending gains from the previous day as investors bought the precious metal and shied away from riskier assets on concern about the health of the global economy.
Fresh U.S. data that would give further pointers to the health of the world’s largest economy could push gold even higher, after unemployment data on Thursday spurred safe-haven demand for gold and the dollar.
DUBAI (Reuters) – A new round of U.S. and European sanctions targets Iran’s dilapidated oil sector from top to bottom, making it even more difficult to maintain output capacity and domestic supplies of fuel.
The United States, seeking to halt Tehran’s nuclear enrichment activities, passed unilateral sanctions earlier this month that for the first time allow it to punish the U.S. operations of international firms who supply fuel to Iran.
DUBAI (Reuters) – Iran is depending more on friendly powers in the international arena for fuel supplies after the U.S. passed far-reaching sanctions a week ago that aim to hinder Tehran’s fuel imports and deepen its international isolation.
The Islamic Republic is buying around half of its July gasoline imports from Turkey and the rest from Chinese sellers, oil traders said on Thursday, as most other suppliers have stopped selling due to the U.S. sanctions.
DUBAI, July 8 (Reuters) – Iran is buying around half of its
gasoline imports from Turkey and the rest from Chinese sellers,
oil traders said on Thursday, as most other suppliers have
stopped selling due to U.S. sanctions.
Iran is depending more on those that support it in the
international arena for fuel supplies after U.S. President
Barack Obama signed into law far-reaching sanctions a week ago
that aim to hinder Tehran’s fuel imports and deepen its
DUBAI, June 23 (Reuters) – The United Arab Emirates’ would
like Royal Dutch Shell (RDSa.L: Quote, Profile, Research) to step in as its partner at the
$10 billion Shah gas project after U.S. major ConocoPhillips
(COP.N: Quote, Profile, Research) withdrew, industry sources in the UAE said on Wednesday.
Agreeing terms would be the biggest issue in coaxing Shell
into taking on the project to produce sour gas in the UAE, the
world’s third-largest oil exporter, sources said.
MUSCAT/DUBAI, June 20 (Reuters) – State-run Oman Oil Company
(OOC) is in talks with Oman’s Ministry of Oil and Gas to take on
an exploration block ceded by Britain’s BG Group (BG.L: Quote, Profile, Research), a
senior Omani oil official said on Sunday.
Like most of its Gulf neighbours, Oman is short of the gas
it needs to meet rapidly rising demand for industry and power.
Across the region, governments have embarked on exploiting
unconventional gas reserves, such as Oman’s tight gas.