Saudi Aramco yesterday posted an almost 82% increase in first quarter net profit to US$39.5 billion, having been helped by strong oil prices throughout the first three months of the year. Saudi Arabia’s state run oil giant was widely expected to report a significantly improved return...
The global commodities market has continued its upward price trajectory in the wake of Russia’s enveloping invasion of Ukraine, which has compelled investors to turn away from assets of Russian origin. Fears of potential shortages of fossil fuels and key metals pushed up commodities markets to...
Saudi Arabia has transferred 4% of stock in Saudi Aramco - worth US$80 billion - to the Kingdom’s sovereign wealth fund, as part of its substantial plans to diversify the oil-dominated economy. Crown Prince and de facto ruler Mohammed bin Salman said the Aramco shares will...
The benchmark for US crude broke through US$90 a barrel yesterday for the first time since 2014 as a cold weather snap across the US exacerbates ongoing supply concerns, amid broader geopolitical tensions. West Texas Intermediate crude surged by 2.3% to close trading at $90.27 a...
Oil prices have risen for a fourth consecutive day after touching seven year highs earlier in the week, based on supply concerns and geopolitical troubles in the Middle East and Russia. After both benchmarks climbed to highs not seen since October 2014 yesterday, reports of a...
The US along with China, India, South Korea, Japan and Britain announced yesterday they will release millions of barrels of oil into the market, in an attempt to drive down the high prices of late. The move, engineered by the administration of US President Joe Biden,...
The price of Brent crude has exceeded the US$80 per barrel mark for the first time in three years, as global markets grapple with the likelihood of widespread fuel shortfalls heading into the end of the year. Brent - the international benchmark - increased as much...
Oil prices fell for a second day today after the IEA warned that demand growth for crude products had slowed sharply due to surging cases of the Delta variant of COVID-19 around the world. Brent crude fell 31 cents, or 0.4%, to US$71.00 a barrel by...
Bank of America (BofA) Global Research has raised its Brent crude price forecasts for this year and next, in light of improving oil demand as economic activity ramps up around the world following the COVD-19 crisis. The bank raised its Brent crude oil price forecast to...
The International Energy Agency (IEA) has sharply raised its estimate for global oil demand in 2021, after seeing ‘robust’ indicators and growing expectations of a swifter global economic recovery from the COVID-19 crisis, particularly in the US and China. In its latest monthly oil market report,...