Page 29 - Dated Brent News Today

Kuwait Petroleum Corp. dropped its official selling prices for June crude across all grades destined for Asia and Europe, while leaving US prices unchanged, the company said in an email May 11. KPC cut its OSP differential for Kuwait Export Crude’s OSP bound for Asia by $4.95/b to a $4.35/b premium over the average of ...

Targeted by so-called NOPEC legislation in the US that would allow antitrust lawsuits against the producer alliance, top OPEC officials said May 10 the bill would worsen market volatility by driving away investment in the oil industry. OPEC and its allies are being blamed unfairly for the energy crisis, when other commodities are also seeing ...

Fears of a global economic slowdown are beginning to weigh on oil markets, with demand undermined by covid lockdowns, interest rate hikes, and Russia’s war on Ukraine.

Asian buyers are facing high energy costs due to currency depreciation, while Australia is looking at lower wheat exports on costlier fertilizer prices. The UK and China are looking long-term with updates on their respective net-zero strategies. 1. Weakening currencies leave Asian buyers vulnerable to higher energy costs What’s happening? Bank of Japan’s recent commitment ...

Saudi Aramco lowered almost all of its official selling prices across Asia, Europe and the Mediterranean for June-loading cargoes and kept US differentials unchanged, with Asia-bound barrels seeing the largest decreases of between $4.95/b and $5.10/b, according to a pricing document released May 8. For Asia-bound crude, Aramco decreased Arab Extra Light, Light, Medium and ...

As expected, the OPEC+ agreed on an additional increase of 432,000 barrels per day during June to support the global oil supply. It would provide relief amid concerns over an EU plan to phase out imports of Russian oil. Oil futures also rose after the weekly report of the US Energy Information Administration showed a ...

European refiners are ramping up runs, boosted by strong distillate and gasoline cracks and a dearth of diesel supply, despite the high natural gas and hydrogen costs. According to S&P Global Commodity Insights, benchmark refining margins in Europe are robust amid very strong distillate and gasoline cracks. ARA gasoline and ULSD cracks reached $26/b and ...

The state-owned oil giant PetroChina is not interested in taking discounted Russian oil and gas cargoes, but sticks to the producers’ term supplies, CFO Chai Shouping said during the company’s first quarter result conference call. Meanwhile, PetroChina’s settlements against the Russian goods were impacted to a certain extent from usual which were settled in US ...

As expected, the OPEC+ agreed on an additional increase of 432,000 barrels per day during June to support the global oil supply. It would provide relief amid concerns over an EU plan to phase out imports of Russian oil.

EU plans announced May 4 to halt Russian oil imports by year-end is expected to reshape global energy flows and add to price pressure as buyers race to secure new supplies. Brent crude futures rose by more than 4% in European trading after the announcement and stood at $109.48/b by 11:45 GMT. The move, announced ...