Friday, 14 May 2021 07:01 PM MYT
A logo of Russian state oil firm Rosneft is seen at its office in Moscow, October 18, 2012. Reuters pic
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MOSCOW, May 14 Russian oil giant Rosneft said today that its earnings were back in the black in the first quarter after oil prices recovered following Moscow’s production deals with Opec.
State-controlled Rosneft reported a net profit of 149 billion roubles (RM8.2 billion) in the first quarter, compared with a loss of 156 billion roubles in the same period last year.
It is the latest major oil company to report a spike in quarterly profits thanks to rising crude prices.
Oil prices rose on Wednesday after a drop in US crude inventories reinforced Opec’s robust demand outlook, while the market awaited fresh updates on the Colonial Pipeline outage. US West Texas Intermediate (WTI) crude futures rose 29 cents, or 0.44%, to $65.57
DUBAI: Saudi Arabia’s economy shrank 3.3 per cent in the first quarter from a year earlier, hit by oil output cuts, but the non-oil economy expanded 3.3pc, recovering from the pandemic, according to flash government estimates on Monday.
The non-oil sector grew for the first time since the first quarter of 2020, the General Authority for Statistics in Saudi Arabia said in a statement. Government services also showed growth of 0.3pc in the first quarter.
Saudi Arabia’s economy, the largest in the Arab world, is expected to grow 2.1pc in 2021 after shrinking 4.1pc last year amid the twin shocks of the coronavirus pandemic and lower oil prices, the IMF said in a recent report.
Oil prices dip as Opec expects less demand for its crude
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SINGAPORE: Oil prices dipped early on Thursday as producer club Opec said it expected demand for its crude to decline next year as rivals pump more, pointing to a market surplus in 2018 despite efforts to tighten the market.
Brent crude futures were at $47.64 per barrel at 0133 GMT, down 10 cents, or 0.2 per cent, from their last close.
West Texas Intermediate (WTI) crude futures were at $45.37 per barrel, down 12 cents, or 0.3 per cent.
The Organization of the Petroleum Exporting Countries (Opec) said late on Wednesday that the world would need 32.20 million barrels per day (bpd) of crude from its members next year, down 60,000 bpd from this year, as consumers have increasing choice of supplies from outside Opec.
Organization of the Petroleum Exporting Countries (Opec) Secretary-General Mohammad Barkindo said recently that he expected more countries to join the November 2016 deal to cut oil output. Last month, the Joint Opec-Non-Opec Ministerial Monitoring Committee (JMMC) said the doors were open for other oil producers, particularly the United States, to.