Tag: oil
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Oil price rises after Iran says it stops ships in Hormuz
CAIRO/DUBAI, July 31 : Oil prices rose on Friday after Iran said it had stopped two vessels seeking to exit the Strait of Hormuz, underscoring concerns over global energy supplies following a drone attack on ships in a Mediterranean Egyptian port this week.Iran said four other tankers turned back after its fo
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India approves US$8.81 billion offshore oil and gas exploration plan
NEW DELHI: India said on Friday (Jul 31) it will provide US$8.8 billion in financial support for offshore oil and gas exploration as part of its efforts to reduce its heavy reliance on energy imports.India, the world’s third-largest importer of oil and the second-largest buyer of liquefied petroleum gas (LPG)
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BP seeks to sell North Sea business as UK faces drilling dilemma
LONDON: BP has launched moves to sell its North Sea business, the British oil and gas giant announced on Friday (Jul 31), as new Prime Minister Andy Burnham faces pressure to ease drilling restrictions in the area.”The North Sea remains integral to the UK’s energy system,” BP chief executive Meg O’Neill said
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Oil falls on slightly improved flows through Gulf; set for monthly gain
July 31 : Oil prices fell more than 1 per cent on Friday as more supplies flowed through crucial maritime chokepoints, despite a lack of major breakthroughs in talks between the United States and Iran.Oil prices, however, remained on track for a monthly rise.Brent futures were down $1.28, or 1.44 per c
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Oil falls more than $1 on greater flows despite US-Iran war
July 31 : Oil prices fell on Friday but kept on track for a monthly rise of about a fifth, as more supplies flowed through crucial maritime chokepoints, despite a lack of major breakthroughs in talks between the United States and Iran.Brent futures fell $1.03, or 1.2 per cent, to $88 a barrel by 0215…
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South Korea refiners considering imports of Venezuelan crude, association says
SEOUL, July 30 : South Korea’s four refiners are considering importing Venezuelan crude oil to diversify their supply sources as conflict in the Middle East disrupts shipping through the Strait of Hormuz, an official at the Korea Petroleum Association said.GS Caltex, one of the nation’s major refiners, import
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Oil prices slip as tankers continue to ply Middle East conflict zones
BEIJING, July 30 : Oil prices gave up some of their gains on Thursday as oil tankers continued to make their way out of the Middle East even as tensions there escalated, with the U.S.-Iran war spreading beyond its main fronts.Brent futures fell $1.29, or 1.42 per cent, to $89.45 a barrel as of 0110…
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Saudi Arabia’s dilemma as it tries to stay out of US-Iran war
The kingdom faces a choice of whether to keep hitting back as a deterrent or to try to de-escalate the situation.
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Oil prices fall 5% to two-week low on hopes for US-Iran conflict easing
July 28 : Oil prices dropped 5 per cent on Tuesday to a two-week low, on cautious hopes for a resolution to the Iran war as traders assessed developments in the Middle East.Brent futures fell $4.61, or 5.2 per cent, to $83.75 a barrel at 12:01 p.m. EDT (1601 GMT). U.S. West Texas Intermediate (WTI)…
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As US-Iran war rages, who’s risking the Strait of Hormuz?
Though Iran continues to attack vessels as leverage in its war with the United States, data show that several shippers continue to transit the waterway.
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