Asian shares were combined on Wednesday, following an unstable day on Wall Street with traders concerned about surging inflation and spot-sawing crude prices. Equities were on a roller-coaster trip in current weeks, fuelled by using concerns about inflation, the Russian invasion of Ukraine, and the impact of China’s Covid-19 lockdowns on global delivery chains. Global … Read more
RIYADH: Saudi Arabia approved its 2022 budget on Sunday, projecting a surplus for the first time since oil prices collapsed in 2014. King Salman said the improved fiscal situation for the world’s biggest oil exporter comes “after the Kingdom of Saudi Arabia has overcome the economic repercussions and the exceptional stages of the coronavirus pandemic”. Cited … Read more
Top oil exporter Saudi Arabia may raise crude prices for Asia in January; following large gains in the Middle East spot market last month, but weak refining margins and an oil reserves release by consumers may cap gains, Reuters quoted trade sources, as saying. The January official selling price (OSP) for flagship Arab Light crude … Read more
Opec and its allies begin two days of meetings on Wednesday to decide whether to release more oil into the market or restrain supply, amid big gyrations in crude prices and uncertainty about the impact of the Omicron coronavirus variant on energy demand, Reuters reported. The oil prices fell to near $70 a barrel on Tuesday, after … Read more
LONDON: Opec+ oil producers meet on Thursday under pressure from US President Joe Biden, who has opened up his country’s taps hoping to bring down crude prices, and a new Covid-19 variant that has complicated the equation. The meeting “is shaping up to be one of the most significant since the pandemic demand recovery began, … Read more
Qatar Petroleum raised the official selling prices (OSP) of its marine and land crudes in December, a pricing document posted on its website showed. Qatar marine was set at a premium of $2.20/barrel over the Dubai/Oman crudes average and Qatar land was priced at a premium of $2.55/barrel over the same benchmark. In November the … Read more
