(Reuters) - Glencore (GLEN.L) announced a payout of $7.1 billion to its investors on Wednesday, as high oil and coal prices helped it to post a record annual profit, but it said the rising costs of producing minerals could dent future earnings. In preliminary 2022 results, the miner and trader said it cut net debt to $75... Continue Reading →
(Reuters) - Petroleo Brasileiro SA (PETR4.SA) stepped up security at its refineries in a precautionary measure after threats against assets, including Brazil's biggest fuel plant, two company officials said, speaking on condition of anonymity. The threats were detected by Petrobras' intelligence unit monitoring social media communications of supporters of Brazil's far-right former President Jair Bolsonaro, the two... Continue Reading →
Trinidad and Tobago is preparing to reject four offshore exploration bids by BP Plc and Shell, according to people familiar with the matter, because they failed to meet the government’s minimum requirements. The island nation's government plans to pursue talks with the two oil and gas companies on any willingness to improve the jointly submitted... Continue Reading →
(Reuters) - Caio Paes de Andrade, the chief executive of Brazil's state-run oil firm Petrobras (PETR4.SA), has decided to resign before his term ends in April, but has not yet set a date for his departure, six sources told Reuters. Andrade's early exit would provide a pathway for leftist President-elect Luiz Inacio Lula da Silva to... Continue Reading →
(Reuters) - Growth in global oil demand is set to grind to a halt in the fourth quarter of this year as an economic slowdown deepens, the International Energy Agency (IEA) said on Wednesday, but said it would resume strongly in 2023. The outlook preserves a relatively bullish view for robust growth next year despite... Continue Reading →
(Reuters) The euro fell below 99 cents for the first time in nearly two decades, while sterling was on the ropes on Monday as Russia's halt on gas supply down its main pipeline to Europe sparked concerns over energy prices and growth. The euro slid to $0.9880 in Asia trade, the lowest level since 2002,... Continue Reading →
(Rigzone) Dryad Global’s latest Maritime Security Threat Advisory (MSTA) has outlined that the Gulf of Mexico is in the midst of a pirate problem. According to the MSTA, on August 7, pirates onboard two speedboats boarded and robbed a manned semi-submersible drilling rig in the Bay of Campeche approximately 28nm north of Paraiso. The MSTA... Continue Reading →
(Reuters) - Traders and fund managers have left crude oil markets in recent months, dropping activity to a seven-year low amid the worst global energy crisis in decades as investors become unwilling to deal with persistently high volatility. The exodus of participants, especially hedge funds and speculators, has made daily price swings far greater than... Continue Reading →
(Reuters) - Goldman Sachs said the case for higher oil prices was still strong with current supply shortfalls well above its expectations in recent months, despite a recent retreat led by factors including global recession concerns. The market will remain in unsustainable deficits at current prices and balancing it will still require "demand destruction on... Continue Reading →
(Reuters) Oil prices are proving resilient to global economic recession fears and have outperformed major equity indices and the U.S. dollar so far this year as Western sanctions on Russia further limit supplies to an already tight market. The two major crude futures contracts are up about 30% so far this year, while the All... Continue Reading →
