Oil


  • Filter by

Saudi Arabia says oil producers want to reduce inventories

JEDDAH, Saudi Arabia: Saudi Energy Minister Khalid al-Falih said on Sunday there was consensus among OPEC and allied oil producers to drive down crude inventories "gently" but his country would remain responsive to the needs of what he called a fragile market.

At the OPEC meeting on Sunday: Clockwise: UAE Energy Minister Suhail bin Mohammed al-Mazroui speaks to the media, Mohammed Barkindo, Secretary General of OPEC, is seen before the OPEC, An employee adjusts the Mexican flag at the meeting room before the OPEC meeting, Russian Energy Minister Alexander Novak is seen in the meeting room, Mustafa Sanalla, Libya's National Oil Corporation (NOC) chief speaks to the media, Nigerian oil minister Emmanuel Ibe Kachikwu speaks to the media. - Reuters

Beware of downside risks to the ringgit

DESPITE some optimism on the direction of the ringgit, there are concerns over downside risks fuelled by, among other factors, flaring trade tensions and the weakening of the yuan.

Investor confidence is expected to gradually return but there are concerns on the movement of the yuan to which the local currency is strongly correlated.

Direct entry by Petronas Chemicals into silicone business

PETALING JAYA: Petronas Chemicals Group Bhd’s (PetChem) acquisition of Dutch firm Da Vinci Group BV gives it immediate entry into the growing silicone business and will allow it to command higher and more stable profit margins.

J&J’s largest India plant lies idle

NEW DELHI: It was supposed to be Johnson & Johnson’s (J&J) biggest manufacturing plant in India. It was to eventually employ at least 1,500 people and help bring development to a rural area near Hyderabad in southern India.

Dubai free zone to refund US$354mil in fees

DUBAI: Dubai’s main port and biggest free zone authority plans to return 1.3 billion dirhams (US$354mil) in cash and bank guarantees to its clients in an effort to stimulate the broader economy.

Saudi's Falih says not sure there is oil shortage, Opec will act

JEDDAH, Saudi Arabia: Saudi Arabia's Energy Minister Khalid al-Falih said on Saturday that OPEC will be responsive to the oil market's needs, but that he was not sure there is an oil shortage with data, particularly from the United States, still showing inventories building.

Speaking in Jeddah ahead of a ministerial panel gathering on Sunday by top OPEC and non-OPEC producers, including Saudi Arabia and Russia, Falih told Reuters OPEC will not decide on output until late June when the group is due to meet.