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Top oil exporter Saudi Arabia has raised its crude oil prices for June to its Asian and European customers, and cut prices to the United States, a signal that Riyadh is in no hurry to boost oil supply ahead of an OPEC meeting next month. Saudi Aramco raised the June price for its Arab Light grade for Asian customers by $0.70 a barrel versus May to a premium of $2.10 per barrel to the Oman/Dubai average, the state oil company said. The increase in crude prices to Asia was in ...

Oil prices are expected to trade positive in the near term on the back of Opec production cuts as well as supply disruptions in Iran and Venezuela, analysts said. However, rise in US oil production will continue to weigh on oil prices. The Organisation of the Petroleum Exporting Countries (Opec) and its allies, including Russia, are currently cutting production by about 1.2 million barrels to boost oil prices, whereas oil production is affected in Venezuela and Iran due to sanctions by the US administration. “With Opec members suggesting for a ...

With a number of ‘political decisions’ to be made, crude markets are in for some turmoil. Markets are gauging the impact of the withdrawal of the Iran sanction waivers by the US administration. In case the Iranian crude exports literally get to zero, as President Donald Trump wants it to be, it would tighten an already tight oil market. Would the withdrawal of the waivers mean Iranian crude exports would come to zero? No, it seems. Iran will continue to export oil despite the US pressure, Iranian President Hassan Rouhani ...

The number of drilled but uncompleted wells in seven key oil and natural gas production regions in the United States has increased over the last two years, reaching a high of 8,504 wells in February 2019, according to well counts in EIA’s Drilling Productivity Report (DPR). The most recent count, at 8,500 wells in March 2019, was 26% higher than the previous March. Drilled but uncompleted wells, also known as DUCs, are oil and natural gas wells that have been drilled but have not yet undergone well completion activities to ...

European stocks tumbled to a one-month low and German bond yields slipped back into negative territory on Monday after U.S. President Donald Trump threatened to raise tariffs on China, triggering a global rout in risky assets. In a surprise twist on Sunday, Trump said he would hike U.S. tariffs on $200 billion worth of Chinese goods this week and target hundreds of billions more soon, signaling a major shift. Trump had earlier cited good progress in trade talks and praised his relationship with Chinese President Xi Jinping. Global investors were ...

President Trump said Sunday that he planned to increase tariffs on $200 billion of Chinese goods to 25% from 10% on Friday, as negotiations for a U.S.-China trade deal are set to resume on Wednesday. In a tweet, Mr. Trump said the tariffs were “partially responsible for our great economic results” and said he would “shortly” impose tariffs of 25% on $325 billion worth of additional Chinese goods. “The Trade Deal with China continues, but too slowly, as they attempt to renegotiate. No!” he tweeted. In February, Mr. Trump said ...

From Athens to Seoul, governments around the world are increasing the minimum wage, seeking to assuage voter concerns over years of weak pay growth and rising inequality. How high can the minimum wage go before the costs outweigh the benefits? The answer could emerge as several major economies test a key threshold: A pay floor above 60% of their median wage levels. If the wage is set much above that threshold, it could reduce the incentives of firms to hire low-wage workers and lead them to automate work instead, offsetting ...

This time last year, economic divergence characterised the global landscape. The world’s economies and central banks looked to be on very different paths, especially when it came to the US versus the rest of the world. This year, economic divergence was meant to fade, along with the idea that the US economy is exceptional. So how come the US still looks to be out in front while the rest of the world gets back up on shaky legs? In the first three months of the year, the US economy expanded ...

The trade war began last year. It was supposed to be the Apocalypse. Guess what? It wasn’t. Even the U.S. China Business Council (USCBC), a lobbying firm for U.S. multinationals doing business in China, could not paint over the fact that trade with China, at the state level, is still on a growth trend. While many states saw a decline over 2017 export numbers, the same could have been said for almost any two year comparison over the last 10 years. Take Alabama for instance. The state, an agricultural exporter ...

Stocks of iron ore across Chinese ports saw a much smaller decline last week as a substantial increase in

Daily rates on main tanker routes as compiled by shipbroker Charles R. Weber.

Big Oil had a mixed first quarter, showing continued recovery from the biggest downturn in a generation, but chinks in their armor against the onslaught of volatile markets. In Europe, Royal Dutch Shell Plc, BP Plc and Total SA met or exceeded estimates thanks to trading gains, strong natural-gas profits and higher production. Across the Atlantic, Chevron Corp. outperformed by reducing costs, but Exxon Mobil Corp. suffered its worst refining performance in almost two decades. The companies are still walking a tightrope between maintaining hard-won spending cuts, and giving a ...

North Dakota’s soaring Oil Patch has placed it squarely in the midst of output levels for members of the Organization of Petroleum Exporting Countries — and it already would rank 18th in the world if the state were a country. North Dakota produces an average of 1.4 million barrels of oil per day, a level that places it ahead of seven of OPEC’s 13 member countries, including Libya, Algeria and Venezuela. Now, as North Dakota’s oil production continues to grow, it is knocking at the door of a major producer ...

Oil production by Petroleo Brasileiro SA fell 3.5 percent in the first quarter from the same period a year before, according to Brazil’s oil regulator ANP, which attributed the fall to a number of scheduled and unscheduled stoppages. In a statement, the regulator said the production declines were due to maintenance work and other interruptions in January and February at platforms and FPSO units owned by Petrobras, as the firm is known. The fall in production, to roughly 2.4 million barrels of oil equivalent per day (boe/d), comes even as ...

Warren Buffett has shown a bigger interest in the oil industry with Berkshire Hathaway’s recent $10 billion investment to back Occidental Petroleum’s bid for Anadarko Petroleum, and he said it’s a bet on the Permian Basin. “I mean the Permian Basin is four million barrels a day. It’s incredible,” Buffett told CNBC’s Becky Quick in an interview before the start of Berkshire’s 2019 annual meeting at the CHI Health Center in Omaha, Nebraska. “Remember it was the last great find in the United States 40 years ago or more…The United ...