By David Koenig The Associated Press Tues., Dec. 4, 2018 A rally in oil prices after a two-month slide indicates traders are betting that OPEC and its allies including Russia will agree to produce less crude. Representatives of oil-producing nations will hold a highly anticipated meeting Thursday in Vienna, with analysts predicting that they will agree on a cut of at least 1 million barrels a day in an effort to bolster prices. Russian President Vladimir Putin boosted expectations for a deal when he said at the G20 summit over last weekend that Russia and Saudi Arabia have agreed to extend an attempt by OPEC to balance oil supply and demand — although he provided no figures. Crude prices began falling in October and continued to plunge last month due to oversupply and fears that weaker global economic growth would dampen energy demand. The price of both benchmark U.S. crude and the standard for internationally traded oil fell 22 per cent in November. On Monday, … [Read more...] about Oil prices perk up on trade truce, possible OPEC decision
Will oil prices go up
SINGAPORE: With international oil prices at their highest in more than three years, motorists here could find themselves paying more to fill up their tanks on the next visit to the petrol station. A check across petrol retailers in Singapore showed prices inching up and experts said costlier crude oil may further fuel the increase. The most popular 95-octane grade petrol, for instance, has risen about 10 cents since January to S$2.31 a litre before discount at Singapore Petroleum Company (SPC), Shell and Caltex, according to prices available on their websites on Monday (May 28). For the premium 98-octane grade, prices ranged from S$2.61 to S$2.69, up at least 12 cents year to date. Selling at S$2.27 a litre at SPC and Caltex, the cheapest 92-octane petrol also edged up by 10 cents and seven cents, respectively, since the start of the year. Diesel prices rose at least 11 cents over the past five months to retail between S$1.74 to S$1.76. Over the same … [Read more...] about With higher oil prices, how much more will it cost to fill up your petrol tank?
Rising oil prices – culprit behind high inflation, CA deficit The surge in inflation, which rose to a five-year high of 4.5 percent in April, has been blamed on the TRAIN Law, the weak peso, and many other factors. But one of the main culprits why inflation is surging is the sharply higher oil prices - already up by 50 percent year-on-year. Effect on inflation The sharp surge in crude oil prices the past year had a huge effect on the country’s inflation rate, especially since the Philippines is a net oil importer. High oil prices directly affect the prices of crude oil and petroleum products we import. In addition, it indirectly adds to inflation through higher transportation and manufacturing costs. Impact on the trade balance The effect of high oil prices on the domestic economy is also evident when we look at the latest trade data from the Philippine Statistics Authority (PSA). While imports are basically flat (up 0.1 … [Read more...] about Rising oil prices – culprit behind high inflation, CA deficit
KUALA LUMPUR: Despite higher oil prices, petrochemical firm Lotte Chemical Titan Holdings Bhd foresees its profit margin remaining at a reasonable level given strong demand for petrochemical products with limited market supply capacity. "Our business is a margin game. As long as there is strong demand with limited supply, the margin will be maintained. If oil prices go up, the polymer prices will pick up as well," Lotte's executive vice president of corporate planning Philip Kong told reporters after the group's first AGM since its listing on July 11, 2017. Kong expects oil prices to range between US$50 and US$70 per barrel this year. "That's fine with our industry because we believe with demand, the market can absorb any increase in our polymer prices," he explained. Lotte produces olefins and polyolefins, which are raw materials for plastic product manufacturing. … [Read more...] about Lotte Chemical not seeing margin squeeze despite rising oil prices
Oil prices surged more than 12 percent after producers' cartel Opec agreed to the first output cut since 2008. Oil rallied past US$50 a barrel after the Organization of the Petroleum Exporting Countries, alongside Russia, committed to an output reduction of more than 1.2 million barrels a day.Consensus had eluded recent Opec meetings that discussed a output reduction as a means to address the supply glut in the market primarily because of political differences between major members Saudi Arabia and Iran.Wednesday's landmark decision came after Riyadh and Tehran finally papered over the differences. Russia had agreed to an output reduction contingent on the Opec reaching a unified stand. With Moscow committing an output reduction of nearly 300,000 barrels a day the major producers have now lined up to put in place a brace for the falling prices. The output cut will come into force on January 1 and will remain in place for six months.Though oil markets received the news with a robust … [Read more...] about Will oil price stay higher after Opec-Russia output reduction?