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Tag Archives: global oil glut

Oil futures slip further after oversupply forecast

TOKYO – Crude oil futures slipped in early Asian trade, adding to a slump on Friday following a forecast from the International Energy Agency (IEA) that the global glut of oil is likely to deepen next year. Brent crude, the global benchmark, fell below $38 a barrel for the first time since December 2008 on Friday after the IEA said ...

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Tanker rate spike dents efforts to store oil glut at sea

LONDON – Record high freight rates are creating more headaches for traders looking to house millions of barrels of unsold crude oil and who already face potential losses due to record high stocks. They have to decide on whether to use tankers for longer term storage until they can sell their cargoes, or dump them at even more discounted prices ...

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Malaysian oil and gas players earnings at risk

KUALA LUMPUR — Petroliam Nasional Bhd’s (Petronas) poor performance and sober prediction for the oil and gas industry next year spell a challenging outlook for the industry players with earnings at risk. Analysts are underweight on the sector for 2016, with some pointing out that preservation of cash flow would be key as Petronas cuts down on its spending. UOB ...

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Berkeley: Environmentalists warn of state refinery projects amid oil glut

BERKELEY — A coalition of environmentalists warned against the ravages of the “oil economy” Tuesday, noting that Americans, reversing a years-long trend, have begun to drive more again now that gasoline is relatively cheap, putting more pollutants and greenhouse gases in the air, with ominous implications for public health and climate change. “The world is awash in oil,” journalist and ...

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Iran to clients: Buy our oil and get joint ventures too

SEOUL – Iran has unveiled details for long-awaited foreign cooperation contracts which it hopes will attract oil buyers and investors to modernize its aging infrastructure, including offers to take part in joint ventures to extract its huge reserves. The United Nations endorsed a deal in July to end years of economic sanctions on the Islamic republic over its nuclear program, ...

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Expectations of Saudi oil shake-up stir uncertainty

DUBAI/RIYADH – A shake-up of Saudi Arabia’s oil leadership by King Salman has introduced a new element of unpredictability to its energy policymaking at a moment when Riyadh is grappling with slumping crude prices and its war in neighboring Yemen. State oil giant Aramco has been without a permanent chief executive since April, when Khalid al-Falih was made health minister, ...

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Oil futures crash no help to sellers of the real thing

LONDON/MOSCOW – When oil futures markets crash – as they have this summer – physical markets often move the other way as refiners jump on the opportunity offered by cheap oil to stockpile. With futures prices now hovering around six and a half year lows, the physical market would typically begin to strengthen and signal a potential rebound in futures ...

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Iran says an OPEC emergency meeting may stop oil price slide – Shana

DUBAI – Iran’s Oil Minister, Bijan Zanganeh, said on Sunday that holding an emergency OPEC meeting may be “effective” in stabilizing the oil price, Iran’s oil ministry news agency Shana reported. Algeria said earlier this month that the Organization of Petroleum Exporting Countries could hold an emergency meeting to discuss the drop in oil prices but other OPEC delegates said ...

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