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2023-02-11 08:06 | Report Abuse
Oil prices posts gains after Russia says it will cut output by 500,000 barrels a day
PUBLISHED FRI, FEB 10 2023 6:18 AM EST
UPDATED 3 HOURS AGO
Ruxandra Iordache
https://www.cnbc.com/amp/2023/02/10/oil-prices-rise-after-russia-says-it-will-cut-output.html
Russia will cut oil output by 500,000 barrels per day in March, Deputy Prime Minister Alexander Novak said on Friday, following Western bans on Moscow's crude and oil products implemented in the past few months.
The announced production decline amounts to roughly 5% of Russia's latest crude oil output, which Paris-based watchdog the International Energy Agency estimated was down at 9.77 million barrels per day in December.
The Brent contract for April delivery rose 2.24% to settle at $86.39 a barrel, having risen more than 8% for the week. U.S. West Texas Intermediate crude futures rose 2.13% to settle $79.72 a barrel, and rose 8.63% for the week for to notch the best week since October.
Novak said that the reduction will "help restore market relations," according to a Google translation of comments reported by state news agency Tass.
He noted that the cut does not apply to gas condensate and will be calculated from actual output levels, not from Russia's quota under the OPEC+ output agreement. The decision was not made in consultation with the OPEC+ coalition, which Moscow co-chairs.
OPEC+ producers must typically agree consensus on output policy, with members bound to their targets. But the group has previously allowed voluntary gestures that honor the spirit of existing output agreements — in this case, the Russian decline would build on a previous OPEC+ decision to lower production by a combined 2 million barrels per day, agreed in October last year.
Other OPEC producers facing sanctions, such as Venezuela and Iran, have requested and received exemptions from their production quotas. Several OPEC+ delegates previously told CNBC that Russia had so far signaled no intention to ask for similar accommodations.
The EU implemented bans on seaborne imports of crude oil on Dec. 5 and of oil products this week. Under a program passed by the G-7 wealthiest nations, Western providers may continue to supply key financial and shipping services to transport Russian volumes to non-G7 destinations, provided these fuels are purchased beneath specific price caps.
"As previously stated, we will not sell oil to those who directly or indirectly adhere to the principles of the 'price ceiling'," Novak reiterated on Friday, adding that the price cap program could lead to oil and oil products shortages.
"Lower Russian production together with China's reopening should tighten the oil market further over the coming quarters," UBS Strategist Giovanni Staunovo said in a Friday note to clients.
Stock
2023-02-11 08:05 | Report Abuse
Oil prices posts gains after Russia says it will cut output by 500,000 barrels a day
PUBLISHED FRI, FEB 10 2023 6:18 AM EST
UPDATED 3 HOURS AGO
Ruxandra Iordache
https://www.cnbc.com/amp/2023/02/10/oil-prices-rise-after-russia-says-it-will-cut-output.html
Russia will cut oil output by 500,000 barrels per day in March, Deputy Prime Minister Alexander Novak said on Friday, following Western bans on Moscow's crude and oil products implemented in the past few months.
The announced production decline amounts to roughly 5% of Russia's latest crude oil output, which Paris-based watchdog the International Energy Agency estimated was down at 9.77 million barrels per day in December.
The Brent contract for April delivery rose 2.24% to settle at $86.39 a barrel, having risen more than 8% for the week. U.S. West Texas Intermediate crude futures rose 2.13% to settle $79.72 a barrel, and rose 8.63% for the week for to notch the best week since October.
Novak said that the reduction will "help restore market relations," according to a Google translation of comments reported by state news agency Tass.
He noted that the cut does not apply to gas condensate and will be calculated from actual output levels, not from Russia's quota under the OPEC+ output agreement. The decision was not made in consultation with the OPEC+ coalition, which Moscow co-chairs.
OPEC+ producers must typically agree consensus on output policy, with members bound to their targets. But the group has previously allowed voluntary gestures that honor the spirit of existing output agreements — in this case, the Russian decline would build on a previous OPEC+ decision to lower production by a combined 2 million barrels per day, agreed in October last year.
Other OPEC producers facing sanctions, such as Venezuela and Iran, have requested and received exemptions from their production quotas. Several OPEC+ delegates previously told CNBC that Russia had so far signaled no intention to ask for similar accommodations.
The EU implemented bans on seaborne imports of crude oil on Dec. 5 and of oil products this week. Under a program passed by the G-7 wealthiest nations, Western providers may continue to supply key financial and shipping services to transport Russian volumes to non-G7 destinations, provided these fuels are purchased beneath specific price caps.
"As previously stated, we will not sell oil to those who directly or indirectly adhere to the principles of the 'price ceiling'," Novak reiterated on Friday, adding that the price cap program could lead to oil and oil products shortages.
"Lower Russian production together with China's reopening should tighten the oil market further over the coming quarters," UBS Strategist Giovanni Staunovo said in a Friday note to clients.
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2023-01-04 13:30 | Report Abuse
leedavid, What are the new projects that Alam grabbed ?
Where you get the news ?
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2022-12-20 09:22 | Report Abuse
Hi leedavid, where u get the news that Alam will out from PN17 ?
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2022-11-30 12:53 | Report Abuse
Will follow hng33 to buy back Armada shares later…
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2022-11-30 12:52 | Report Abuse
Follow hng33 to sold armanda at 45.5sen, also took profit first…
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2022-11-07 16:16 | Report Abuse
Yes, hng33’s analysis on Armada is always acculate, So guys, please take profits first and wait for re-enter at low low price ya !
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2022-11-07 15:57 | Report Abuse
i follow hng33 to in and out for Armada shares already making few round of profits !
Thanks hng33 !
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2022-11-07 15:57 | Report Abuse
Follow hng33 to unloaded all Armada shares at @0.425, take profits first then when hng33 re-enter then only i will follow hng33 to buy back Armada shares at low low price…
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2022-11-07 14:13 | Report Abuse
hng33, normally you will say sold all @0.425 to take profits first and wait for witness then only re-enter..
Your Purchase at @0.38 and unloaded all at @0.425 sure will make a hugh handsome profits !
But Why u even not unloaded all but to top up margin and sailang all at @0.425
Can tell us why ?
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2022-11-05 09:15 | Report Abuse
hng33, at what price we should closed position & take profits ?
Any idea ?
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2022-11-04 13:56 | Report Abuse
Like that today Armada going to limit up already liao lah !
Congrats to all the Armada die-hard supporters !
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2022-11-04 13:54 | Report Abuse
Shapoorji Pallonji builds floating rig for ONGC's KG wells
Named Armada Sterling V, the FPOS was built at the Sembcorp Shipyard in Singapore in association with Malaysia’s Bumi Armada group. The company has a 70:30 joint venture with the Malaysian group, Shapoorji Pallonji Oil & Gas said in a statement on Thursday.
https://energy.economictimes.indiatimes.com/news/oil-and-gas/shapoorji-pallonji-builds-floating-rig-for-ongcs-kg-wells/95287960
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2022-11-03 07:12 | Report Abuse
Walaoeh, oil price continue to spike up like mad !
Brent closed at=> $96.16 +1.51 +1.69 %
Like that today Serbadk will be limit up already liao lah !
Congratulations to all the Serbadk die hard supporters!
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2022-11-03 07:10 | Report Abuse
Walaoeh, oil price continue to spike up like mad !
Brent closed at=> $96.16 +1.51 +1.69 %
Like that today ICON will be limit up already liao lah !
Congratulations to all the ICON die hard supporters!
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2022-11-03 07:09 | Report Abuse
Walaoeh, oil price continue to spike up like mad !
Brent closed at=> $96.16 +1.51 +1.69 %
Like that today Alam will be limit up already liao lah !
Congratulations to all the Alam die hard supporters!
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2022-11-03 07:08 | Report Abuse
Walaoeh, oil price continue to spike up like mad !
Brent closed at=> $96.16 +1.51 +1.69 %
Like that today Velesto will be limit up already liao lah !
Congratulations to all the Velesto die hard supporters!
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2022-11-03 07:07 | Report Abuse
Walaoeh, oil price continue to spike up like mad !
Brent closed at=> $96.16 +1.51 +1.69 %
Like that today KNM will be limit up already liao lah !
Congratulations to all the KNM die hard supporters!
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2022-11-03 07:06 | Report Abuse
Walaoeh, oil price continue to spike up like mad !
Brent closed at=> $96.16 +1.51 +1.69 %
Like that today Sapnrg will be limit up already liao lah !
Congratulations to all the Sapnrg die hard supporters!
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2022-11-03 07:02 | Report Abuse
Walaoeh, oil price continue to spike up like mad !
Brent closed at=> $96.16 +1.51 +1.69 %
Like that today Armada will be limit up already liao lah !
Congratulations to all the Armada die hard supporters!
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2022-11-03 07:01 | Report Abuse
Walaoeh, oil price continue to spike up like mad !
Brent closed at=> $96.16 +1.51 +1.69 %
Like that today Hibiscs will be limit up already liao lah !
Congratulations to all the Hibiscs die hard supporters!
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2022-10-28 07:48 | Report Abuse
Walaoeh, oil price continue it’s bull run !
Brent closed at=> $96.96 +$1.27 +1.33 %
Like that today Serbadk will be limit up already liao lah !
Congratulations to all the Serbadk die hard supporters!
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2022-10-27 12:45 | Report Abuse
Oh my goodness, What happened ?
Morning session Beta was traded at=>
0.575 (-0.135) (-19.0 %%) !
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2022-10-27 09:47 | Report Abuse
Walaoeh, oil price spike up like mad !
Brent closed at=> $95.76 +$2.24 +2.3 %
Like that today Serbadk will be limit up already liao lah !
Congratulations to all the Serbadk die hard supporters!
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2022-10-20 18:01 | Report Abuse
FBM KLCI surges 22.62 points amid GE15 certainty
MARKETS
Thursday, 20 Oct 2022 5:18 PM MYT
https://www.thestar.com.my/business/business-news/2022/10/20/fbm-klci-surges-2262-points-amid-ge15-certainty
KUALA LUMPUR: The FBM KLCI jumped 1.6% while volume across Bursa Malaysia exceeded 2.7 billion shares amid certainty on Malaysia's 15th general election (GE15) timing.
The Election Commission announced earlier that GE15's polling date will be on Nov 19, with early voting set for Nov 15 while the nomination date is on Nov 5.
At 5pm, the market barometer jumped 22.62 points, or 1.6% to 1,437.72, its intraday high.
In the broader market, gainers outnumbered laggards 493-to-365. Activities were encouraging with 2.7 billion shares worth RM2.6bil changed hands.
Dealers said the local bourse is moving ahead strongly as GE15’s date is now certain.
Among the gainers on Bursa Malaysia, Hextar Technologies jumped RM2 to RM9.10, Nestle rose RM1.30 to RM134, Heineken added 78 sen to RM23.68 and Carlsberg gained 64 sen to RM22.84.
Malaysian Pacific Industries tumbled RM1.08 to RM25.16, Dutch Lady shed 74 sen to RM30.56, British American Tobacco lost 28 sen to RM10 and Ayer declined 25 sen to RM5.95.
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2022-10-20 18:01 | Report Abuse
FBM KLCI surges 22.62 points amid GE15 certainty
MARKETS
Thursday, 20 Oct 2022 5:18 PM MYT
https://www.thestar.com.my/business/business-news/2022/10/20/fbm-klci-surges-2262-points-amid-ge15-certainty
KUALA LUMPUR: The FBM KLCI jumped 1.6% while volume across Bursa Malaysia exceeded 2.7 billion shares amid certainty on Malaysia's 15th general election (GE15) timing.
The Election Commission announced earlier that GE15's polling date will be on Nov 19, with early voting set for Nov 15 while the nomination date is on Nov 5.
At 5pm, the market barometer jumped 22.62 points, or 1.6% to 1,437.72, its intraday high.
In the broader market, gainers outnumbered laggards 493-to-365. Activities were encouraging with 2.7 billion shares worth RM2.6bil changed hands.
Dealers said the local bourse is moving ahead strongly as GE15’s date is now certain.
Among the gainers on Bursa Malaysia, Hextar Technologies jumped RM2 to RM9.10, Nestle rose RM1.30 to RM134, Heineken added 78 sen to RM23.68 and Carlsberg gained 64 sen to RM22.84.
Malaysian Pacific Industries tumbled RM1.08 to RM25.16, Dutch Lady shed 74 sen to RM30.56, British American Tobacco lost 28 sen to RM10 and Ayer declined 25 sen to RM5.95.
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Stock: [ALAM]: ALAM MARITIM RESOURCES BHD
2023-02-11 08:07 | Report Abuse
Oil prices posts gains after Russia says it will cut output by 500,000 barrels a day
PUBLISHED FRI, FEB 10 2023 6:18 AM EST
UPDATED 3 HOURS AGO
Ruxandra Iordache
https://www.cnbc.com/amp/2023/02/10/oil-prices-rise-after-russia-says-it-will-cut-output.html
Russia will cut oil output by 500,000 barrels per day in March, Deputy Prime Minister Alexander Novak said on Friday, following Western bans on Moscow's crude and oil products implemented in the past few months.
The announced production decline amounts to roughly 5% of Russia's latest crude oil output, which Paris-based watchdog the International Energy Agency estimated was down at 9.77 million barrels per day in December.
The Brent contract for April delivery rose 2.24% to settle at $86.39 a barrel, having risen more than 8% for the week. U.S. West Texas Intermediate crude futures rose 2.13% to settle $79.72 a barrel, and rose 8.63% for the week for to notch the best week since October.
Novak said that the reduction will "help restore market relations," according to a Google translation of comments reported by state news agency Tass.
He noted that the cut does not apply to gas condensate and will be calculated from actual output levels, not from Russia's quota under the OPEC+ output agreement. The decision was not made in consultation with the OPEC+ coalition, which Moscow co-chairs.
OPEC+ producers must typically agree consensus on output policy, with members bound to their targets. But the group has previously allowed voluntary gestures that honor the spirit of existing output agreements — in this case, the Russian decline would build on a previous OPEC+ decision to lower production by a combined 2 million barrels per day, agreed in October last year.
Other OPEC producers facing sanctions, such as Venezuela and Iran, have requested and received exemptions from their production quotas. Several OPEC+ delegates previously told CNBC that Russia had so far signaled no intention to ask for similar accommodations.
The EU implemented bans on seaborne imports of crude oil on Dec. 5 and of oil products this week. Under a program passed by the G-7 wealthiest nations, Western providers may continue to supply key financial and shipping services to transport Russian volumes to non-G7 destinations, provided these fuels are purchased beneath specific price caps.
"As previously stated, we will not sell oil to those who directly or indirectly adhere to the principles of the 'price ceiling'," Novak reiterated on Friday, adding that the price cap program could lead to oil and oil products shortages.
"Lower Russian production together with China's reopening should tighten the oil market further over the coming quarters," UBS Strategist Giovanni Staunovo said in a Friday note to clients.