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Oil prices rose > 1% today as the Keystone pipeline remains shut, easing of Zero Covid19 policy in China, on concerns that Russia could reduce output and US Treasury Secretary Janet Yellen forecast a substantial inflation in the US next year.
We need more oil please..
Petronas would work with JX Nippon Oil & Gas Exploration Corp to monetise gas potential in the Bujang, Inas, Guling, Sepat & Tujoh (BIGST) fields located off Kerteh, Terengganu.
Brent Crude Oil jumped from previous low USD 75.5 to USD 78.5 as of now. Market analysts expect crude oil prices will rise further this Thursday after FOMC meeting which US Fed will ease tightening interest rates to permit more economic activities in the US.
Oil closed at usd83+ plus Russia announced soon going to cut production output. In other hand USA waiting for good price to refill back SPR. Do you think Russia and Opec+ allowed USA to refill SPR at cheapest price, I don'tthink so. If buy at 10c then why sell for penny profit...it won't go below that. Oil in good position to touched usd 100 again...soon, perhaps more higher...
After two weeks of silence in detailing how it would react to the G7 oil price cap, overnight the Kremlin raised the stakes for the west when state-run Tass news service quoted Deputy Prime Minister Alexander Novak as saying that Russia may reduce output by 500,000 to 700,000 barrels a day in response to the cap.
Opec+ already backlog around 300,000 to 400,000 barrels per day. Now Russia going cut another 500,000 to 700,000 barrels per day. Almost 1,000,000+- barrels shortfall. SPR will consume another 300,000 to 400,000 barrels to refill back. Do your own work. Best luck all.
Velesto Energy or previously known as UMW Oil&Gas is among top tier Oilngas main contractor same par with SAPNRG, Petrofac and etc. On top of new oil exploration & development with Japan near Kertih offshore and Malay Basin with Hess EP, 5 more olifields discovery in Sarawak and 1 in Sabah.
Recession as Western media prediction in 2023 apparently on in Western economies as they are based on traditional industries e.g. manufacturing. China, Russia on the other hand, saw improved GDP growth as they pour their money overseas in infrastructures e.g. new maritime route which skips traditional route, railroads from China across Central Asia to St Petersburg, new Gas & Crude oil pipelines in Siberia to Beijing and all..
Behind every threat, there is an opportunity.