Import of palm oil by India bounced after its first drop in a year. The growing demand coupled with harvest failure boosted the purchase of palm oil from overseas suppliers.
Tags: Oil industry
LNG price continues to fall amid oversupply from producers
LNG supporters are worried about the continuous fall in the industry amid oil price recovery. Liquefied natural gas prices continue its downhill slide despite a 50% surge in Brent oil prices.
Weakening steel demand in China will improve prices within 2018
The steel industry of China is expected to shrink rapidly, stopping global price fall. The steel industry across the world is fighting the problem of over production as demand weakens in China.
Fortescue H1 profit slips amid poor commodity prices
Fortescue Metals reported a 4% decline in its first six-month net profit owing mainly to the fall in commodity prices. The company has declared an interim dividend of A$0.03 (fully franked).
BHP Billiton chases oil more closely than iron ore
Shares of BHP Billiton, a mining and petroleum firm in Melbourne, started chasing oil prices very closely as they entered into the horrible downturn period in the oil industry. Analysts expect the miner to rally by nearly 50% in the coming months.
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US oil explorers are expected to report a combined loss of about $14 billion for the year 2015, as a result of the sharpest oil price slump in a generation. Bankruptcies and disappointing debt exchanges have led the oil explorers to cut thousands of staffs, trim dividends, and abandon drilling projects to preserve capital and resist insolvency.
Schlumberger Ltd, on Thursday, reported a net loss of $1 billion for the fourth quarter and also said that it has axed 10,000 additional employees, as an effort to adjust its resource and cost base.
Capital outflows from developing markets were higher than it was anticipated last year, according to a report by Institute of International Finance. The reason behind this oceanic change in emerging markets cash flow is China, which dragged out 676 billion US dollar.
Chevron said that its subsidiaries in Australia have entered into a non-binding Heads of Agreement with ENN LNG Trading Co. Ltd to sell liquefied natural gas to China. The delivery of LNG will be commenced in the first six-month of 2019, according to the company.
Saudi Arabia oil minister Ali al-Naimi said that stability in the oil market will be attained only through the cooperation amid major manufacturers and this would take time. Ali al-Naimi added that although the worldwide oil market has been experiencing an instability for over 12 months, he is hopeful regarding the return and future of the oil market.
Exxon Mobil said on Friday it will wind down drilling in Russia's Arctic in the face of U.S. sanctions targeting Western cooperation with Moscow's oil sector, after the Obama administration granted a brief extension to safely mothball its operations.
Russia's Rosneft agreed to double its oil supplies to China on Friday. (Photo : Reuters)The image shows the company logo in a Rosneft petrol station.
Oil India Ltd., and Oil & Natural Gas Corp., will acquire Mozambique's Videocon Industries Ltd., to increase their overseas production and oil reserves.
Nigeria sees the decrease on US oil sales imports as a chance for the country to have more oil industries opened.
