Tag Archives: Business Recorder

BP’s trading arm made nearly $4 billion in 2020, according to a copy of an internal BP presentation seen by Reuters, almost equalling the record trading profit in 2019 despite the collapse in oil demand caused by the pandemic. Trading revenue for majors such as BP and rival Royal Dutch/Shell …

Qatar Petroleum, the world’s top liquefied natural gas (LNG) producer, is cranking up the pressure on high-cost rivals with bold expansion plans that will boost supplies over the coming decade and potentially push prices down further. As competitors struggle to break even due to lower prices, the Qatari firm last …

Saudi Arabia, the world’s biggest oil exporter, beat Russia to keep its ranking as China’s top crude supplier in 2020, Chinese government data showed on Wednesday. Oil demand in China, the world’s top oil importer, remained strong last year even as the coronavirus crisis hammered global appetite. Chinese imports rose …

China’s natural gas output is expected to surpass crude oil production around 2025, China National Petroleum Corp (CNPC) oil and gas exploration expert Zou Caineng said on Friday. Domestic natural gas output from CNPC, China’s largest producer, topped 130 billion cubic metres (bcm) in 2020, up 11.6 bcm from the …

Energy giant Saudi Aramco said Monday it had hired banks to sell dollar-denominated bonds, to boost finances as the coronavirus pandemic weighs heavily on global demand for crude oil. This comes two weeks after the company, seen as Saudi Arabia’s main cash cow, posted a 44.6 percent slump in third-quarter …

US energy firms cut the number of oil and natural gas rigs operating to a record low for a 15th week even as higher oil prices prompt some producers to start drilling again. The US oil and gas rig count, an early indicator of future output, fell by three to …

Dubai’s stock market traded lower early on Sunday, hurt by losses at financials and property shares, while other major bourses in the Gulf were little changed. Saudi Arabia’s benchmark index rose 0.3pc, with Al Rajhi Bank gaining 0.7pc, while oil giant Saudi Aramco was up 0.3pc despite reporting a fall …

The United States has increased oil supply to Europe in July for the first month since May, making up for output cuts from OPEC+ members, according to traders and Refinitiv Eikon data. US crude supply to Europe reached nearly 31 million barrels in July, according to Refinitiv Eikon data as …

Oil prices fell on Friday, pressured by tensions between the United States and China, but some supportive economic data in Europe tempered losses. Brent crude futures fell 34 cents to $42.97 a barrel by 1:11 p.m. EDT (1711 GMT). US West Texas Intermediate (WTI) crude futures slipped 18 cents to …

US natural gas futures fell over 2% on Thursday, following a 3% decline in crude futures related to worries about ongoing coronavirus demand destruction despite a report showing a smaller-than-usual weekly gas storage build that was in line with estimates. That price drop also came as gas output slowly rises …