Global commodities trader Trafigura has completed the purchase via a wholly-owned subsidiary of a 10% stake in Rosneft’s Vostok Oil project in the Arctic, the company said on Tuesday.
Unusual or harrowing would probably be good terms to describe 2020.
QATAR National Bank (QNB) aims to increase its profit by 5-8 per cent this year and loans and investments by 10-12 per cent, helped by expansion into faster-growing South-east Asia markets, its CEO told Reuters.
The total write-downs of the world’s seven supermajor oil companies and independent producers in the US and Canada are expected to exceed $150 billion in 2020, their highest level in at least a decade.
Global crude oil markets have lost about a fifth of their value in 2020 as strict coronavirus lockdowns paralysed much of the global economy, but prices have rebounded strongly from their lows as governments rolled out stimulus.
Oil product inventories at the UAE port of Fujairah remained relatively stable in the week to Dec. 28, drawing just 53,000 barrels, or 0.2%, from the previous week, the latest data from the Fujairah Oil Industry Zone showed.
The Asian gasoline market is facing a fragile 2021, plagued by issues on the demand side carried over from 2020 while grappling with a wave of fresh supply from new outlets in the region while more refinery closures loom on the horizon.
South Korea’s consumer prices grew less than 1 percent for the third straight month in December, data showed Thursday, indicating low inflationary pressure in Asia’s fourth-largest economy amid the new coronavirus outbreak.
Global oil demand is expected to rebound from the nadir of COVID-19 lockdowns in 2021, but the expected surge of Middle Eastern crudes and robust biofuel growth has implications for the global crude slate and refiners alike.