The aggregate net profit for major oil exploration and production companies grew 0.92% in the September quarter, primarily led by Reliance Industries Ltd. Despite an increase in sales production, the aggregate revenue fell 0.44% due to a decrease in price realisations amid volatile crude prices.
OPEC continues to view the oil market fundamentals as strong with Chinese crude imports set to increase to a new annual record in 2023, the cartel said on Monday, describing the most recent negative market sentiment as exaggerated.
Rating agency, Fitch, is warning that higher-than-expected oil prices in a scenario where the Middle East conflict disrupts oil supply would cause lower economic growth and higher inflation.
Crude oil prices began the new week with a loss earlier today, with a renewed focus on demand in China and the United States weighing on benchmarks.
Veros Petroleum is an oil marketing company that covers various aspects of the oil marketing industry, including retailing, bunkering, bulk distribution, LPG and gas services, and other related sectors. We cater to retail markets with stations dispersed nationwide, primarily in strategic regions, and continue to expand. As one of the rapidly developing companies, we take pride in our competitive pricing, exceptional services, top-notch product quality, and more. Moreover, we also provide bulk supplies to mining and construction sites. Our company was officially registered in 2020, but our journey began back in 2016 when we started as a small supply chain business, dealing with lower volumes and quantities. Over time, we have evolved into the company we are today.
Saudi Aramco reports a profit decline but exceeds analyst expectations and maintains large investor dividends.
Oil prices have nearly erased all year-to-date gains as shrinking refining margins signal weaker demand for oil.
Oil fell below US$80 a barrel for the first time in more than two months as fresh doubts on whether the Federal Reserve has finished tightening outweighed Saudi Arabia and Russia’s supply cuts.
Saudi Aramco, the world’s largest oil exporter, reported more than a 23% year-on-year decline in its net income for the third financial quarter to $32.6 billion due to relatively lower crude prices and production cuts.
Iran has urged OPEC members to halt oil exports to countries supporting Israel, echoing the 1973 oil embargo, which dramatically increased oil prices and altered global economies.