KOTA KINABALU: Sabah has obtained RM1.5bil in revenue from crude oil and gas sales since 2023. This is after state-owned SMJ Energy Sdn Bhd (SMJE) reached its seventh crude oil lifting under the Samarang Production Sharing Contract (PSC) in December 2024. In a statement on Saturday (Dec 14), SMJE said this lifting involved approximately 300,000 … Read more
Photo: AFP Ankara: Turkey on Monday denied reports claiming that it is allowing crude oil shipments to Israel via the Baku-Tbilisi-Ceyhan (BTC) pipeline. The BTC pipeline, which originates in Azerbaijan and passes through Georgia before reaching Turkey’s Ceyhan port, exports oil from Azerbaijan’s oil fields in the Caspian Sea. In a statement, Turkey’s Energy and … Read more
India’s export of fuels like diesel to the European Union jumped 58% in the first three quarters of 2024, with a bulk of them likely coming from refining discounted Russian oil, according to a monthly tracker report. The EU/G7 countries in December 2022 introduced a price cap and an embargo on the imports of Russian … Read more
New Delhi: With elevated crude oil prices amid global geo-political situations, the rupee on Friday, October 11 breached the 84-mark against the US dollar for the first time. The rupee traded lower by 0.12 at 84.09, pressured by the recent rise in the dollar index from $100.50 to $102.40 and its steady hold. According to … Read more
The volatility of international oil markets hit home again earlier this week, as crude prices tumbled to their lowest levels in more than a year. Just a couple of weeks ago, West Texas Intermediate (WTI) prices — North America’s benchmark for crude oil — were around $75 US a barrel. This week, prices skidded to … Read more
Mumbai: The rupee fell 1 paisa to close at an all-time low of 83.72 (provisional) against the US dollar on Thursday, dragged down by demand for the American currency in the overseas market and significant foreign fund outflows. Forex traders said the fall in domestic unit came on the heels of a significant downturn in … Read more
Mumbai: The rupee declined 3 paise to 83.69 against the US dollar on Tuesday after the government raised tax rates on capital gains in the FY25 Budget. Besides, a weak tone in the US dollar and weakness in crude oil prices also put pressure on the domestic unit, forex traders said. At the interbank foreign … Read more
Warren Buffett’s Berkshire Hathaway is going heavy on oil and gas exploration and production company Occidental Petroleum (NYSE: OXY), having bought 7.26 million shares of the company at prices hovering around $60 since June 5, according to the Omaha-based company’s latest Form 4 filings with the US Securities and Exchange Commission. Buffett now holds 255.28 … Read more
In a significant shift, the Kingdom of Saudi Arabia (KSA) has decided not to renew its 50-year petrodollar deal with the United States (US), which expired on Sunday, June 9. “Saudi Arabia’s 50-year-old petrodollar agreement with the United States has expired, with no new agreement in place,” BRICS News wrote in a post on X. “Saudi Arabia … Read more
Ahead of Canada’s plan to move the Trans Mountain pipeline to Indigenous ownership, the federal government is changing how it manages the pipeline, according to a notice published Wednesday on the federal government’s official newspaper, Canada Gazette. The Canada Development Investment Corporation and Trans Mountain Corporation will no longer need authorization from a top official, the governor … Read more
