Catégorie Economics

WTI falls for third day as U.S. stockpiles expand / Brent steady

West Texas Intermediate fell for a third day after U.S. government data showed distillate and crude inventories increased in the world’s biggest oil consumer. Brent was steady in London. Futures dropped as much as 0.6 percent in New York, extending a 1.8 percent loss on March 6, the most in two months. Distillate stockpiles, including […]

Refining overcapacity hits oil majors

Squeezed margins in the global refining industry are hurting the world’s largest oil companies, as Royal Dutch Shell, Total and ExxonMobil all blamed poor quarterly earnings on a decline in their downstream businesses. Results from Shell were the most disappointing last Thursday, as its profit dropped almost a third to $4.5bn. ExxonMobil’s profit fell 18 […]

Technip sees strong 2014

French oilfield services firm Technip stated Thursday that it has a strong, diversified book of business that will drive revenue growth in 2014. This is despite the firm’s CEO saying that he sees a more strict « discipline » from its oil and gas major clients in terms of capital expenditure. Reporting its third quarter results for […]

Sinopec profit precedes Li’s plan to reduce State role

PetroChina Co. and China Petroleum & Chemical Corp., the country’s largest energy companies, increased profit in the third quarter as a new policy helped them raise fuel prices, foreshadowing Premier Li Keqiang’s plan to reduce state intervention in the economy. China Petroleum, known as Sinopec, reported a 20 percent jump in net income to 22 […]

Total outperforms BP as investors reward spending cuts

France’s Total SA (FP) is the best-performing stock among the world’s five biggest non-state oil companies this year and has overtaken BP Plc in market value. It’s also the only one that’s promised to cut capital spending. All five report third-quarter earnings this week. Chief Executive Officer Christophe de Margerie said last month that Total […]

China tops US as leading net oil importer

China has overtaken the US to become the world’s largest net oil importer, according to US estimates, as its steady increase in imports has crossed over with the steep decline in America. The US government’s Energy Information Administration said on Tuesday that in September the gap between oil consumption and domestic production averaged 6.24m barrels […]

Oil traders face uncertain times

Vince Cable, currently the UK’s secretary of state for business, innovation and skills, once said: “When my job was attempting to predict future economic developments for the Shell oil company, I was frequently reminded of an Arabic saying: ‘Those who claim to foresee the future are lying, even if by chance they are later proved […]