Oil majors Royal Dutch Shell and ExxonMobil could see a 10 to 15 percent hit to profit margins at their Singapore refineries when the city state imposes a carbon tax in 2019, one analyst told CNBC. On Monday, Singapore announced its intention to introduce a carbon tax of between S$10 ($7.10) and S$20 ($14.10) per tonne of greenhouse gas emissions. That will impact 30 to 40 large direct emitters in the country, including power stations and refineries, the government said. &quo
The U.S. exported a record amount of crude oil, topping a million barrels a day for a second week and filling the gap in world markets created by OPEC cutbacks. Shale and other U.S. producers sent 1.2 million barrels of crude oil onto world markets last week, up nearly 200,000 barrels a day from the week earlier and about 350,000 barrels above the four-week average, according to Energy Information Administration data. Until recently, the U.S. was exporting about 500,000 barrels a day. "OPEC's got
Eleven non-OPEC oil producers that joined a global deal to cut output to boost prices have delivered at least 60 percent of promised curbs so far, OPEC sources said on Wednesday, higher than initially estimated. The Organization of the Petroleum Exporting Countries, Russia and other producers agreed to cut production by 1.8 million barrels per day (bpd) from Jan. 1 to boost prices and get rid of a supply glut. Compliance numbers were reviewed at a meeting in Vienna on Wednesday comprised of
Increased U.S. shale production, a stronger dollar and a price war are among the risks that could push down the price of oil, according to the Bank of America Merrill Lynch. The investment bank lowered its price forecast for Brent crude from an average of $55-$75 per barrel through 2022 down to an average of $50-$70 in its latest global energy paper. While oil prices have recently recovered thanks to increased consumption and about 90 percent of the OPEC oil-producing cartel sticking to agreed production
Crude oil prices could shoot up to $70 a barrel by the end of 2017 as supply and demand levels continue to rebalance in coming months, according to analysts at Citi. Nearer-term, the research team has raised price estimates modestly by $5 to an average $55 per barrel for the first quarter and by $2 to an average $56 per barrel for the second quarter. Yet investors will likely have to wait a few more months for a more sustained rise, says Citi in the note published Tuesday, as Brent traded up marginally to
BHP Billiton (ASX, NYSE:BHP) (LON:BLT), the largest mining company by market capitalization, sees potash as a key commodity in which to base its future growth despite prices are still hovering just above $210 a tonne, less than a half the what they were only five years ago. “Our preference long term is to grow in oil and copper, then possibly potash,” the firm’s chief executive officer Andrew Mackenzie said when releasing first half of the year results Tuesday. BHP seems t
Oil majors Royal Dutch Shell and ExxonMobil could see a 10 to 15 percent hit to profit margins at their Singapore refineries when the city state imposes ... Full Story
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