Oil

by Danessa Rivera – The Philippine Star, 26 Nov 2021 MANILA, Philippines — AC Energy Corp. (ACEN) is removing oil exploration and mining in its primary and secondary purposes in line with the company’s goal to achieve net zero emissions by 2050.

by Edu Punay – The Philippine Star, 13 Nov 2021 MANILA, Philippines — The House ways and means panel has passed the measure seeking to suspend excise tax imposed on oil products amid soaring market prices.

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by Devika Krishna Kumar, David Gaffen, Nov 4, 2018 (Reuters) – The oil market’s two-year bull run is running into one of its biggest tests in months, facing a tidal wave of supply and growing worries about economic weakness sapping demand worldwide. That changed in the last week. The world’s three largest producers – Russia,…

by RONNEL W. DOMINGO, Philippine Daily Inquirer, Sept 04, 2018 Local fuel prices went up for the fourth week in a row as the global market anticipated losing significant output from Iran, which is facing economic sanctions from Western countries.

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by Huileng Tan, CNBC, May 23, 2017 Goldman warns of 2018 oil glut amid optimism over OPEC cut extension There are risks for a renewed surplus next year in crude oil markets, Goldman Sachs analysts wrote in a report published on Monday.

by Brian Wingfield and Firat Kayakiran, Bloomberg, Dec. 16, 2016 OPEC’s quest to end a global crude glut already snapped a two-year slump in oil prices. Now attention is turning to how the group’s surprise decision to cut output will transform international trade flows of the world’s most important commodity.

by Javier Blas and Angelina Rascouet, December 8, 2016 Will Opec Non-Members Agree to Cuts? OPEC is likely to bring the oil market into balance by the middle of next year, but its production cut looks set to fall short of its stated goal of draining the stockpiles that are depressing prices. The oil market…

by Sam Wilkin @MrSamWilkin, November 8, 2016 OPEC raised its forecast for global oil demand next year and through the end of the decade, anticipating that cheaper crude will spur consumption even as economic growth slows.

By Amanda Cooper, http://www.reuters.com/article/us-oil-outlook-iea-idUSKBN13B0OP?feedType=RSS&feedName=topNews&utm_source=twitter&utm_medium=Social The International Energy Agency expects global oil consumption to peak no sooner than 2040, leaving its long-term forecasts for supply and demand unchanged despite the 2015 Paris Climate Change Agreement entering into force.

Oil declined, as rising US crude stockpiles kept supplies at the highest level in more than eight decades. Futures slid as much as 1.5 percent in New York, after closing little changed on Wednesday. Inventories expanded for a seventh week to 534.8 million barrels, according to a report from the Energy Information Administration (EIA). Imports…

Some 1.23 million semiskilled or low-skilled overseas Filipino workers (OFWs) could lose their jobs should the price of oil in the world market continues to fall, Department of Labor and Employment (DOLE) officials told the House of Representatives.

Concerns on the possible fall of the country’s remittances once oil-producing countries start laying off jobs have been “overblown,” according to the research group of an international financial institution.

Cheap oil should be a good thing for a country like the Philippines that imports almost all of its fuel, but there are 10 million reasons why that may not be the case.

Mario Draghi may have to up the ante, and he has oil to blame. More than 60 percent of economists surveyed by Bloomberg predict the European Central Bank president will announce more stimulus this year, up from 40 percent in December, after a renewed oil-price slump depressed the outlook for euro-area inflation. Fifty-seven percent of…

MANILA, Philippines – A recruitment consultant warns that falling oil prices may result in lower deployment of overseas Filipino workers (OFWs) and a consequent decrease in dollar remittances as Middle East economies contract.

The sudden fall of oil prices since the middle of last year has turned the tables of economic calculus for better growth. “Cheap oil is with us for some time.” The sudden drop of oil prices from $115-$120 per barrel early in 2014 toward $80, then $70, and recently bottoming even to $45 per barrel,…

If you have been watching the business news channels on cable you couldn’t have missed the excitement over softening international oil prices. The same message was reinforced by energy expert Daniel Yergin, whose well attended lecture at the Makati Shang last Tuesday examined the future of energy.

As of this writing, the issue between the Petroleum Distributors and Services Corp (PDSC) and Chevron is still brewing. PDSC filed a petition before the Department of Justice to hold the officers and directors of Chevron criminally liable for organizing themselves and subsequently engaging in the retail business through the so-called COCOs.

MANILA, Philippines – Major oil companies jacked up prices anew, marking the seventh consecutive week of price increases and the fourth for the month of June.

As a former oil industry executive, looking at how the new independent oil companies are gnawing away at the market share of the majors day in and day out, I can’t say I envy my former colleagues, some of them I had welcomed into the fold fresh out of college those days.

MANILA, Philippines – In what could be a test case for its strengthened powers to prosecute cases of oil cartelization, the Department of Justice (DOJ) has been asked to indict officials of oil giant Chevron Philippines Inc., producers of Caltex petroleum products, for alleged predatory pricing through its service stations in Metro Manila.

If the Electric Power Industry Reform Act (EPIRA) or RA 9136 of 2001 had found it difficult to straighten out the power industry’s complex problems to help the Filipino consumer through lower prices and stable electricity supply, the Downstream Oil Industry Deregulation Act of 1998 seems to be getting somewhere.

FOURTEEN YEARS ago, the Philippines acted boldly, embracing oil industry deregulation and bidding goodbye to the oil regulated regime. Overwhelming evidence supports the view that oil deregulation works, that local pump prices behave in sync with world prices, and that oil firms’ profits are reasonable. Reverting to the old, unjust (oil companies made huge profits…

Next week marks the two-year anniversary of the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Dodd-Frank is the bill President Obama signed into law to protect consumers and rein in risky Wall Street behavior after the housing and financial crisis made clear that the world of finance is rigged to benefit…

Rolled back prices being imposed by some of the oil companies in the country should be higher considering the continuing reduction in cost of imported fuel products and those in the world market, Sen. Ralph Recto yesterday said.

Junking the 12 percent expanded value-added tax on refined fuels can bring down pump prices and soften prices of foodstuffs and other prime commodities towed upwards by skyrocketing fuel costs.