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Economy, Energy, Geostrategy

Luberef net profit falls 7% in Q1

A fall in by-products sales leads to profit dip.

SABIC net loss $322 million

The company's net profit was $66m in Q1 2024

PureHealth posts $137m Q1 net profit

The Group's revenue increased 8 percent YoY.

Borouge Q1 net profit $281 million

The total dividend paid to shareholders in 2024 $1.3bn.

Emirates expects first 777X delivery in H2 2026

Boeing had pushed back the first delivery to 2026 from 2025.

Crude prices surge as top producers plan to slash output

Suvro Sarkar, an energy analyst at DBS Bank, expected more gains were likely. (AFP)
By TRENDS Desk AFP
October 3, 2022 12:04 pm
  • WTI climbed 3.3 percent to $82.12 and Brent also piled on 3.3 percent to $87.94 ahead of a meeting of the group this week in Vienna
  • The reduction in production -- which delegates to OPEC said had not been finalized -- would be the biggest since the pandemic began when crude prices collapsed
Hong Kong, China– Oil prices jumped more than three percent in Asian trade Monday as OPEC and other top producers considered slashing output by a million barrels a day. 

WTI climbed 3.3 percent to $82.12 and Brent also piled on 3.3 percent to $87.94 ahead of a meeting of the group this week in Vienna.

The jump comes after both main contracts suffered hefty losses in recent months on demand fears caused by an expected recession in major economies.

The reduction in production — which delegates to OPEC said had not been finalized — would be the biggest since the pandemic began when crude prices collapsed.

Officials will meet on Wednesday.

Suvro Sarkar, an energy analyst at DBS Bank, expected more gains were likely.

“It’s only going to be a matter of time before oil returns to $100 a barrel, especially with supplies set to tighten toward the end of the year,” he said.

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