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Economy, Energy, Geostrategy

Borouge Q2 net profit $193m

The H1 revenue stood at $2.72 billion.

ADNOC Drilling H1 revenue $2.37bn

The company posted a net profit of $692m.

Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

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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