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Economy, Energy, Geostrategy

Empower okays $119.1m H2 2025 dividend

The dividend is equivalent to 43.75% of paid-up capital.

Alujain widens 2025 loss

The increase in loss is due to impairment charges, weaker prices.

Masar 2025 net profit $262m

Higher land plot sales boost revenue and operating income.

Tasnee’s 2025 losses deepen

The petrochemicals' company's revenue also fell 17.7 percent.

DP World 2025 revenue $24.4bn

The profit for the year up 32.2% to reach $1.96bn.

Crude prices surge as top producers plan to slash output

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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