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RIYADH: Oil prices were relatively steady on Monday as the market balanced supply fears with expectations that a rise in US interest rates would weaken fuel demand.
Brent crude futures for September settlement rose 27 cents, or 0.26 percent, to $103.47 a barrel by 0909 GMT, while US West Texas Intermediate crude futures rose 8 cents, or 0.08 percent, to $94.78 a barrel.
Prices of petrol and diesel rise in Sudan
Petrol prices in Sudan rose on Saturday by 90 Sudanese pounds to 760 pounds ($1.34) per liter, the country’s oil ministry said in a statement.
Diesel prices increased by 108 pounds to 748 pounds per liter.
There were repeated fuel price hikes last year as Sudan completed a process of phasing out subsidies on fuel, which is now meant to follow global prices.
Galp posts 90 percent profit leap
Portuguese oil and gas company Galp Energia reported a 90 percent jump in adjusted second-quarter profit on Monday, citing soaring oil prices and a sharp increase in its refining margin.
Adjusted net profit was 265 million euros ($270 million) in the three months to June 30, up from 140 million euros a year earlier and above the 224 million euros expected by 21 analysts polled by the company.
Galp’s adjusted upstream core profit rose 88 percent to 878 million euros, boosted by Brent crude prices which rose 65 percent year on year to $113.9 a barrel.
The higher prices more than offset a drop in its share of oil and gas production from projects in which it has a stake, down 7 percent at 119,600 barrels of oil equivalent per day.
Its refining margin jumped to $22.30 a barrel in the quarter, up from $2.40 in the same period last year, when Portugal was under COVID-19 restrictions and $6.90 in the previous quarter.
Libyan oil uncertainties continue
The uncertainties regarding Libyan oil and gas still continue as a major shuffle at Libya’s National Oil Corporation resulted in an armed confrontation.
It was on July 12 that Libyan Prime Minister Abdul Hamid Dbeibah appointed Farhat Ben Qadara to replace Mustafa Sanalla as chairman of NOC. The decision was not accepted by Sanalla, and it ended up in an armed confrontation at NOC’s headquarters on July 14.
Following the entry of military forces, Ben Qadara entered the office.
Sanalla, however, argues that Dbeibah has no authority to expel him, as his government mandate has ended, an argument the eastern-based parliament used when it appointed a new government in March under Fathi Bashagha.
“This institution belongs to all Libyans and not to you. The mandate of your government has expired,” said Sanalla.
Meanwhile, the NOC, on July 23, assured that the country aims to bring back production to 1.2 million barrels per day in two weeks.
Current oil production is at 860,000 bpd, compared with 560,000 bpd before resuming production, NOC added.
Amid all these developments, it is still unclear whether the NOC could materialize this promise, due to the political developments in the nation.
MMEC Mannesmann bags ADNOC contract
The Abu Dhabi National Oil Co., also known as ADNOC, has awarded its main contract for a project to build enhanced oil recovery facilities at the Asab oil field to Abu-based MMEC Mannesmann.
MEED, citing sources close to ADNOC, revealed that the total value of the contract awarded to MMEC Mannesmann is about $30 million.
MMEC Mannesmann has also confirmed the contract award with a LinkedIn post.
According to the report, the scope of the project includes earthworks, civil works, mechanical works, pipeline works, structural steel works, etc, along with modifications of existing facilities.
(With input from Reuters)