RIYADH: The price of Arab Light grade for next month’s shipments to Asia is $9.80 a barrel, a 50 cents rise from August, according to a Bloomberg report.
The rise followed the OPEC meeting, which agreed to a further 100,000 barrels per day oil production hike from September.
Oil prices were broadly steady on Thursday as the market weighed tight supply against demand fears, after a build in US crude and gasoline stocks sent prices to multi-month lows in the previous session.
Brent crude futures inched up 36 cents, or 0.37 percent to $97.14 a barrel by 0925 GMT, while West Texas Intermediate crude futures were up 43 cents, a 0.47 percent gain, at $91.09.
Oil producer APA’s second-quarter profit nearly triples
US oil producer APA Corp. reported a second-quarter profit that nearly tripled on Wednesday, bolstered by surging crude prices.
The company’s net income attributable to common stock rose to $926 million, or $2.71 a share, in the three months ended June 30, from $316 million, or 82 cents per share, a year earlier.
Exxon in talks with unnamed party for Sakhalin-1 transition
US oil major Exxon Mobil is in the process of transitioning Sakhalin-1 assets in Russia “to another party,” according to a filing with the US Securities and Exchange Commission.
Exxon did not name the other party in its filing.
Algeria’s oil output to reach 1.057 million bpd in September
Algerian oil production in September will rise to 1.057 million barrels per day, Algerian Energy Minister Mohamed Arkab told state television on Wednesday after a decision by the Organization of the Petroleum Exporting Countries and its allies to raise their output goal by 100,000 bpd.
The group, collectively known as OPEC+, had been increasing production by about 430,000-650,000 bpd a month but has struggled to hit full targets because most members have already exhausted their output potential.
Indonesia’s Pertamina to increase stake in Iraqi oil field
The Indonesian national oil and gas company Pertamina is eyeing to increase its stake from 10 percent to 20 percent in Iraq’s West Qurna-1 oilfield.
According to a report published in Iraq’s state-owned news agency, Hassan Muhammad Hassan, deputy director general of Iraq’s Basra Oil Co. said that Pertamina is planning to buy stakes currently in the possession of US-based Exxon Mobil.
ConocoPhillips profit rises on strong crude prices
US oil producer ConocoPhillips reported a higher second-quarter profit on Thursday and raised its shareholder returns to $15 billion, boosted by surging energy prices after Russia’s invasion of Ukraine stoked global supply concerns.
The Texas-based company’s net income rose to $5.1 billion, or $3.96 per share, in the quarter ended June 30, from $2.1 billion, or $1.55 per share, a year earlier.
(With input from Reuters)
