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HuaweiBrent crude oil fell to around $112 a barrel on Friday as the US and Russian foreign ministers met in Geneva to work out a deal to avert a Western military strike on Syria, easing fears of a wider war in the Middle East.
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Petrol will cost Rs1.63 more a litre in India, excluding state taxes, from midnight Friday, state-run Indian Oil Corporation (IOC) announced.
Qatar Petroleum is asking banks to help fund $12 billion for two petrochemical plants next year, the state energy company’s biggest investment since 2011.
Saudi Arabia’s 400,000 barrel per day Jubail refinery has started operations and will export its first oil products cargo this month, Saudi Aramco’s joint venture with France’s Total said on Thursday.
Egypt is close to agreeing a schedule for repaying $6 billion in outstanding debt to foreign oil companies, Prime Minister Hazem El Beblawi said in a newspaper interview published on Thursday.
The International Energy Agency cut estimates for the amount of crude Opec will need to provide next year as supplies from North America surge.
The global oil market is well balanced and top exporter Saudi Arabia ready to supply whatever volume of crude is needed to meet demand, Saudi Oil Minister Ali Al Naimi said on Thursday.
Oil rebounded on Wednesday from recent heavy falls but all eyes remained on Syria after US President Barack Obama asked Congress to delay voting on US military action.
Global oil prices fell to about $113 a barrel on Tuesday after a Russian proposal to avert a US strike on Syria appeared to gather steam, easing investor concerns that another Middle East conflict would further disrupt fuel supplies.
President Xi Jinping on Saturday will oversee China’s entry into Kashagan, a vast oilfield in Kazakhstan, as he tours post-Soviet Central Asia to secure hydrocarbons for the world’s largest energy consumer.