Oil hits highest in almost 3 years as supply tightens | Reuters
Oil prices rose for a third week in a row to a near three-year high on Friday as global output disruptions have forced energy companies to pull large amounts of crude out of inventories.
The rally was slightly dampened by China's first public sale of state crude reserves.
Brent futures rose 84 cents, or 1.1%, to settle at $78.09 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 68 cents, or 0.9%, to settle at $73.98.
That was the highest close for Brent since October 2018 and for WTI since July 2021, both for a second day in a row.
It was the third week of gains for Brent and the fifth for WTI mostly due to U.S. Gulf Coast output disruptions from Hurricane Ida in late August.
Friday 24 September 2021
Petrofac Jumps After Plea Deal With U.K. Fraud Cops - Bloomberg
Petrofac Jumps After Plea Deal With U.K. Fraud Cops - Bloomberg
U.K. oil-service provider Petrofac Ltd. entered into a deal with the U.K. Serious Fraud Office and intends to plead guilty to seven counts of failing to prevent bribery between 2011 and 2017.
Petrofac said it the charges relate to former employees offering or making payments to agents in relation to projects awarded between 2012 and 2015 in Iraq, Kingdom of Saudi Arabia and the United Arab Emirates. All employees involved in the charges have left the business, it said in a statement.
Petrofac shares jumped more than 22% in London trading after the announcement.
A hearing at Southwark Crown Court has been scheduled for Sept. 27 where Petrofac will plead guilty, the SFO said. A financial penalty will be determined by the court.
“This was a deeply regrettable period of Petrofac’s history,” Petrofac chair, Rene Medori, said. “We are committed to ensuring it will never happen again.”
Earlier this year, a former senior executive at the company pleaded guilty to three additional bribery charges relating to about $3.3 billion of contracts awarded in the UAE. David Lufkin, a British national and former global head of sales at Petrofac’s international unit, pleaded guilty in February 2019 to 11 bribery charges, bringing the total to 14.
Petrofac is one of the largest providers of services to oil and gas producers, helping plan, construct and operate facilities with a particular focus on the Middle East and North Africa. The share price of the London-based company has dramatically fallen since bribery allegations first emerged in 2016.
U.K. oil-service provider Petrofac Ltd. entered into a deal with the U.K. Serious Fraud Office and intends to plead guilty to seven counts of failing to prevent bribery between 2011 and 2017.
Petrofac said it the charges relate to former employees offering or making payments to agents in relation to projects awarded between 2012 and 2015 in Iraq, Kingdom of Saudi Arabia and the United Arab Emirates. All employees involved in the charges have left the business, it said in a statement.
Petrofac shares jumped more than 22% in London trading after the announcement.
A hearing at Southwark Crown Court has been scheduled for Sept. 27 where Petrofac will plead guilty, the SFO said. A financial penalty will be determined by the court.
“This was a deeply regrettable period of Petrofac’s history,” Petrofac chair, Rene Medori, said. “We are committed to ensuring it will never happen again.”
Earlier this year, a former senior executive at the company pleaded guilty to three additional bribery charges relating to about $3.3 billion of contracts awarded in the UAE. David Lufkin, a British national and former global head of sales at Petrofac’s international unit, pleaded guilty in February 2019 to 11 bribery charges, bringing the total to 14.
Petrofac is one of the largest providers of services to oil and gas producers, helping plan, construct and operate facilities with a particular focus on the Middle East and North Africa. The share price of the London-based company has dramatically fallen since bribery allegations first emerged in 2016.
Column: Worldwide energy shortage shows up in surging coal, gas and oil prices | Reuters
Column: Worldwide energy shortage shows up in surging coal, gas and oil prices | Reuters
Record gas and electricity prices in Europe, record coal prices in China, multiyear-high gas prices in the United States and oil prices well above their real long-term average are all manifestations of the same global energy shortage.
In the aftermath of the coronavirus recession, energy production has failed to keep up with rapid growth in consumption as energy producers struggle to raise output while demand has bounced back quickly.
The business cycle downturn and slump in energy prices caused by the pandemic, and before that the U.S./China trade conflict, depressed investment throughout the energy sector in 2019/2020.
Since then, the global economy has experienced an exceptionally rapid cyclical recovery, aided by low interest rates, bond buying and massive government spending, which has focused on energy-intensive merchandise rather than services, boosting energy consumption at extraordinary rates.
Record gas and electricity prices in Europe, record coal prices in China, multiyear-high gas prices in the United States and oil prices well above their real long-term average are all manifestations of the same global energy shortage.
In the aftermath of the coronavirus recession, energy production has failed to keep up with rapid growth in consumption as energy producers struggle to raise output while demand has bounced back quickly.
The business cycle downturn and slump in energy prices caused by the pandemic, and before that the U.S./China trade conflict, depressed investment throughout the energy sector in 2019/2020.
Since then, the global economy has experienced an exceptionally rapid cyclical recovery, aided by low interest rates, bond buying and massive government spending, which has focused on energy-intensive merchandise rather than services, boosting energy consumption at extraordinary rates.
Oil heads for third straight week of gains as supply tightens | Reuters
Oil heads for third straight week of gains as supply tightens | Reuters
Oil prices rose to a near three-year high on Friday and headed for a third straight week of gains, supported by global output disruptions and inventory draws.
The rally was slightly dampened by China's first public sale of state crude reserves.
Brent climbed 53 cents, or 0.7%, to $77.78 a barrel by 10:40 a.m. EDT (1440 GMT), while U.S. West Texas Intermediate (WTI) crude rose 40 cents, or 0.6%, to $73.70.
Brent is on track for its highest close since October 2018 for a second day in a row and WTI is on track for its highest close since July this year, also for a second day.
It would be the third week of gains for Brent and the fifth for WTI mostly due to disruptions in U.S. Gulf Coast output after Hurricane Ida in late August.
Oil prices rose to a near three-year high on Friday and headed for a third straight week of gains, supported by global output disruptions and inventory draws.
The rally was slightly dampened by China's first public sale of state crude reserves.
Brent climbed 53 cents, or 0.7%, to $77.78 a barrel by 10:40 a.m. EDT (1440 GMT), while U.S. West Texas Intermediate (WTI) crude rose 40 cents, or 0.6%, to $73.70.
Brent is on track for its highest close since October 2018 for a second day in a row and WTI is on track for its highest close since July this year, also for a second day.
It would be the third week of gains for Brent and the fifth for WTI mostly due to disruptions in U.S. Gulf Coast output after Hurricane Ida in late August.
Oil heads for third week of gains as output stumbles | Reuters
Oil heads for third week of gains as output stumbles | Reuters
Oil prices steadied on Friday near a two-month high of $77.50 a barrel and were headed for a third straight week of gains, supported by global output disruptions and inventory draws.
The rally was slightly dampened by China's first public sale of state crude reserves.
Brent crude was up 222 cents, or 0.28%, at $77.47 a barrel by 0743 GMT, their highest since July 6, and close to their highest since October 2018.
U.S. oil was up 7 cents, or 0.1%, at $73.37 a barrel, having closed 1.5% in the previous session, the highest since the start of August.
Oil prices have been supported in recent weeks by major disruptions in U.S. Gulf Coast production following Hurricane Ida and other storms, disruptions which could last for months in some cases, that have led to sharp draws in U.S. and global inventories.
Oil prices steadied on Friday near a two-month high of $77.50 a barrel and were headed for a third straight week of gains, supported by global output disruptions and inventory draws.
The rally was slightly dampened by China's first public sale of state crude reserves.
Brent crude was up 222 cents, or 0.28%, at $77.47 a barrel by 0743 GMT, their highest since July 6, and close to their highest since October 2018.
U.S. oil was up 7 cents, or 0.1%, at $73.37 a barrel, having closed 1.5% in the previous session, the highest since the start of August.
Oil prices have been supported in recent weeks by major disruptions in U.S. Gulf Coast production following Hurricane Ida and other storms, disruptions which could last for months in some cases, that have led to sharp draws in U.S. and global inventories.
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