World Crude Oil prices

Senior Citizen · 26 Re: World Crude Oil prices Sat Feb 13, 2016 9:56 pm

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troy wrote:

Chinwi wrote:What about the huge amount of money taken away by Indians ? IOC

Isn't IOC share price should adjust to reflect that???? If so good time to buy IOC?

OBAMA gave a suggestion to charge USD 10 for each barrel of oil.

May be LKR 10 will be added to the tax component.

slequityanalyst · 27 Re: World Crude Oil prices Tue Feb 16, 2016 8:54 pm

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I personally think that LIOC will return to profitability back in this December quarter and the last quarter of the FinYearEnd.

As usual would like to direct you to this link where you can find some detailed statistics about the fuel market.

Hope it will be useful to you guys.

http://lankanmarkets.blogspot.com/2016/02/our-sri-lankans-immunity-to-global-oil.html

fireshelter · 28 Oil prices plunge as Trump speech eases Iran fears Wed Jan 08, 2020 11:01 pm

[size=28]OPEC reassures

Teller · 29 Oil prices down by 30% Mon Mar 09, 2020 10:18 am

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sudden oil prices down by 30%.
https://www.google.com/search?q=world+oil+prices&oq=world+oil+pr&aqs=chrome.0.0l2j69i57j0.12646j0j4&client=ms-android-hmd-rev2&sourceid=chrome-mobile&ie=UTF-8

AsithaDe · 30 Re: World Crude Oil prices Mon Mar 09, 2020 12:18 pm

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How this will impact to our economy ?

KavinduTM · 31 Re: World Crude Oil prices Mon Mar 09, 2020 4:59 pm

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AsithaDe wrote:How this will impact to our economy ?

Oil prices reduced but still srilanka oil prices haven't reduced. So LIOC and LLUB will earn massive profits.

This oil price decline is just temporary with the virus. So no need to reduce local oil price levels. People can't take those sudden highs and lows. Better to stick at current prices.

kasun_gimhana · 32 Re: World Crude Oil prices Mon Mar 09, 2020 5:49 pm

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KavinduTM wrote:

AsithaDe wrote:How this will impact to our economy ?

Oil prices reduced but still srilanka oil prices haven't reduced. So LIOC and LLUB will earn massive profits.

This oil price decline is just temporary with the virus. So no need to reduce local oil price levels. People can't take those sudden highs and lows. Better to stick at current prices.

@KavinduTM Please don't be Rajapaksa Ass licker, Srilanka fuel prices need to be matched with international oil prices. For that purpose, we can use formula or standard deviation whatever kind of method.that is how developed country doing, even India also the same. that is what IMF suggesting. otherwise, oil companies will get benefited. IOC 70% belong to India not to Srilanka. Then nobody blam to the government, because Sri Lanka government cannot do anything for the fuel prices. people can make an economic decision,, Investment decision easily. Otherwise, some people make secret profit knowing insider information of the government's price. changes. Wagapitia is one of them.

Yahapalanaya · 33 Re: World Crude Oil prices Mon Mar 09, 2020 5:52 pm

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KavinduTM wrote:

AsithaDe wrote:How this will impact to our economy ?

Oil prices reduced but still srilanka oil prices haven't reduced. So LIOC and LLUB will earn massive profits.

This oil price decline is just temporary with the virus. So no need to reduce local oil price levels. People can't take those sudden highs and lows. Better to stick at current prices.

You are showing your real character.....You are 100% suitable for Rajapaksa gang..

KavinduTM · 34 Re: World Crude Oil prices Mon Mar 09, 2020 6:27 pm

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Yahapalanaya wrote:You are showing your real character.....You are 100% suitable for Rajapaksa gang..

Bro it is not like that. Okay guess how much time this corona case will last? 2 months? After people control the virus, all will be back again. Oil prices will increase. So if government will reduce the prices right now, 80% of the people will think they are targeting election and reducing the prices but 20% knows the truth.

So if covid 19 will be controlled oil prices will rise again, all will be normal again. So we will have to increase oil prices according to the world market price. But what happens then? 80% will think they targeted election and now they increasing oil prices again after the election.Guess how much of srilankan voters know oil prices decline. So after that they will feel like they were cheated. However they will understand the truth eventually. But that temporary mess with minds of people isn't needed now. Still 20% knows the truth.

Government can go for both choices.
1.Reduce oil prices with the current world market prices.
2.Maintain the current price.

We know that price decline is just temporary and won't last long. So if they reduce, also they will have to increase within 3-4 months. That just make people messed. No need that kinda mess. Even current oil prices are not too high. (feels high with the world market price decline) Those issues will be recovered. So better to maintain at current prices. Also all things are not liquid enough to change according to the government oil price changes.

Example :- T wheel hire fees will be increased even more than it may when oil prices increasing but not decreasing fees according to the oil price declines. Even that issue will be faced by ordinary people.

So my take is this temporary oil high and low game won't work cool for the country. Better to maintain current price. But maybe i have missed some points. Correct me if so.

Kipling · 35 Re: World Crude Oil prices Mon Mar 09, 2020 8:13 pm

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Kavindu
Please check pm.

KavinduTM · 36 Re: World Crude Oil prices Mon Mar 09, 2020 9:02 pm

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Kipling wrote:Kavindu
Please check pm.

Done.

Soilconomy · 37 Re: World Crude Oil prices Tue Mar 10, 2020 8:25 am

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LLUB will be benefited a lot...

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Saudi Arabia is flooding markets with oil at prices as low as $25 per barrel, specifically targeting big refiners of Russian oil in Europe and Asia, in an escalation of its fight with Moscow for market share, five trading sources said on Friday.

The sources, from oil majors and refiners which process crude in Europe, said Saudi state oil company Aramco <2222.SE> told them it would supply all requested additional volumes in April.

Sources previously told Reuters Saudi Arabia is also seeking to replace Russian oil with Chinese and Indian buyers, although not all refiners received volumes they had asked for.

Tanker rates soared as Saudi Arabia provisionally chartered around 31 supertankers to take extra oil, including to the United States, where Russian oil is usually less in demand.

Oil prices have halved since the start of the year because demand has been hit by the coronavirus outbreak and after Russia and OPEC failed to reach a new deal on supply cuts.

Moscow refused to support new deeper cuts, saying the impact from the virus could be much worse than thought, and Riyadh retaliated by opening its taps and pledging to pump record volumes on to the market.
Russia has so far said it is not planning to come back to the negotiating table despite feeling the pressure from the extraordinary Saudi moves.

Energy Minister Alexander Novak said on Friday Russia saw no grounds so far for returning to discussions with its OPEC+ partners and can increase its oil production by a modest 200,000 barrels per day in April.

By contrast, Saudi Arabia has pledged to raise output by 2.6 million bpd in April, including from stocks. Fellow Gulf producers like the United Arab Emirates has had to join in the battle for market share and has also announced production increases.

Saudi Arabia has made a deep cut to its official selling prices for oil. Arab Light and Arab Medium barrels were offered at selling price of $25-28 per barrel on CIF Rotterdam basis, traders said.

On Friday, Abu Dhabi National Oil Company (ADNOC) also offered steep discounts for its Murban crude for April, announcing forward prices for the first time in its history. It previously set prices retroactively.

Russia's main blend Urals has been offered slightly higher than $30 per barrel on CIF Rotterdam basis, according to Refinitiv Eikon data.

"We are happy with our allocation. The requests for April were confirmed. I look forward to May if prices remain that attractive", a trader with a European oil company involved in the talks told Reuters.
European oil refiners including Total , BP , Eni and SOCAR have all had allocations for additional Saudi crude oil supplies in April confirmed, the sources said.

Saudi Aramco declined to comment. Total, BP, Eni and SOCAR did not immediately respond to Reuters requests for comment.
On Thursday, sources told Reuters Saudi Arabia started focusing on boosting supplies to traditional buyers of Urals as it is trying to replace Russian oil in refiners' feedstock around the world, from Europe to India.
Brent crude prices were on track for their biggest weekly fall since the 2008 financial crisis on Friday as investors fretted over the impact of the virus on demand and the Russian-Saudi price war.
Source-Reuters / Yahoo

Junior investor · 39 oil barrel for $2 Tue Apr 21, 2020 12:25 pm

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https://www.newsfirst.lk/2020/04/21/crashed-global-oil-markets-rebound-in-early-trade-still-trading-less-than-2-per-barrel/

US oil prices fell below zero for the first time in history yesterday, as the evaporation of demand caused by the coronavirus pandemic has paved the way for a shortage in storage capacity — meaning producers are paying buyers to take it off their hands.

West Texas Intermediate futures, which have been the benchmark for the oil industry for decades, had slumped from $17.85 a barrel to minus $37.63 by the end of yesterday.

Though Prices rebounded back above zero this morning, oil was still trading at just $1.38 a barrel at 12:21 p.m. Singapore time.

Global oil markets have fallen to its lowest in more than two decades, as global oil producers have come under intense pressure due to the coronavirus pandemic with a huge slump in demand and concerns that storage facilities will run out of capacity.

The OPEC projects the demand for crude oil to be the lowest since 1989 and the IEA has projected a 9 million barrel per day drop year on year in 2020, but talks among the oil-producing countries to cut the production have not been successful.

Recently, Saudi Arabia’s crude supply had risen to a record of more than 12 million barrels per day while U.S. crude inventories also soared by a record 15.2 million barrels, in early April.

The world’s top oil producers pulled off a historic deal to cut global petroleum output by nearly a tenth, putting an end to the devastating price war between Saudi Arabia and Russia.

samaritan · 40 Re: World Crude Oil prices Tue Apr 21, 2020 12:50 pm

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So, Mineral water overtook oil price. World Crude Oil prices - Page 2 Icon_biggrin

Likewise if demand for gold shrinks what will happen?????????????

God Father · 41 Re: World Crude Oil prices Tue Apr 21, 2020 4:11 pm

Oil Consumption in Sri Lanka

Soilconomy · 42 Re: World Crude Oil prices Tue Apr 21, 2020 8:33 pm

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LLUB

අපි හැමෝම දන්න දෙයක් තමයි මේ දිනවල එක්සත් ජනපද WTI බොරතෙල් මිල සහ ලෝක බ්‍රෙන්ට් බොරතෙල් මිල ඉතා පහළ තත්වයක තියෙන බව.
ඉතින් මෙවැනි අවස්තාවක් CHEVRON LUBRICANTS එහෙම නැත්නම් LANKA LUBRICANTS වගේ ආයතනයකට ගොඩක් වාසි ගෙනදෙනව.
හේතුවනම් දැනට ඔවුන්ට ලිහිසි තෙල් නිපදවීමට අවශ්‍ය බේසල් තෙල් මේ බොරතෙල් මගින් ලබා ගැනීමත්, ලෝක වෙළදපලින් බොරතෙල් පෙරට වඩා මිල අඩුවට මිලට ගත්තත් අප රට තුල ලිහිසි තෙල් මිල අඩුකර නොමැති බවත් නිසාවේ.
ඉතින් මෙවැනි අවස්තාවක එම ආයතනයේ දැනට ඇති තොග ගබඩා අවසන් වූ අවස්තාවක අලුත් ගබඩා මිලට ගෙන නිපදවන ලිහිසි තෙල් වෙළදපල විකිණීමෙන් විශාල ලාභයක් එම ආයතනය වෙත ළගාවේ.
එම ලාභය ඔවුන්ගේ මූල්‍ය වාර්තාවල පෙන්වීමට යම්කිසි කාලයක් ගතවේ.(තොග අවසන් වූ පසු)
මෙවැනි කොටසක් හරි අවස්තාවේ(ගැනුම් සක්‍රීය වූ විට) මිලට ගත්තොත් අපිට ලාභ ලැබිය හැකියි.

God Father · 43 Why WTI Crude Oil traded at minus -$37 Thu Apr 23, 2020 11:26 am

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Why WTI Crude Oil traded at minus -$37

Imagine the following...you pay $500 today and commit to receiving an escort at your house in 15 days. Cos your wife is traveling. This is called a futures contract.

Unfortunately, lockdown came and your wife will be home for the next 60 days.

You do not want this woman to show up at your house at all and try to pass this futures contract to someone else.

Only you cannot sell this commitment because nobody can receive the escort at home anymore. Everyone is in full storage (their balls) with wife.

To make matters worse, not even the pimp (Chicago Mercantile exchange) has more room to receive girls because his house is crowded with girls.

So you will pay anyone just to take the girl off your hands.

Do you now understand why oil has a negative price when the contract is delivered?

target1 · 44 Re: World Crude Oil prices Sun Feb 06, 2022 2:46 am

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Why oil up in spite of having Omicron? From $0 to 90.

Crude Oil Continuous Contract $91.93
Brent Crude Oil Continuous Contract $92.52

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