The inability to reach an agreement with Russia has resulted in a price war, with top exporter Saudi Arabia slashing crude for April delivery prices by US$4-6 a barrel to Asia and US$7 to the US. These are the largest cuts by Riyadh in the past two decades.
Vast wealth and the promise of dramatic change make for cautious optimism concerning Saudi Arabia, the chief executive…1867 Views | the publication reaches you by | Saudi Arabia Today
“If a new production-compliance agreement between Opec and Russia is not reached soon, oil prices could speed down to and possibly through the lowest levels of 2015/2016,” said AxiCorp chief market strategist Stephen Innes.
The local market’s oil-related large caps are having a dismal session
As at 11.15am, conglomerate Keppel Corp slumped S$0.45 or 7.2 per cent to S$5.77 while fellow rig builder Sembcorp Industries plunged S$0.14 or 7.9 per cent to S$1.63.
Sembcorp Industries unit, Sembcorp Marine, traded 9.5 Singapore cents or 9.4 per cent lower at 91.5 cents. Meanwhile, jet fuel trader China Aviation Oil fell S$0.08 or 7.4 per cent to S$1.00.
Among smaller-sector plays, upstream oil and gas counters were most heavily hit.
Rex International lost 4.6 Singapore cents or 26 per cent to 13.1 cents with 77.6 million shares changing hands, the most of the Singapore bourse.
GSS Energy skidded 1.6 Singapore cents or 21.6 per cent to 5.8 cents, while AusGroup dropped 0.8 Singapore cent or 22.2 per cent to 2.8 cents.
150 take part through Watani Al Emarat via the ‘Your City Needs You’ initiative Over 150 volunteers –…1619 Views | the publication reaches you by | Saudi Arabia Today
Do you have information you want to reach our readers?