Oil futures fell about 1.5% on Friday, finishing the week lower on declining Chinese demand and hopes of a Gaza ceasefire agreement that could ease Middle East tensions and accompanying supply concerns.

Oil falls 1.5%, ends week lower on China demand fears

Hungary will face fuel shortages from September if full Russian oil flows are not restored, a government official said on Friday, accusing Ukraine of blackmailing it by partially suspending supplies.

Eastern European Union (EU) members Slovakia and Hungary have been hit by a stop in flows from Russian group Lukoil coming via Ukraine after sanctions were imposed on the company.

Hungary says it will face fuel shortages from September without Lukoil supplies

KUALA LUMPUR (July 26): Malaysia’s national oil-and-gas company Petroliam Nasional Bhd, or Petronas, has reached the final investment decision with its partners to develop an over RM6 billion biorefinery at the Pengerang Integrated Complex in Johor.

Petronas, partners reach final investment decision for RM6b biorefinery in Pengerang

Petroliam Nasional Bhd (Petronas) has signed production sharing contracts (PSCs) for three clusters of discovered resource opportunities (DROs) under the Malaysia Bid Round Plus (MBR+) Round I, all located offshore Peninsular Malaysia.

Petronas awards three PSCs for discovered resource clusters, more to come

Hibiscus Petroleum Bhd (KL:HIBISCS) has been awarded a 65% participating interest (PI) and operatorship in a production sharing contract (PSC) by Petroliam Nasional Bhd (Petronas).

Hibiscus awarded 65% participating interest in PSC by Petronas

Global recoverable oil reserves held largely steady at around 1,500 billion barrels, down some 52 billion barrels from 2023, according to Rystad Energy.

In a statement on Thursday, the Oslo-based research firm said that of this year-on-year decrease, 30 billion barrels were due to one year of production, and 22 billion barrels were mostly due to downward adjustments of contingent resources in discoveries.

Global recoverable oil reserves hold steady at 1,500 billion barrels, says Rystad Energy

A marine tanker carrying industrial fuel sank in rough seas off the Philippines on Thursday, causing the death of a crew member and an oil spill that could spread to waters off the capital Manila, officials said.

Oil spill threatens Philippines capital after tanker capsizes

TOKYO/SINGAPORE (July 25): Oil prices eased on Thursday, as concerns over weak demand in China, the world's largest crude importer, and expectations of a nearing ceasefire deal in the Middle East, overcame gains in the previous session after draws in US inventories.

Oil falls on weak China demand concerns, Mideast ceasefire talks

Malaysia has been exporting substantially more crude oil to China than it produces, implying that the vast majority of the oil that China imports from Malaysia was not produced in the country.

Malaysia facilitating Iranian oil exports — report

Sabah state-owned SMJ Energy Sdn Bhd said it has sold its fifth crude oil cargo on July 23, with the latest transaction netting estimated sales revenue of RM120 million.

The latest sale, derived from SMJ Energy's 50%-owned Samarang production-sharing contract (PSC), has resulted in cumulative sales revenue of RM700 million across the five cargoes sold to date, it said.

Sabah's SMJ Energy sells fifth crude oil cargo for RM120 mil

KUALA LUMPUR (July 23): The establishment of Sarawak Petchem Sdn Bhd’s RM7 billion methanol complex is a defining milestone in helping establish Malaysia as a leading methanol producer in the Asia-Pacific (Apac) region, says Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.

Mida: Sarawak Petchem’s RM7b complex to reinforce country’s status as top methanol producer in Apac

Uzma Bhd (KL:UZMA) said on Tuesday that its Thai unit has secured a RM19 million contract to provide infill well preparation services for offshore platforms.

Uzma secures RM19 mil contract for infill well preparation services in Thailand

T7 Global Bhd (KL:T7GLOBAL) has received a letter of award (LOA) from Petronas Carigali Sdn Bhd to provide a low-cost jack-up drilling rig.

T7 Global gets LOA from Petronas Carigali to provide jack-up drilling rig

(July 23): Woodside Energy Group Ltd is searching for partners for its just-purchased US liquefied natural gas (LNG) project, in a bid to finally launch the troubled development.

Woodside looks to build ‘dream team of LNG’ at acquired US plant

US Treasury Secretary Janet Yellen firmly rejected an accusation from the economist Nouriel Roubini that her department has manipulated the issuance of Treasury securities in a way that lowers real borrowing costs across the economy.

Yellen rejects Roubini claim of ‘manipulation’ in Treasuries

China's industrial profits grew at a faster clip in June, official data showed on Saturday, even as businesses were grappling with a downshift in consumers' sentiment amid a shaky economic recovery.

China's industrial profits post faster gains in June despite faltering economy

US Treasury Secretary Janet Yellen said on Friday that she opposes shifting global tax deal negotiations away from the Organisation for Economic Cooperation and Development (OECD) to the United Nations (UN), pushing back against the desires of some developing countries and non-profit groups.

Keep global tax negotiations at OECD, not UN, Yellen says

The main focus this week will be the US Federal Open Market Committee (FOMC) meeting on July 30 and 31.

The Week Ahead: FOMC meeting in focus, US Democratic presidential candidate could be announced

For years, Thai equities stood tall as one of Southeast Asia’s largest stock markets. That bullish story is fast unravelling, and not even cheap valuations can save the day.

World-lagging Thai stocks see investors moving money into regional rivals

Rattled investors are bracing for earnings from the market’s biggest tech companies, a Federal Reserve (Fed) policy meeting and closely watched employment data in a week that could determine the near-term trajectory of US stocks following a bout of severe turbulence.

Spooked US stock market faces tech earnings minefield, Fed meeting

A gauge of global stocks climbed for the first time in four sessions on Friday as equities steadied after a sharp selloff and US economic data showed an improving inflation landscape, sending Treasury yields lower.

US inflation data lifts global stocks, lowers Treasury yields

Wall Street bounced back on Friday as megacap tech and chip stocks recovered from the week's pummeling, while a largely in-line key inflation reading kept bets for an early start to interest-rate cuts alive.

Wall Street closes up on revival supported by inflation data, tech stocks

Sarawak certainly had more good reasons to celebrate its 61st year of independence last Monday (July 22).

In conjunction with the celebration, the state saw the inauguration of a new methanol plant in Bintulu and the signing of gas sales agreements — the first after state-owned Petroleum Sarawak Bhd (Petros) became the sole gas aggregator, taking over from Petroliam Nasional Bhd (Petronas).

A major win in Sarawak’s bid to reclaim rights

Sarawak certainly had more good reasons to celebrate its 61st year of independence last Monday (July 22).

In conjunction with the celebration, the state saw the inauguration of a new methanol plant in Bintulu and the signing of gas sales agreements — the first after state-owned Petroleum Sarawak Bhd (Petros) became the sole gas aggregator, taking over from Petroliam Nasional Bhd (Petronas).

SARAWAK expects to formalise a deal to raise its stake in Affin Bank Bhd to about 30% in about a month, according to the state’s premier Tan Sri Abang Johari Openg.

In an exclusive interview with The Edge in Kuala Lumpur last Friday (July 19), Abang Johari said the state is committed to...

Premier: Sarawak expects to ink S&P on Affin Bank deal in a month