Oil rose on Thursday (June 8) as tighter supply resulting from Saudi Arabia's pledged production cut and a potential pause to US interest rate hikes offset worries over demand weakness and a global economic slowdown.

Oil rises as Saudi cut supports and focus turns to Fed

Hong Leong Investment Bank (HLIB) is projecting Petroliam Nasional Bhd's (Petronas) capital expenditure (capex) to increase to RM50 billion this year.

For the first quarter of 2023, the national oil company’s capex rose by 47% year-on-year (y-o-y) to RM10.5 billion.

HLIB expects Petronas' capex to increase to RM50b for 2023

Saudi Arabia’s plan to slash oil production by around 10% may hit its finances hard.

Saudi Arabia’s oil cut risks leaving bitter taste for budget

Petroliam Nasional Bhd (Petronas) said it anticipates lower profitability for 2023 after the national oil firm's profit after tax (PAT) for its first quarter ended March 31, 2023 (1QFY2023) grew only 2% to RM23.8 billion from RM23.4 billion a year earlier.

Petronas cautious on FY2023 after 1Q profit grew just 2% y-o-y

Oil prices edged higher on Wednesday (June 7) as Saudi Arabia's surprise weekend pledge to deepen output cuts outweighed weak Chinese export data and rising US fuel stocks.

Oil prices edge higher as Saudi cut outweighs bearish backdrop

The UK’s advertising regulator is cracking down on what it considers greenwashing by fossil fuel giants. A handful of newspaper, TV and poster adverts from Shell plc, Repsol SA and Petronas International Corp were banned in the country for touting investments in renewable energy without mentioning the extent of each company’s polluting activities.

UK bans ‘misleading’ fossil fuel ads that overemphasise renewables

Oil steadied amid persistent concerns over the demand outlook following a short-lived bounce on Saudi Arabia’s pledge to cut more supply. 

West Texas Intermediate futures traded below $72 a barrel after closing 0.6% lower Tuesday.

Oil steadies as concerns over demand overshadow Saudi output cut

Indonesian state energy firm Pertamina is finalising an acquisition of Shell's shares in the country's Masela gas project, its chief executive officer said on Tuesday (June 6).

Pertamina finalising takeover of Shell's shares in Masela gas project — CEO

Oil prices tumbled more than US$1 a barrel on Tuesday (June 6), after a strong rally in the previous session as worries about global economic growth outweighed Saudi Arabia's pledge to deepen output cuts.

Oil falls as economic fears overshadow Saudi output cut

Shell said on Tuesday (June 6) that it had decided to exit its home retail energy businesses in Britain, Germany and the Netherlands due to their poor returns.

Shell to exit European home retail energy businesses

The US and Saudi Arabia are looking beyond last year’s oil spat to focus on billions of dollars-worth of defense and aviation deals and the prospect of diplomatic relations between the kingdom and Israel.

War of words that rocked US-Saudi ties cools as oil steadies

Top crude exporter Saudi Arabia's one million barrel per day (bpd) oil output cut is unlikely to underpin a "sustainable price increase" into the high US$80s-low US$90s with weak fundamentals pointing to lower prices by year-end, Citi analysts said in a note on Tuesday (June 6).

Saudi output cut unlikely to lift oil prices to high US$80s-low US$90s, Citi says

KUALA LUMPUR (June 6): RHB Research has maintained its “overweight” call on the oil and gas sector, despite the Organisation of the Petroleum Exporting Countries and its allies (Opec+) having extended the production cut until 2024.

RHB Research stays ‘overweight’ on oil and gas sector, sees minimal impact from Opec+ cut

KUALA LUMPUR (June 6): Analysts have downgraded Bumi Armada Bhd on the unexpected Kraken floating production storage and offloading (FPSO) system shutdown, which contributes a substantial portion of the group’s revenue.

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