VIENNA (AP) — Seven countries in the OPEC+ grouping of oil-producing countries — including Saudi Arabia and Russia — say they 've decided to a modest increase in production starting in June as part of a commitment to “market stability.” The commitment from the seven countries, also...
The United Arab Emirates’ decision to leave the Organization of the Petroleum Exporting Countries (OPEC) may be a signal of a structural shift in how oil power will be exercised in the decades ahead. As the cartel loses one of its largest and most technically advanced producers, the implications...
DUBAI, United Arab Emirates (AP) — The United Arab Emirates said Tuesday it will leave OPEC effective May 1, stripping the oil cartel of its third-largest producer and further weakening its leverage over global oil supplies and prices. The UAE 's decision had been rumored as a possibility...
Motorists welcome some relief as petroleum prices dropped in the first few days of May, reversing last week 's increases. Effective Tuesday, May 6, gasoline prices will go down by ₱0.55 per liter, diesel by ₱0.65 per liter, and kerosene by ₱0.90 per liter. These marginal decreases were...
As global oil prices softened in the last two trading days, the estimated rollback for diesel and kerosene prices have gone heftier to P1.00 per liter level, based on the calculation of the oil companies. According to the industry players, the price of diesel will likely be trimmed by P0.80 to...
Big-time oil price hike across products await motorists next week, based on advisories by oil companies. Based on the calculation of the industry players, the price of gasoline will rise by as much as P1.90 to P2.30 per liter; while diesel prices will also climb by P1.95 to P2.35 per liter. For...
Department of Trade and Industry (DTI) Secretary Alfredo Pascual is confident that the recent announcement of Saudi Arabia that it would cut down on oil production would not necessarily lead to an increase in the prices of basic commodities in the country. Trade Secretary Alfredo Pascual (RTVM...
There will be a fleeting moment of financial relief on consumers’ pockets next week, as prices at the domestic pumps will be on rollback, based on the calculation by oil companies. According to the industry players, the price of gasoline products will be trimmed by P0.45 to P0.75 per liter; while...
Motorists using gasoline products in their vehicles will have to brace for heavier financial burden next week, as the price of this commodity is anticipated to rise by more than P1.00 per liter, based on the initial estimate of the oil companies. According to industry players, gasoline prices will...
There will be mixed price adjustments at the domestic pumps by Tuesday, May 23, but cost swings are expected to be relatively marginal, based on the calculation of the oil companies. According to industry players, the price of gasoline will rise by P0.60 to P0.90 per liter; while diesel prices will...
Motorists will feel the pinch on their wallets anew as fuel commodity prices take a reverse course for uptrends next week, based on calculation by oil companies. According to the industry players, diesel prices will have a relatively significant increase of P1.25 to P1.55 per liter, while gasoline...
Motorists are in for significant financial relief with oil prices on on big time rollback next week due to the downtrend of prices in the world market, according to industry players. Based on estimates, gasoline prices will be trimmed by P2.10 to P2.40 per liter; while diesel prices will have...
