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RIYADH: Crude prices climbed on Thursday, recouping losses from the previous session, supported by supply tightness owing to production cuts of the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, and renewed optimism on the outlook for Chinese demand and global growth.
Brent crude advanced 65 cents, or 0.8 percent, to $83.57 a barrel at 03:04 p.m. Saudi time, while US West Texas Intermediate crude rose 74 cents, or 0.9 percent, to $79.52.
Crude prices declined on Wednesday after data showed US crude inventories fell less than expected and the Federal Reserve raised interest rates by a quarter of a percentage point, leaving the door open to another hike.
As the Fed’s move was well expected, the market focus is turning to OPEC+, which holds its monthly Joint Ministerial Monitoring Committee meeting next week.
Gazprom to start hydrocarbon output at Algeria project in 2026
Russia’s largest natural gas producer Gazprom is planning to start hydrocarbon production at the El Assel project in Algeria in 2026, TASS news agency quoted Russia’s Energy Minister Nikolai Shulginov as saying on Thursday.
Meanwhile, the company also added that it will ship 42.4 million cubic meters of gas to Europe via Ukraine.
Shell’s profits tumble 56 percent to $5bn in Q2
Shell on Thursday reported a 56 percent fall in second-quarter profit to $5 billion as oil and gas prices and refining profit margins fell, prompting the energy giant to slow its share repurchase program.
Not only was the figure down on the $9.65 billion post in the first quarter of this year, it was also a significant drop from the $11.5 billion registered in the same period of 2022.
Shell said it would repurchase $3 billion in shares over the next three months, down from $3.6 billion in the previous three, while raising its dividend to $0.33 per share as previously announced in June.
Shell also announced last month it would buy back at least $5 billion in shares in the second half of the year. On Thursday it said buybacks of at least $2.5 billion will be announced at its third-quarter results.
“We will continue to prioritize share buybacks, given the value that our shares represent,” the company’s CEO Wael Sawan said in a statement.
(With input from Reuters)