Sentences with phrase «oil benchmark»
An oil benchmark refers to a standard price that is used to determine the value of crude oil in the global market. It is like a reference point or a baseline against which the price of oil is calculated. Different benchmarks represent various grades or types of crude oil, such as Brent, WTI, or Dubai crude. These benchmarks play a crucial role in the oil industry as they provide a standardized way to compare and trade oil across the world. Full definition
Earlier, the presidency had placed oil benchmark price at $ 40 per barrel, while oil price has fallen to $ 30 dollars.
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In the Middle East, the global oil benchmark dropped to its lowest rate since August amid uncertainty of the future of the Middle East's relationship with the US.
It may not happen right away, but the launching of the crude oil benchmark on the Shanghai exchange could mark the beginning of the end of the petrodollar.
On oil benchmark, the senate spokesman said the red chamber would note the advice by Christine Lagarde, Managing Director of International Monetary Fund (IMF) when considering the 2016 Appropriation Bill.
Overall, crude ended the week down about 4 %, with the U.S. oil benchmark price WTI settling just above $ 45 per barrel on renewed supply worries due to surging U.S. production.
Canada's energy producers are hurting as the North American oil benchmark dropped to a fresh six - year low Monday, closing at US$ 38.24 a barrel.
With the price of key oil benchmark Brent crude still hovering at around six - year lows of just under $ 50 per barrel, local law firms are seeing a reduction in work as projects are put on hold or suspended, with many saying they felt the deepest effects of the drop in oil prices during the summer.
A hairline crack on a single pipeline has exposed the vulnerability of Dated Brent, the world's most widely used oil benchmark price
Let's start with a global light, low sulphur oil benchmark — Brent crude — and work our way to bitumen.
The weights of individual oil benchmarks are inferred over history from Statistics Canada's total crude oil production values using the same methodology described above.
If you go back through fiscal years 2005 - 2006 to 2012 - 2013, bitumen has always traded at an implied value * far below global light oil benchmarks, for reasons which we'll discuss in greater depth below.
The depth of the slump in energy prices was underlined by the fall in the US oil benchmark, West Texas Intermediate, which reached a 12 - year low of around US$ 26 per barrel in the second week of February.
Western Canada Select, the Canadian heavy oil benchmark's discount against the U.S. crude widened to US$ 17.40 per barrel, its highest level since the start of the month.
China's new oil benchmark had a hugely successful debut.
Russia is off the petro - dollar and quite married to China now and the Silk Road Dedollarized Zone is now underway as is the the soon to be launched Yuan Oil Benchmark fully exchangeable for physical gold.
Oil and gas equities have been underperforming crude oil prices since the middle of 2017, but the outlook for energy stocks deteriorated further in the past two weeks, as major oil benchmarks have declined more than 10 per cent.
Next year, Brent crude, the international price gauge, will average $ 58 a barrel, and West Texas Intermediate, the U.S. oil benchmark, will average $ 54 a barrel, according to 13 banks polled by The Wall Street Journal.
U.S. and global oil benchmarks were little changed, having jumped on Wednesday after the government report on inventory build reversed earlier bearish market expectations.
The latest rise in oil prices took gains in the Brent crude oil benchmark to 40 % since June.
To that end, reports indicate that China is set to introduce an oil benchmark priced in yuan in the coming months.
Statistics Canada reported in The Daily in November that, «gasoline prices have increased at a slightly faster pace in the central and eastern provinces than in the west, resulting in a spread between some provincial gasoline indices... associated with the dual crude oil market in Canada and the recent price differential between crude oil benchmarks.»
WTI, the U.S. oil benchmark, has risen 12.5 % so far this year, with more than 5 % of that advance coming in just the past 30 days.
Some financial experts on Friday faulted the increase in the oil benchmark of the 2018 appropriation bill from 45 dollars to 51 dollars by the Senate.
He said the 2015 budget was pegged at $ 53 oil benchmark, but that the price had since plummeted further; hence the need to borrow money to finance the budget and service the nation's debts.
Global oil benchmark, Brent crude, which was trading around $ 41 per barrel when the petrol price was increased, stood at $ 55.64 per barrel as of 5.15 pm on Friday.
The Senate equally adopted the oil benchmark of $ 38; Crude production of 2.2000 m barrel per day and the exchange rate of N197 to $ 1 for the implementation of the budget.
Some financial experts on Friday faulted the increase in the oil benchmark of the 2018 appropriation bill from 45 dollars to 51 dollars by...
«We know what is going on in the global economy: this budget is predicated on an oil benchmark of $ 38 per barrel and I can now say that with oil being $ 28 today, this budget is dead on arrival.
Ameh said that the action of the lawmakers was in line with the reality on ground, adding that the assembly had explained reasons for the increase, which related to oil benchmark and exchange rates.
Bloomberg says «Hedge funds reported record wagers on continued price increases for both U.S. and global oil benchmarks, along with gasoline and diesel.