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Saudi Arabia and its oil giant Aramco are seeking to partner with other countries to expand their strategic stockpile as it sees oil demand increasing to 3 million barrels per day after the Iran war, CEO Amin Nasser told Al Arabiya Business TV on Thursday. Nasser has previously said Aramco's incident response is now more than six times faster than the industry average, with Saudi output recovering to about 8 million barrels a day in September. • Saudi daily oil output dropped below 7 [Read more]

Refiner Valero Energy posted its highest-ever quarterly profit on Thursday, beating Wall Street expectations, as disruptions caused by the Middle East conflict sent refining margins soaring during the third quarter. Shares of the company rose 2.6% in premarket trading. The US refining industry has been reaping bumper profits since the start of the war in Iran, with benchmark margins for converting crude into transportation fuels rising over two-fold. The 3-2-1 crack spread, which measures [Read more]

Australia must pay close attention to tax incentives and business-friendly measures offered by countries such as Canada if it wants to compete more effectively for global investment, BHP Chair Ross McEwan said on Thursday. Speaking at BHP's annual general meeting, McEwan said, "Make no mistake, Australia must compete for capital if it wants to win – nationally, and in every state." Canada had recently announced a "Productivity Mega Deduction", allowing businesses to immediately deduct the [Read more]

Oil prices rose more than $1 a barrel on Thursday after more Houthi attacks in Saudi Arabia stoked concerns over a broader escalation of conflict and further disruptions to supplies from the Middle East. Brent crude futures rose $1.93, or 1.77%, to $110.75 a barrel at 0442 GMT, while US West Texas Intermediate crude gained $1.43, or 1.47%, to $98.58. Brent had settled largely unchanged on Wednesday, while WTI had eased 67 cents. "Oil prices remain well bid, with ICE Brent back above $110 [Read more]

The shock of oil prices at a five-month high of $110 a barrel and gas prices in Asia and Europe hitting their highest levels since December 2022 is making its mark on household budgets. As well as raising the costs of transport and heating, it adds to pressure on food, clothing and packaging prices and contributes to elevated levels of inflation and borrowing costs. The following graphics illustrate some of the ways in which the rally is having an impact on daily life around the [Read more]