Global oil prices may rise to as high as $120 by the middle of next year as the ability of OPEC+ to meet demand is at risk from under-investments and sanctions, according to a Rosneft PJSC executive.
A strong Dubai price has again put top oil exporter Saudi Arabia in a dilemma over whether to raise the prices of crude it sells to Asia to match the benchmark's strength, or to cut to stay competitive in an oversupplied market. Record purchases of October-loading crude by Chinaoil during a mechanism that sets the price of Middle East crude in Asia strengthened the benchmark, even as other grades are being pressed lower by a global glut. Saudi Arabia is due to release October crude prices later this week, setting the trend for Iranian, Kuwaiti and Iraqi crude bound for Asia.
Hess Corp, which sold off fueling stations and refineries to focus on production, reported its second consecutive quarterly loss after crude prices fell.
Canadian oilfield services provider Calfrac Well Services halved its quarterly dividend to 6.25 Canadian cents per share, citing lower crude oil prices and weak demand for oilfield services. Calfrac's board also approved an additional capital of about C$12 million for 2015 to expand in Latin America, the company said on Wednesday.