RIYADH: Oil was steady on Thursday as a surprise drop in US crude stockpiles offset a smaller-than-expected cut to Russian supplies, while investors closely watched developments on Iraqi Kurdistan oil exports.
Brent crude futures were up 20 cents, or 0.26 percent, to $78.48 a barrel at 10.50 a.m. Saudi time, while West Texas Intermediate crude rose 34 cents, or 0.47 percent, to $73.31 a barrel.
Producers have shut in or reduced output at several oilfields in the semi-autonomous Kurdistan region of northern Iraq following a halt to the northern export pipeline, with more outages on the horizon, company statements showed.
Shell names Tony Nunan as its first chief of staff
Shell Plc said on Thursday that Tony Nunan will undertake the newly created senior role of the chief of staff and corporate relations, while Cecile Wake would take over from Nunan as Chair of Shell Australia.
The chief of staff, the first in Shell’s 115-year-old history, is the biggest change made by CEO Wael Sawan to the top management since he took the helm on Jan. 1, with a promise to boost the oil major’s performance.
Under the new role, Nunan will report to Sawan and be based in London, the company said, adding that Wake would replace Nunan, effective May 22.
PetroChina’s 2022 net profit surges 62 percent to record high
PetroChina’s net profit jumped 62.1 percent to a record high last year as stronger energy prices more than offset weak demand for fuel and chemicals, China’s largest oil and gas producer said on Wednesday.
PetroChina’s net profit amounted to 149.38 billion yuan ($21.69 billion) last year, while revenue rose 24 percent to 3,239 billion yuan, the firm said in a filing to the Hong Kong Stock Exchange.
The state energy giant produced 2.1 percent more crude oil last year at 906.2 million barrels, and natural gas output rose 5.8 percent to 4,675 billion cubic feet.
Refinery crude throughput, however, dipped 1 percent last year to 1,213 million barrels, or 3.32 million barrels per day, as Chinese consumption of gasoline and aviation fuel took a hard hit from Beijing’s COVID-19 control measures.
PetroChina recorded a 6.5 percent drop in domestic sales of gasoline, diesel and kerosene combined.
“For 2023, the global economy is expected to continue to recover but at a slower pace and there are still many unstable and uncertain factors,” PetroChina said.
(With input from Reuters)