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31/01/2010 00:00 AST
U.S. oil major ConocoPhillips Co (COP.N) wants to grab a bigger chunk of global oil trading, including markets where it has not normally been active, three people familiar with the firm's plans said this week.
The move marks a departure from ConocoPhillips conservative approach to trading. The company, in its 2008 annual report filed with U.S. securities regulators, described its trading business as "limited" and said it was "immaterial" to the company's earnings or cash flow according to regulatory filings.
By contrast, BP Plc (BP.L), long one of the most aggressive and ambitious market players, allows its traders to make bets that could under the worst circumstances cause losses of $100 million in a single day, according to its most recent annual report.
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Reuters
(In US Dollar) | Change | Change(%) | |
---|---|---|---|
Brent | 68.12 | -2.02 | -2.88 |
WTI | 63.51 | 0.5 | 0.79 |
OPEC Basket | 64.98 | -1.5 | -2.26 |
05/04/2018
Opec crude production dropped to the lowest in a year amid the woes in Venezuela’s oil industry. Output from the 14 members of Organisation of Petroleum Exporting Countries fell by 170,000 barrels to
Gulf News
03/04/2018
Oil’s rally above $65 a barrel is being propelled by a sign that American explorers have curtailed drilling activity as well as ongoing speculation that the US could reimpose sanctions on Opec produc
Gulf News
29/03/2018
The Organization of the Petroleum Exporting Countries (Opec) is seeking “very long-term” cooperation with other crude exporters, the secretary general of the oil exporting group said on Wednesday.
The Gulf Today
28/03/2018
Saudi Arabia and Russia are working on a long-term oil pact that could extend controls over world crude supplies by major exporters for up to 20 years, the Kingdom’s crown prince has said.
Arab News
27/03/2018
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Oman Daily Observer