RIYADH, Broadcasting News Corporation : Oil prices slipped in Asia on Thursday after gaining more than $1 in the previous session, as concerns over supply disruptions eased and markets looked for evidence of improving fuel demand. Brent crude futures dipped 18 cents, or 0.2 percent, to $97.22 a barrel by 0419 GMT. US West Texas Intermediate crude futures fell 22 cents, or 0.2 percent, to $91.71. Norway’s DNO raises its Tawke output forecast. Norwegian oil firm DNO raised its guidance on Monday for output from Iraq’s Tawke license and said the company now has more cash on its hands than debt for the first time since 2018.
Gross output from Tawke, located in the Iraqi Kurdish region, is now projected at between 107,000 and 109,000 barrels of oil equivalent per day in 2022, up from a previous forecast of 105,000 boed, the company said in a statement. “DNO is committed to put its capital to work in its core competency and capture new opportunities created as peers and even some of the largest European companies scale back spending,” Executive Chairman Bijan Mossavar-Rahmani said. “We believe in the oil and gas business and in our responsibility to all stakeholders, including host governments who want to capitalize on current prices and consumers who now call for more production, not less,” he said. Brazil’s Bolsonaro pledges privatizations if re-elected Brazil’s President Jair Bolsonaro did not mention privatizing state-controlled oil company Petrobras in his re-election plan released on Wednesday that promises to continue pursuing policies that reduce the size of the state. “The government … will proceed with reordering the state’s role in the economy, through privatization and divestment of state-owned companies, to focus on state participation in essential activities and in promoting Brazil’s economic, social and sustainable development,” the plan said. The document contrasts with his 2018 election plan that dedicated specific pages to Petrobras. The company was not even mentioned this time, despite Mines and Energy Ministry Adolfo Sachsida requesting its privatization be studied. (With input from Reuters) News collected from ARAB NEWS.