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Saudi energy minister: Crackdown will not hit investments

Friday, 17 November 2017

Saudi Arabia’s corruption investigations are linked to a just few individuals and will not hinder investments in the kingdom, its energy minister said on Thursday. Khalid al-Falih said the crackdown was way overdue and would also not have any impact on plans to float shares in oil giant Saudi Aramco. “Everybody understands that this is a limited, domestic affair that the government is simply cleaning house,” he said on the sidelines of the UN climate conference in Bonn, Germany ...

Saudi energy minister: Oil market to remain oversupplied by March 2018

Friday, 17 November 2017

The world will still have a surplus of oil by end-March next year, Saudi Arabia’s energy minister said on Thursday, signaling a willingness to extend output cuts when OPEC meets at the end of November on whether to extend caps well into 2018.Khalid al-Falih also said he did not want oil prices to rise too fast and too soon to shock consumers, adding that the exit from production cuts would be gradual to make sure market reaction is smooth. “We need to recognize that by the end of ...

Turkish, Iraqi officials discuss resuming Kirkuk oil exports

Thursday, 16 November 2017

A Turkish energy delegation has met with Iraqi top oil officials in Baghdad to discuss issues including the resumption of Kirkuk oil exports via the Turkish port of Ceyhan, Iraq’s oil ministry said in a statement on Thursday. Exports from oilfields in Kirkuk have been on hold since Iraqi government forces took control of them from the Kurds last month in retaliation for a Kurdish referendum on independence which was widely opposed by Turkey, Iran and Western powers. “A high level ...

Pakistan LNG import project consortium folds, says Hoegh LNG

Thursday, 16 November 2017

A consortium behind a liquefied natural gas (LNG) import project in Pakistan, including oil giant Exxon Mobil, France’s Total and Qatar Petroleum, has been dissolved, shipping company Hoegh LNG said on Thursday. Hoegh LNG was due to supply the project’s ship-based import terminal, a floating storage and regasification unit (FSRU), where LNG brought in by tanker is converted back to gas to feed into Pakistan’s grid. The other six members of the ...

Oil prices slide after IEA casts doubt over demand outlook

Wednesday, 15 November 2017

Oil prices fell for a fourth session on Wednesday, weighed down by worries that data would show US crude inventories rising after this week’s gloomy global demand outlook from the International Energy Agency (IEA). Brent crude futures were down 68 cents at $61.53 a barrel at 1335 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. US West Texas Intermediate (WTI) crude was at $55.08 per barrel, down 62 cents. The Brent price has shed ...

Iraqi PM: Oil prices not high enough to be spent on development

Tuesday, 14 November 2017

Oil prices are not high enough for Iraq to spend revenues on development, state television quoted Prime Minister Haider al-Abadi as saying in a news conference on Tuesday. "Oil prices are not at the required level to be used for sustainable development," state TV quoted him as saying.

Lebanon minister: Political crisis wont delay oil, gas licensing

Tuesday, 14 November 2017

Lebanon’s energy minister said on Tuesday he does not expect any delays to its first oil and gas offshore licensing round because of the political crisis sparked by the prime minister’s resignation.Energy and Water Minister Cesar Abi Khalil told reporters on the sidelines of an energy conference in Abu Dhabi he expects to submit his report on the bids to the council of ministers for final approval before the year-end.Prime Minister Saad al-Hariri resigned in a speech from Saudi ...

OPEC, allies unlikely to delay decision on oil cut extension

Monday, 13 November 2017

OPEC and non-OPEC oil producers are moving towards deciding at their Nov. 30 meeting whether to extend a global agreement to curb oil supply further into 2018, two ministers said on Monday, a quicker timeframe than previously indicated. The Organization of the Petroleum Exporting Countries, plus Russia and nine other producers, are cutting output by about 1.8 million barrels per day until March in an attempt to eradicate a glut, and are considering extending the deal for longer. Reuters ...

CEO: Aramco plans to spend $300 bln over 10 years in upstream oil and gas

Monday, 13 November 2017

Saudi Aramco plans to spend close to $300 billion over 10 years in upstream oil and gas projects, Chief Executive Amin Nasser said on Monday.Speaking at the ADIPEC energy conference in Abu Dhabi, Nasser said: “This is mainly upstream, onshore, offshore and joint ventures in the kingdom and out of the kingdom.” He also said a decision would hopefully be made soon on the location for the listing of shares in the oil giant.Crown Prince Mohammad bin Salman said last month that ...

UAE’s ADNOC to sell at least 10 percent of fuel distribution in IPO

Monday, 13 November 2017

Abu Dhabi National Oil Company (ADNOC) plans to sell at least 10 percent of its stake in its fuel distribution unit in an initial public offering next month, the company said on Monday. ADNOC Distribution is the leading fuel distributor in the United Arab Emirates with an approximately 67 percent market share by number of retail fuel service stations The listing, which will be on the Abu Dhabi bourse, comes as Abu Dhabi and other Gulf states seek to privatize energy assets as revenues are ...

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