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Oil rises after OPEC+ says to keep output cuts

Monday, 20 May 2019

Oil hit multi-week highs on Monday after OPEC indicated it was likely to maintain production cuts that have helped boost prices this year, while escalating Middle East tensions provided further support. Brent crude was up by 34 cents to $72.55 a barrel by 0928 GMT, having earlier touched $73.40, the highest since April 26. US West Texas Intermediate crude was up 24 cents at $63 a barrel, after hitting a three-week high of $63.81. Saudi Energy Minister Khalid al-Falih said on Sunday there was ...

Saudi energy minister says attacks put security of oil supply at risk

Sunday, 19 May 2019

Saudi Energy Minister Khalid al-Falih said that recent attacks on Saudi energy assets had put the security of oil supply at risk but did not affect his country’s output. He also called on Saudi Arabia's partners to condemn the attacks. Four commercial ships were sabotaged off the coast of the United Arab Emirates last Sunday, and two days later drones attacked oil installations west of the Saudi capital Riyadh. Al-Falih was speaking in Jeddah, Saudi Arabia, ahead of a ministerial panel ...

UAE says relaxing oil supply cuts is ‘not the right decision’

Sunday, 19 May 2019

United Arab Emirates Energy Minister Suhail al-Mazrouei said on Sunday that oil producers were capable of filling any gap in the oil market and that relaxing supply cuts was not “the right decision.” Al-Mazrouei said that the UAE does not want to see an increase in inventories that could lead to prices collapsing. “As UAE we see that the job is not done yet, there is still a period of time to look at the supply and demand and we don't see any need to alter the agreement in the ...

Saudi energy minister says he recommends driving oil inventories down

Sunday, 19 May 2019

Saudi Arabia’s Energy Minister Khalid al-Falih said on Sunday he recommended “gently” driving oil inventories down at a time of plentiful global supplies and that OPEC would not make hasty decisions about output ahead of a June meeting. “Overall, the market is in a delicate situation,” al-Falih told reporters before a ministerial panel meeting of top OPEC and non-OPEC oil producers, including Saudi Arabia and Russia. While there is concern about supply disruptions ...

Bahrain’s Bapco completes multi-billion-dollar financing

Sunday, 19 May 2019

State-run Bahrain Petroleum Co (Bapco) said on Sunday it had completed a multi-billion-dollar financing aimed at expanding its refining capacity to 380,000 barrels per day from 267,000 barrels.Bapco did not disclose the size of the financing, but sources previously told Reuters it was over $4 billion.Five export credit agencies and a syndicate of 21 commercial banks took part in the financing, Bapco said, with BNP Paribas, HSBC Middle East and Verus Partners advising the firm on the deal.

Libya’s NOC chief says instability could lead to 95% oil production loss

Saturday, 18 May 2019

Libya’s National Oil Corporation (NOC) chief said on Saturday continued instability in Libya could make it lose 95% of its oil production. “Unfortunately if the situation will continue like this I’m afraid that maybe 95% of production will be lost,” Mustafa Sanalla told reporters in Jeddah ahead of a ministerial panel gathering on Sunday of top OPEC and non-OPEC producers. Sanalla said an attack had happened near Zella oilfield earlier on ...

Saudi’s al-Falih on oil output reductions: We will do the right thing

Saturday, 18 May 2019

Saudi Arabia’s Energy Minister Khalid al-Falih said on Saturday that OPEC will be responsive to the oil market’s needs, but that he was not sure there is an oil shortage with data, particularly from the United States, still showing inventories building. Speaking in Jeddah ahead of a ministerial panel gathering on Sunday by top OPEC and non-OPEC producers, including Saudi Arabia and Russia, al-Falih told Reuters OPEC will not decide on output until late June when the ...

Iraq has contingency plans in case Iran gas imports halted, says oil minister

Thursday, 16 May 2019

Iraq has contingency plans for any stoppage of Iranian gas imports for its power grid but hopes no such disruption will take place, Oil Minister Thamer Ghadhban said on Thursday. He also said the next meeting of OPEC’s ministerial monitoring committee in Saudi Arabia would assess member states’ commitment to a current production reduction and that current oil prices and markets were stable. Turkey has asked Iraq to purchase more of its crude, Ghadhban added, speaking to journalists ...

Oil prices jump $2 as foreign oil companies evacuate staff from Iraq

Wednesday, 15 May 2019

Oil prices jumped by about $2  a barrel on Wednesday as foreign oil companies began evacuating their employees from Iraq. ExxonMobil began evacuating its engineers working on its West Qurna 1 field in the southern province of Basra. The decision came after the United States ordered the departure of ‘non-emergency US government employees’ from Iraq. “US citizens in Iraq are at high risk for violence and kidnapping. Numerous terrorist and insurgent groups are active in Iraq ...

Rising OPEC, US oil output will offset gap left by Iran, Venezuela: IEA

Wednesday, 15 May 2019

Rising OPEC and US oil outputs will offset falling exports from Iran and Venezuela, the International Energy Agency (IEA) said on Wednesday. The monthly report added that the world will even require very little extra oil from OPEC to fill this gap as higher output from producers outside OPEC, especially from the United States in the second quarter, would keep the market well supplied. It added that non-OPEC supply in 2019 will grow 1.9 mln bpd compared to 2.8 mln bpd last year. The IEA, which ...

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