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Oil rises thanks to stronger equities, Libyan supply outage

Tuesday, 11 December 2018

Oil rose on Tuesday, recouping some of the previous day’s hefty losses as a modest show of strength in global stocks, a slightly weaker dollar and an unplanned supply outage in OPEC member Libya lent support. Brent crude oil futures were up 45 cents on the day at $60.42 a barrel at 1230 GMT, having fallen 3 percent the previous day, while US futures rose 56 cents to $51.56 a barrel. “The dollar is a bit weaker, but other than that, I don’t see any ...

US energy secretary, Saudi energy minister discuss oil market conditions

Monday, 10 December 2018

Saudi Energy Minister Khalid al-Falih discussed oil market conditions with his US counterpart Rick Perry during the latter’s visit to Dhahran, Saudi Arabia.The meeting, which was held on the sidelines of the launch ever of the King Salman Energy Park project, was the first after OPEC and the independent producers led by Russia had agreed to cut production by 1.2 million barrels per day, contrary to US President Donald Trump's claims to continue pushing oil prices down.Al-Falih pointed out ...

UAE energy minister: Qatar’s exit from OPEC will not affect production

Monday, 10 December 2018

UAE Energy Minister Suhail Al Mazroui has said that Qatar’s decision to withdraw from OPEC would not affect the continuation of production.Al Mazroui also said on Monday that an agreement to cut supplies from OPEC and independent producers would be signed within three months in Saudi Arabia.“We will wait and see to take a decision on extending the production reduction agreement after six months,” he said.He disclosed that his country would reduce oil supplies by 2.5% in January ...

Saudi crown prince launches first phase of King Salman Energy Park

Monday, 10 December 2018

Saudi Arabia’s Crown Prince Mohammed bin Salman on Monday broke ground on the King Salman Energy Park project (SPARK) located between Dammam and al-Ahsa in the Eastern Province. SPARK is a 50-square-kilometer energy city megaproject which will position Saudi Arabia as a global energy, industrial and technology hub. The first phase of the development will be completed by 2021. The project has already attracted investments from foreign and local companies to produce and manufacture goods and ...

Libya’s NOC declares force majeure on El Sharara oil exports

Monday, 10 December 2018

Libya’s National Oil Company (NOC) has declared force majeure on exports from the El Sharara oil field, it said on Monday, after tribesmen and state security guards seized the facility. NOC said in a statement the shut down of its biggest oilfield would result in a daily site production loss of 315,000 barrels per day (bpd), and an additional loss of 73,000 bpd at the El Feel oilfield. It said production at the Zawiya refinery was also at risk due to its dependence on crude oil supply ...

Australia bypasses Qatar to become world’s top exporter of LNG

Monday, 10 December 2018

Australia has bypassed Qatar as the world's largest exporter of liquefied natural gas (LNG) for the first time in November, according to data released on Monday.In November, Australia shipped 6.7936 million tons of LNG, while Qatar exported 6.2025 million tons.Australia’s LNG exports jumped more than 15 percent from the previous month, while Qatari LNG exports fell three percent, marking a first for them for this time of year since 2014.

Egypt’s Carbon Holdings secures $1.25 bln to build petrochemicals complex

Sunday, 9 December 2018

Egypt’s Carbon Holdings has secured $1.25 billion in financing to build a giant petrochemicals complex in the Red Sea port of Ain Sokhna. The Tahrir Petrochemicals Complex, a $10.9 billion project, would be the largest in the Middle East and is expected to create 48,000 jobs. Carbon signed the financing contract with Africa Finance Corporation (AFC), a Lagos-based development financier, on the sidelines of an Africa business forum in the resort of Sharm al-Sheikh, the Egyptian cabinet said ...

Protesters stop output at Libya’s El Sharara oilfield

Saturday, 8 December 2018

Libyan tribesmen protested at the giant El Sharara oilfield on Saturday and shut down production, the force guarding the facility and a spokesman for the protesters said. State oil firm NOC had no immediate comment. Closing down an oilfield takes time. Engineers at the field had earlier given conflicting reports about whether oil was flowing or was being halted. The tribesmen calling themselves the Fezzan Anger Movement were protesting to demand more development help ...

Oil price surges 5 percent as OPEC agrees output cut

Friday, 7 December 2018

Oil prices jumped more than 5 percent on Friday as big Middle East producers in OPEC agreed to reduce output to drain global fuel inventories and support the market. Benchmark Brent crude oil rose $3.26 a barrel to a high of $63.32 by 1355 GMT. In early trade, Brent had fallen below $60 when it looked as if oil exporters might not agree. US light crude rose $2.62 to a high of $54.11 a barrel before slipping to around $53.90. Prices fell almost 3 percent on Thursday after the Organization of ...

Saudi Arabia: OPEC seeking ‘sufficient cut’ to balance oil market

Thursday, 6 December 2018

OPEC is looking for a “sufficient” cut in oil production among its members in order to prop up plunging crude prices, Saudi Arabia's oil minister said on Thursday. “We’re looking for a sufficient cut to balance the market, equally distributed between countries,” Khalid al Falih told reporters ahead of an OPEC meeting in the Austrian capital. He added that OPEC and other producers have not reached an agreement regarding oil production cuts, adding that he hopes to ...

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