Oil minister names Dawood Nassif chairman of Bahrain Petroleum Co: BNA

Tuesday, 16 July 2019

Bahraini Oil Minister Sheikh Mohammed bin Khalifa bin Ahmed has appointed Dawood Nassif as the chairman of the board of directors of Bahrain Petroleum Company (Bapco), the Bahrain News Agency (BNA) said on Tuesday. BNA also said the minister had ordered a reconfiguration of the board.

Oil prices edge up on tropical storm and geopolitical tensions

Friday, 12 July 2019

Oil prices inched higher on Friday and were on track for a weekly gain as US oil producers in the Gulf of Mexico cut more than half their output because of a tropical storm and as tensions continued to simmer in the Middle East. However, an International Energy Agency (IEA) forecast for a global oil surplus capped the gains. The agency on Friday predicted that surging US oil output will outpace sluggish global demand and lead to a large stocks build around the world in the next nine months. ...

IEA sees oil market oversupplied in 2019 on US production

Friday, 12 July 2019

Surging US oil output will outpace sluggish global demand and lead to a large stocks build around the world in the next nine months, the International Energy Agency (IEA) said on Friday. The forecasts appear to predict the need for producer club OPEC and its allies to reduce production to balance the market despite extending their existing pact, forecasting a fall in demand for OPEC crude to only 28 million barrels per day (bpd) in early 2020. "Market tightness is not an issue for the ...

China’s state construction giant sees more energy projects in Iraq

Friday, 12 July 2019

China State Engineering Corp sees more opportunities for oil projects in Iraq and is interested in expanding into Saudi Arabia and neighboring Gulf state Oman, a company executive said.The company’s Middle East entity, headquartered in the United Arab Emirates, operates in six Gulf Arab states and Iraq. It has sent teams to Syria in the past.It is interested in pipeline projects in Iraq having previously won groundworks and civil engineering contracts.“We are paying more attention to ...

Oil gains on US inventory drawdown, Gulf of Mexico storm

Wednesday, 10 July 2019

Oil prices rose 2.5% on Wednesday after industry data showed US inventories fell more than expected and as major US producers evacuated rigs in the Gulf of Mexico before a storm. US West Texas Intermediate (WTI) crude futures climbed $1.70 to $59.53 by 1407 GMT, after hitting a session high of $59.63. Brent crude futures were up $1.82 at $65.98, but below a session high of $66.00. Data from the American Petroleum Institute (API) on Tuesday showed US crude ...

Saudi cabinet says extension to cuts will help oil market stability

Tuesday, 9 July 2019

Saudi Arabia’s cabinet on Tuesday commended the agreement of the OPEC+ grouping to extend oil production cuts until the end of the first quarter of 2020, the Saudi Press Agency (SPA) reported. The Saudi cabinet said that the agreement “will contribute to the stability of oil markets,” a statement quoted by the state news agency said. OPEC, Russia, and other non-OPEC members, a grouping known as OPEC+, agreed this month to extend their oil supply cut by ...

Iraq PM: Any disruption to oil exports through Hormuz will be ‘major obstacle’

Tuesday, 9 July 2019

Iraqi Prime Minister Adel Abdul Mahdi said on Tuesday any disruption to oil exports through the Strait of Hormuz will be a “major obstacle” for his country’s economy which has too few oil export outlets. His government was studying contingency plans to deal with possible disruption, including looking at alternative routes for oil exports, Abdul Mahdi said. “Iraq has too few export outlets,” Abdul Mahdi told reporters at his weekly press ...

Saudi Aramco: The $2 trillion IPO is back

Sunday, 7 July 2019

Last week the Saudi energy minister Khalid al-Falih announced that plans are underway to list Saudi Aramco, the world’s largest oil company, within the next two years. The Aramco initial public offering (IPO) is the linchpin of Saudi Crown Prince Mohammed bin Salman’s plan to restructure the country’s economy. The company is looking to sell a five percent stake for $100 billion, valuing the company at $2 trillion – twice the size of any other company listed worldwide and ...

Brent oil inches up on Iran tensions and OPEC, while US crude falls

Friday, 5 July 2019

Brent oil ticked higher on Friday, supported by tensions over Iran and the decision by OPEC and its allies to extend a supply cut deal until next year, while US benchmark crude prices fell on weak economic indicators. Brent was up 53 cents at $63.83 per barrel by 1330 GMT. US West Texas Intermediate (WTI) slipped 18 cents to $57.16. The US market was closed on Thursday for a holiday. Both benchmarks were set for their biggest weekly falls in five weeks. A ...

Egypt hikes fuel prices by up to 22 percent

Friday, 5 July 2019

Egypt has hiked up fuel and cooking gas prices, in further austerity measures designed to overhaul the country’s ailing economy, but inflicting a heavy cost on the poor and the middle class. New prices came into effect Friday morning, according to Egypt’s official gazette. The price of ninety-two octane gasoline increased by about 18 percent - from 6.75 to 8 Egyptian pounds per liter. Eighty octane gas rose by nearly 22 percent, from 5.5 to 6.75 Egyptian pounds per liter. Prices for ...

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