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India’s oil imports from Iran plunged 45 pct in January year on year

Friday, 15 February 2019

India’s oil imports from Iran fell by 45 percent in January to 270,500 barrels per day oil (bpd), ship tracking data reviewed by Reuters showed, below the estimated 300,000 bpd for the month as some cargoes were delayed. The United States introduced sanctions aimed at crippling Iran’s oil revenue-dependent economy in November but gave a six-month waiver to eight nations, including India, which allowed them to import some Iranian oil. India is restricted to buying 1.25 million tons ...

Global oil supply to swamp demand in 2019 despite output cuts – IEA

Wednesday, 13 February 2019

The global oil market will struggle this year to absorb fast-growing crude supply from outside OPEC, even with the group’s production cuts and US sanctions on Venezuela and Iran, the International Energy Agency said in a report on Wednesday. The IEA left its demand growth forecast for 2019 unchanged from its last report in January at 1.4 million barrels per day. “It is supported by lower prices and the start-up of petrochemical projects in China and the US. Slowing economic growth ...

Saudi Aramco, Egypt’s SUMED sign oil storage deals

Wednesday, 13 February 2019

Saudi Aramco’s trading arm, Aramco Trading Company (ATC), signed a deal with Egypt’s SUMED to provide 222,000 cubic metres of gas oil storage capacity in Sidi Kerir for re-export to Europe, Egypt’s petroleum ministry said in a statement on Tuesday. The companies also signed a second deal to supply fuel oil storage capacity of 165,000 cubic metres in the Red Sea port of Ain Sokhna, the statement said. That deal may include re-exporting and supplying fuel oil to power plants in ...

Shell aims to increase LNG exports from Egypt

Tuesday, 12 February 2019

Royal Dutch Shell aims to increase liquefied natural gas (LNG) exports from Egypt this year as it ramps up production from a West Delta field, the company’s country chairman Gasser Hanter said on Tuesday. The company shipped 12 LNG cargoes from the Idku plant last year and is “hoping for more” this year, Hanter told reporters in Cairo, adding that the West Delta Deep Marine field Phase 9B project should be completed by the end of this year. Shell was among companies that on ...

Egypt to see gas boost from BP fields, Zohr as Cairo returns to export market

Tuesday, 12 February 2019

Egypt’s gas output will get a boost this year as the country’s huge Zohr field nears peak production and with $1.8 billion in investment from BP, officials said on Monday, as Egypt returns to export markets and positions itself as a regional hub. Egypt hopes to leverage its strategic location and well-developed infrastructure to become a key international trading and distribution center for gas, a potentially remarkable turnaround for a country that spent about $3 billion on annual ...

Al-Falih: Saudi Arabia will reduce oil production to near 9.8 mln bpd in March

Tuesday, 12 February 2019

Saudi Arabia will reduce oil production to almost 9.8 million barrels per day in March, the Kingdom’s energy minister Khalid al-Falih told the Financial Times. He added that exports would also fall to near 6.9 million bpd, after they had been at 8.2 million bpd three months ago. In January, al-Falih had said that Saudi Arabia went beyond its commitment to lower both the production and exports of oil over the last couple of months. Responding to the market concerns about potential oil ...

UAE expects oil market to balance in first quarter

Monday, 11 February 2019

The energy minister of the United Arab Emirates said Monday supply and demand in the oil market should balance out in the first quarter of 2019, following weeks of output cuts.“My expectation is that we will see the balance during the first quarter unless something happens,” Suheil al-Mazrouei told the three-day World Government Summit in Dubai.“We are removing enough oil to correct the market,” Mazrouei said.OPEC cartel countries and other major oil producers in January ...

Bahri refutes US senator’s claim of Saudi ship ‘carrying diluents’ to Venezuela

Sunday, 10 February 2019

A Saudi Arabian national shipping company clarified on Monday that one of its oil tankers en route to sanctions-embattled Venezuela is empty after US Senator Marco Rubio accused Riyadh of trying to sell diluents to the Maduro regime. The shipping company said that the vessel was contracted by one of its Indian customers on Jan. 9, well before US sanctions were imposed against Venezuela on Jan. 28. “Bahri, the national shipping company of Saudi Arabia, clarifies that its oil tanker ...

Yemen aims to export about 75,000 bpd oil in 2019

Sunday, 10 February 2019

Yemen hopes to scale up its oil production to 110,000 barrels per day (bpd) in 2019, with exports touching about 75,000 bpd, its oil minister told Reuters on Sunday. “We will maintain production from four blocks and are planning to build a pipeline to the Arab Sea (Arabian Sea) to resume exports from these blocks,” Aws Abdullah al-Awd, said in an interview. The war-torn Arabian Peninsula country produced an average 50,000 bpd oil in 2018 compared with an average of around 127,000 bpd ...

Algeria energy revenues up 15 percent in 2018, trade deficit down

Saturday, 9 February 2019

Algeria’s energy earnings rose 15.27 percent in 2018 from the previous year due to higher global oil prices, the government said on Saturday.Stronger revenues helped to reduce the OPEC member’s trade deficit by 53.73 percent to $5.03 billion in 2018, according to customs figures.Oil and gas exports, which accounted for 93.13 percent of total sales abroad, reached $38.34 billion, up from $33.26 billion in 2017, the figures showed.The overall value of exports stood at $41.17 billion ...

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