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OPEC, allies agree not to further increase oil production

Sunday, 23 September 2018

A meeting of OPEC and its allies ended without any decision to further increase oil output despite President Donald Trump’s call for lower prices. Members of the Organization of the Petroleum Exporting Countries met on Sunday in Algiers with non-members including Russia. The committee said in a statement that it was satisfied “regarding the current oil market outlook, with an overall healthy balance between supply and demand.” Trump has been calling publicly for OPEC to help ...

Siemens nears multi-billion euro deal in Iraq

Sunday, 23 September 2018

German engineering group Siemens is working on a deal worth up to $10.6 billion (9 billion euros) to supply energy generation technology to Iraq, business daily Handelsblatt reported, citing government and industry sources. Siemens Chief Executive Joe Kaeser has traveled to Iraq to secure a memorandum of understanding with the country on Sunday, the paper said, adding the deal also involved power transmission technology. The Iraqi government has not made a decision ...

Saudi energy minister: Oil supply is sufficient, market is balanced

Sunday, 23 September 2018

Saudi Energy Minister Khalid al-Falih said on Sunday- before the start of an OPEC and non-OPEC energy ministers’ meeting in Algeria- that the signatory states of the oil deal will try to reach a 100 percent commitment within two or three months. Falih said that the world oil market seems balanced and has sufficient supply, noting that OPEC members have pumped supplies in the last three months to compensate for Iran’s supply shortage. He added that the kingdom’s excess ...

Oil up on supply concerns ahead of OPEC meeting

Friday, 21 September 2018

Oil prices rose on Friday ahead of a meeting of OPEC and other large crude exporters that will focus on production increases as US sanctions restrict Iranian exports. OPEC and its allies are scheduled to gather in Algeria on Sunday to discuss how to allocate higher supply to offset the shortage of Iranian supplies. Brent crude oil was up 85 cents at $79.55 a barrel by 1140 GMT. US light crude was up 55 cents at $70.87. Brent is close to four-year highs, ...

Indian oil refiner part-owned by Iranian company cancels Iran oil imports

Thursday, 20 September 2018

India’s Chennai Petroleum will stop processing Iranian crude oil from October to keep its insurance coverage once new sanctions by the United States against Iran go into effect, three sources familiar with the issue said.Iran’s Naftiran Intertrade Co Ltd, a trading arm for state-owned National Iranian Oil Co, owns a 15.4 percent stake in Chennai Petroleum, which has two refineries with a total combined capacity of 230,000 barrels of oil per day (bpd).In May, US President Donald Trump ...

Cyprus, Egypt set to sign deal for offshore gas pipeline

Tuesday, 18 September 2018

Europe stands to gain from an agreement Egypt is set to sign with the Mediterranean island nation of Cyprus to pipe offshore natural gas to processing plants in the north African country where it will be liquefied for export, Egypt’s oil minister said Tuesday. Tarek el-Molla said that under the terms of the agreement, gas off Cyprus could also be used for Egypt’s domestic needs. “So it is really a way to have ... good, win-win positions for not only Cyprus and Egypt, but also ...

Perry encourages Saudi, OPEC, Russia to work against oil price spike

Thursday, 13 September 2018

Saudi Arabia, other members of OPEC and Russia are to be admired for trying to prevent a spike in oil prices, US Energy Secretary Rick Perry told reporters after meeting Russian Energy Minister Alexander Novak in Moscow. US sanctions on Iran's energy industry, which come into force in November, have already cut supply back to two-year lows, while falling Venezuelan output and unplanned outages elsewhere will also keep the supply-demand balance tight, the International Energy Agency said on ...

Saudi Aramco says recent media reports on a Sabic transaction are “entirely speculative”

Thursday, 13 September 2018

Recent media reports on a potential transaction between Saudi Aramco and Saudi Basic Industries Corp. are “entirely speculative”, Saudi Aramco said in a tweet on Thursday. “Saudi Aramco will provide updates when appropriate,” it said, without specifying the reports it was referring to or the media outlets concerned. Saudi Aramco had previously refuted interest in acquiring ownership position at Sabic in July.According to the company, discussions ...

OPEC sees slower 2019 oil demand growth, warns on economy

Wednesday, 12 September 2018

OPEC on Wednesday further trimmed its forecast for 2019 global oil demand growth and said the risk to the economic outlook was skewed to the downside, adding a new challenge to the group's efforts to support the market next year. In a monthly report, the Organization of the Petroleum Exporting Countries said world oil demand next year would rise by 1.41 million barrels per day (bpd), 20,000 bpd less than last month and the second consecutive reduction in the forecast. The report provides ...

Saudi Arabia and US discuss nuclear partnership

Wednesday, 12 September 2018

US Secretary of Energy Rick Perry and Saudi Minister of Energy, Industry and Mineral Resources Khalid Al-Falih discussed on Monday a wide array of issues, including the potential for US-Saudi civil nuclear engagement.They also discussed new technologies such as Small Modular Reactors, the state of world oil markets and the status of joint efforts to share technologies to develop clean fossil fuels.Last year, during the Secretary’s visit to Riyadh, the ministers signed a Memorandum of ...

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