Saudi pledges ‘measurable’ oil supply boost as OPEC, Russia agree deal

Saturday, 23 June 2018

OPEC agreed with Russia and other oil-producing allies on Saturday to raise output from July, with Saudi Arabia pledging a “measurable” supply boost but giving no specific numbers. The Organization of the Petroleum Exporting Countries had announced an OPEC-only production agreement on Friday, also without clear output targets. Benchmark Brent oil rose by $2.5 or 3.4 percent on the day to $75.55 a barrel. On Saturday, non-OPEC oil producers agreed to participate in the pact but a ...

OPEC reaches deal to modestly raise oil output from July

Friday, 22 June 2018

OPEC agreed on Friday to raise oil production by around 1 mln barrels per day from July for the group and its allies, an OPEC source said. The output gain is nominal. The real increase will be smaller because several countries that recently under produced oil will struggle to return to full quotas while other producers will not be allowed to fill the gap, OPEC sources have said, according to Reuters. The countries of the OPEC oil cartel convened in a meeting in Vienna on Friday, to discuss ...

Report: ADNOC to sign deal for stake in Indian refinery

Friday, 22 June 2018

Abu Dhabi National Oil Co (ADNOC) will sign an agreement with Saudi Aramco and Indian companies on Monday for an up to 25 percent stake in a planned $44 billion refinery and petrochemical project in India, a government source said. Major oil producers are targeting Asia, where fuel demand is growing, as a stable outlet for their oil. India, the world’s third biggest oil importer and consumer, aims to expand its refining capacity by 77 percent to 8.8 million barrel per day (bpd) by 2030. ...

After Gazprom probe, EU investigates Qatar’s long-term LNG contracts

Thursday, 21 June 2018

The European Commission is investigating the bloc’s biggest sea-borne gas supplier Qatar Petroleum over potentially restrictive 20-year supply agreements inhibiting development of a single gas market, its latest challenge to a major gas supplier. The bloc, having just wrapped up a seven-year market abuse probe into Russian giant Gazprom, said it sought to determine if Qatar’s liquefied natural gas (LNG) supply deals with European utilities barred them from diverting shipments within ...

Oil prices rise ahead of crucial OPEC meeting

Wednesday, 20 June 2018

Oil prices rose on Wednesday, supported by reports of a drop in US commercial crude inventories and the loss of storage capacity in Libya, but under pressure ahead of a meeting of OPEC exporters which may increase global production. Brent crude was up 50 cents at $75.58 a barrel by 1335 GMT. US light crude was $1.05 higher at $66.12. US crude inventories fell by 3 million barrels to 430.6 million barrels in the week to June 15, according to an American Petroleum Institute report on Tuesday. ...

Clashes at Libya oil ports cut output by nearly half

Wednesday, 20 June 2018

Clashes between rival groups in Libya’s key oil export ports have caused output to drop by nearly half, the head of the National Oil Company said on Wednesday. “Production has seen a reduction by 450,000 barrels per day, plus 70 million cubic feet of natural gas, equivalent to $33 mln in sales based on market prices” Mustafa Sanallah told AFP via email. The Ras Lanuf and al-Sidra terminals have been closed since Thursday when armed groups attacked oil facilities held by forces ...

OPEC mulls hiking oil production by 1.5 million barrels a day

Monday, 18 June 2018

Russia and Saudi Arabia will ask OPEC to hike production by 1.5 million barrels a day in the third quarter of 2018, Russian Energy Minister Alexander Novak said on Saturday.OPEC and Russia decided together in 2016 to cut their supply in order to push prices up following a crash induced by a global crude production glut.An oil production shortfall in Iran and Venezuela has changed the scenario for the two countries and members of the oil cartel.Novak said Moscow and Riyadh “propose ...

Libya’s NOC calls on armed faction leader to withdraw from oil crescent

Saturday, 16 June 2018

Libya’s National Oil Corporation (NOC) called on Saturday for the “unconditional and immediate” withdrawal of militia loyal to Ibrahim Jathran from Ras Lanuf and Es Sider terminals, warning of further damage to key infrastructure. Jathran headed an armed group that blockaded the terminals in Libya’s oil crescent for three years before being forced out by the rival Libyan National Army (LNA) led by Khalifa Haftar, the dominant figure in eastern Libya. The NOC said storage ...

Egypt announces steep fuel price increase as part of austerity measures

Saturday, 16 June 2018

Egypt's Ministry of Oil has announced steep increases in fuel and cooking gas prices as part of the country's economic reforms and austerity measures. The ministry says the new prices will go into effect starting Saturday morning. Prices for cooking gas increased from 60 to 100 pounds (from $3.3 to $5.6), which is a more than 60 percent increase. Ninety-two octane gasoline increased from 5 pounds to 6.75 pounds per liter, or about a 34 percent increase. Eighty octane gas increased from 3.65 to 5 ...

Oil falls $2 a barrel ahead of OPEC meeting

Friday, 15 June 2018

Oil prices fell sharply Friday, with benchmark Brent crude dropping more than $2 a barrel ahead of an OPEC meeting in Vienna next week as two of the world’s biggest producers, Saudi Arabia and Russia, indicated they were prepared to increase output. Brent crude oil fell $2.15 a barrel to $73.79 by 10:56 a.m. EDT [1556 GMT]. US light crude was $1.77 lower at $65.12 a barrel. Brent crude is on track to end the week down more than 3 percent, while US crude is heading to fall 0.7 percent. ...

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