Iran stores more oil on land and at sea as exports slump

Thursday, 23 May 2019

Iran’s oil storage on land and at sea is on the rise as US sanctions on exports bite and Tehran battles to keep its ageing fields operational and crude flowing, according to data and industry sources. Washington announced in May the end of sanctions waivers for foreign countries importing Iranian oil, hitting Tehran’s biggest source of income. With creaking infrastructure and an ageing fleet of ships due to increasing isolation from much of the world, Iran will need to park unsold ...

Official says Pakistan to get Saudi oil on credit as of July

Thursday, 23 May 2019

A Pakistani official says the much-anticipated Saudi oil will start flowing to Islamabad as of July, with payments deferred for three years.Abdul Hafeez Shaikh says the buy-now-pay-later deal with the kingdom, reached last October, will enable Pakistan to overcome a balance of payment crisis.Shaikh is Prime Minister Imran Khan’s adviser on finance and economic affairs.Shaikh took to Twitter on Wednesday night, thanking Saudi Crown Prince Mohammed bin Salman for “activating the ...

Kuwait’s KUFPEC signs oil concession agreement in Pakistan

Wednesday, 22 May 2019

State-run Kuwait Foreign Petroleum Exploration Company (KUFPEC) said on Wednesday its Pakistan unit has secured a concession for the Makhad oil block in Punjab province. KUFPEC said in a statement that it had signed a concession agreement with the Pakistani authorities on behalf of its subsidiary Kirthar Pakistan (KPBV). “At this stage, KPBV anticipates acquiring seismic data and drilling one exploration well,” it said. KUFPEC is the international oil and natural gas exploration ...

Saudi Aramco signs US LNG deal with Sempra

Wednesday, 22 May 2019

Saudi Aramco has entered into a 20-year agreement with US-based Sempra Energy to purchase liquefied natural gas (LNG) from its subsidiary Sempra LNG, the two companies said on Wednesday.The Saudi state oil giant plans to become a major global gas player while the US market is undergoing a shale boom.Aramco has been developing its own gas resources and eyeing gas assets in the United States, Russia, Australia and Africa.The two companies are also finalizing a 25% equity investment in the phase 1 ...

Oil rises after OPEC+ says to keep output cuts

Monday, 20 May 2019

Oil hit multi-week highs on Monday after OPEC indicated it was likely to maintain production cuts that have helped boost prices this year, while escalating Middle East tensions provided further support. Brent crude was up by 34 cents to $72.55 a barrel by 0928 GMT, having earlier touched $73.40, the highest since April 26. US West Texas Intermediate crude was up 24 cents at $63 a barrel, after hitting a three-week high of $63.81. Saudi Energy Minister Khalid al-Falih said on Sunday there was ...

Saudi energy minister says attacks put security of oil supply at risk

Sunday, 19 May 2019

Saudi Energy Minister Khalid al-Falih said that recent attacks on Saudi energy assets had put the security of oil supply at risk but did not affect his country’s output. He also called on Saudi Arabia's partners to condemn the attacks. Four commercial ships were sabotaged off the coast of the United Arab Emirates last Sunday, and two days later drones attacked oil installations west of the Saudi capital Riyadh. Al-Falih was speaking in Jeddah, Saudi Arabia, ahead of a ministerial panel ...

UAE says relaxing oil supply cuts is ‘not the right decision’

Sunday, 19 May 2019

United Arab Emirates Energy Minister Suhail al-Mazrouei said on Sunday that oil producers were capable of filling any gap in the oil market and that relaxing supply cuts was not “the right decision.” Al-Mazrouei said that the UAE does not want to see an increase in inventories that could lead to prices collapsing. “As UAE we see that the job is not done yet, there is still a period of time to look at the supply and demand and we don't see any need to alter the agreement in the ...

Saudi energy minister says he recommends driving oil inventories down

Sunday, 19 May 2019

Saudi Arabia’s Energy Minister Khalid al-Falih said on Sunday he recommended “gently” driving oil inventories down at a time of plentiful global supplies and that OPEC would not make hasty decisions about output ahead of a June meeting. “Overall, the market is in a delicate situation,” al-Falih told reporters before a ministerial panel meeting of top OPEC and non-OPEC oil producers, including Saudi Arabia and Russia. While there is concern about supply disruptions ...

Bahrain’s Bapco completes multi-billion-dollar financing

Sunday, 19 May 2019

State-run Bahrain Petroleum Co (Bapco) said on Sunday it had completed a multi-billion-dollar financing aimed at expanding its refining capacity to 380,000 barrels per day from 267,000 barrels.Bapco did not disclose the size of the financing, but sources previously told Reuters it was over $4 billion.Five export credit agencies and a syndicate of 21 commercial banks took part in the financing, Bapco said, with BNP Paribas, HSBC Middle East and Verus Partners advising the firm on the deal.

Libya’s NOC chief says instability could lead to 95% oil production loss

Saturday, 18 May 2019

Libya’s National Oil Corporation (NOC) chief said on Saturday continued instability in Libya could make it lose 95% of its oil production. “Unfortunately if the situation will continue like this I’m afraid that maybe 95% of production will be lost,” Mustafa Sanalla told reporters in Jeddah ahead of a ministerial panel gathering on Sunday of top OPEC and non-OPEC producers. Sanalla said an attack had happened near Zella oilfield earlier on ...

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