Russia, Saudis signal oil production boost

Friday, 25 May 2018

Russia and Saudi Arabia said on Friday they believe a deal is possible to gradually boost oil output from as soon as July as world oil prices have recently hit highs last seen in 2014. Meanwhile, President Vladimir Putin said on Friday that Moscow would be satisfied with the price of crude oil dropping to $60 per barrel, from its recent level of around $80. Russia and Saudi Arabia are the key movers behind a pact between OPEC and other producers that has limited production since 2017 but which ...

Oil prices fall as OPEC and Russia weigh output boost

Friday, 25 May 2018

Oil prices fell on Friday as OPEC and Russia considered easing supply curbs to offset disruptions in Venezuela and an expected drop in Iranian exports.Russian Energy Minister Alexander Novak has had talks with Saudi Energy Minister Khalid al-Falih on an easing of the terms of the global oil supply pact that has been in place for 17 months, Novak said on Friday.The energy ministers of Saudi Arabia, Russia and the United Arab Emirates are discussing an output increase of about 1 million barrels ...

Unemployed threaten Libya oilfields feeding Es Sider; production normal

Monday, 21 May 2018

A group of unemployed Libyan youths will shut down oilfields in Marada town in the east unless demands for better state services are met, the group said on Sunday. An oil engineer said that despite the threat, oil production was running normally through the pipeline feeding the Es Sider terminal, which runs near Marada. But officials said they were closely monitoring the protests as similar action by the unemployed had led to pipeline closures in other parts of the North African country, which ...

EU launches bid to protect Iran oil, gas trade ties worth $23 bln

Saturday, 19 May 2018

EU Energy Commissioner Miguel Arias Canete arrived in Tehran on Saturday to present plans for continuing oil and gas purchases and protect European companies despite renewed US sanctions on Iran. Canete said preserving the 2015 nuclear deal, despite the US decision to withdraw, was "fundamental for peace in the region". "For sure there are clear difficulties with the sanctions," Canete said at a press conference alongside Iran's Atomic Energy Organisation head Ali Akbar ...

Energy giant Total pulls out of gas development project in Iran

Thursday, 17 May 2018

In a massive blow to Iran’s economy, French oil giant Total confirmed that it has not accepted any gas exploration commitments in the southern Pars field. Total issued a statement on Wednesday on the future of its oil projects in Iran stating that the decision came after President Donald Trump’s announcement to withdraw from the JCPOA. Total, together with the other partner Petrochina, executed the contract related to the South Pars 11 (SP11) project, in full compliance with UN ...

IEA cuts outlook for global oil demand as crude nears $80 a barrel

Wednesday, 16 May 2018

Global demand for oil is likely to moderate this year, as the price of crude nears $80 a barrel and many key importing nations no longer offer consumers generous fuel subsidies, the International Energy Agency said on Wednesday.The Paris-based IEA cut its forecast for global demand growth to 1.4 million barrels per day for 2018, from a previous estimate of 1.5 million bpd.The oil price has risen 51 percent in the last year, driven by coordinated supply cuts and, this month, by concern over ...

Iraq invites bids to build oil refinery in Diwaniya

Tuesday, 15 May 2018

Investors interested in bidding to build a 70,000 barrel-per-day oil refinery in Diwaniya south of Baghdad have until July 31 to make offers, the Iraqi oil ministry said in a statement on Tuesday.The refinery is one of several crude oil processing projects offered by Iraq as part of a plan to become self-sufficient in oil products.Iraq is the second-largest crude oil producer in the Organization of the Petroleum Exporting Countries after Saudi Arabia.

VIDEO: Envoy hails multipronged transformation in India-UAE energy relationship

Monday, 14 May 2018

In an exclusive interview to Al Arabiya English on Monday, May 14, 2018, India’s ambassador to the UAE, Navdeep Singh Suri, explained the transformation that has undergone India-UAE energy relationship. Speaking on the sidelines of roadshows highlighting features of exploration and production in India’s oil and gas sector, he also stressed the fundamentals in this energy equation. Indian delegation at the roadshows was led by Dharmendra Pradhan, India’s Minister of Petroleum ...

VIDEO: India minister on UAE oil storage deal, energy equations with Arab world

Monday, 14 May 2018

In a matter of months, the decades-old India-UAE energy interdependence has undergone major transformation. Driving this partnership is not just the demand and supply equation but several initiatives that have made the two sides stakeholders in an industry that has been in choppy waters and is expected to remain turbulent in the near future. Tasked with ensuring smooth energy supply to the world’s second most populous country, Dharmendra Pradhan, India’s Minister of Petroleum and ...

UAE state oil giant ADNOC plans to invest $45 bln in downstream expansion

Sunday, 13 May 2018

Abu Dhabi National Oil Company (ADNOC) plans to invest $45 billion over the next five years to expand its refining and petrochemicals operations, it said on Sunday. Striving to become a global player in the downstream sector, the state oil giant wants to double its refining capacity and triple petrochemicals output potential by 2025 as it looks to capture new growth markets, ADNOC’s Chief Executive Sultan al-Jaber told Reuters on Saturday. On Sunday, al-Jaber presented ADNOC’s ...

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