OPEC considering keeping oil cuts until year-end: Report

Friday, 24 January 2020

OPEC is discussing extending its oil cuts until the end of the year as the market still looks bearish, but the discussions are still at an early stage, Russia's TASS news agency cited an OPEC source as saying on Friday. The group of oil exporters is due to meet in March, but could also meet in June to decide on policy, the source was quoted as saying.

Iraq approves fifth round of gas exploration contracts in Diyala province

Friday, 24 January 2020

Iraq has approved contracts in a fifth bidding round for gas exploration contracts in the east of the country, the government said in a statement on Thursday.The exploration deals in Diyala province are to develop fields that are expected to produce more than 750 million cubic feet of natural gas within 36 months.Iraq, OPEC’s second-largest producer after Saudi Arabia, depends on oil sales for over 90 percent of its public budget and has been under pressure from the United States to reduce ...

Oil prices around $65 ‘good for the global economy’: IEA chief

Thursday, 23 January 2020

Oil prices remaining around $65 per barrel is “good for the global economy,” Executive Director of the International Energy Agency (IEA) Fatih Birol told Al Arabiya on the sidelines of the 2020 World Economic Forum in Davos, Switzerland. Birol noted, however, that he was concerned about Iraq, the second largest oil producer in the Organization of Petroleum Exporting Countries (OPEC). “[Iraq’s] production today is about five million barrels per day … Iraq’s ...

Oil price spike over Libya prevented by OPEC+ supply cut: Saudi Energy Minister

Wednesday, 22 January 2020

Saudi Arabian Energy Minister Prince Abdulaziz bin Salman said on Wednesday that the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as the OPEC+ group, safeguarded the oil market from witnessing a spike in prices after Libyan General Khalifa Haftar’s forces blocked Libya’s oil exports. The OPEC+ deal is the reason that despite a production halt in Libya earlier in the week “you had two days of consecutive lower oil prices,” Prince Abdulaziz ...

Aramco IPO proceeds to fund Saudi industry, including defense: Finance minister

Wednesday, 22 January 2020

Saudi Arabia will pump the proceeds from last month’s listing of oil giant Saudi Aramco into the local economy over several years, including building up the domestic defense industry amid tensions with Iran, its finance minister said on Tuesday. Mohammed al-Jadaan told Reuters there were “serious efforts” to reduce antagonism between Washington and Tehran after a top Iranian general was killed in a US air strike and Iran retaliated with missile attacks against American bases in ...

New members of East Med Gas Forum show ‘strength’ of deal: Egypt oil minister

Tuesday, 21 January 2020

Official requests from France to become a member, and the US to join as an official observer, to the Eastern Mediterranean Gas Forum (EMGF) agreement shows “the strength and the depth of seriousness” to the commitment, Egyptian oil minister Tarek el-Molla said on Tuesday. Signed last week, the EMGF deal forms a regional gas market aiming to cut infrastructure costs, and offer competitive prices for its members. Cyprus, Greece, Israel, Italy, Jordan and the West Bank all joined Egypt ...

Novak stays on as Russian energy minister after government shake-up

Tuesday, 21 January 2020

Alexander Novak has retained his post as Russian Energy Minister after a government reshuffle, the Kremlin said on Tuesday, following days of uncertainty over who would lead Moscow’s global energy diplomacy. The 48-year-old has been in charge of the ministry since 2012 and has spearheaded Russia’s efforts to forge close ties with the Organization of the Petroleum Exporting Countries and other leading oil producers to support oil market and prices. He has also overseen the Russian ...

Libya’s oil output grinds to halt as Berlin peace talks end

Monday, 20 January 2020

Libya’s biggest oil field began to halt production after armed forces shut down a pipeline, compounding supply disruptions that are continuing after a conference that aimed to broker an end to the OPEC nation’s civil war concluded in Berlin. The country’s oil production will be limited to 72,000 barrels per day once its storage tanks are full, according to a spokesman for the National Oil Corporation, down from more than 1.2 million barrels per day on Saturday. That’s the ...

Oil spikes due to unrest in Iraq, Libya

Monday, 20 January 2020

Oil jumped as rising tension in the Middle East and North Africa halted output and exports from key OPEC producers Iraq and Libya.Futures in New York and London rose more than 1.5 percent following weekly declines. Iraq temporarily stopped output at an oil field on Sunday and supply from a second site is at risk as widespread unrest escalates in OPEC’s second-biggest producer. In Libya, National Oil Corp. declared force majeure after Commander Khalifa Haftar blocked exports at ports under ...

Libyan tribesmen say they have closed al-Sharara and al-Feel oilfields

Sunday, 19 January 2020

A group representing southern Libyan tribesmen said on Sunday it had closed the southern al-Sharara and al-Feel oilfields, virtually halting all of Libya’s oil output during a major international peace summit for Libya in Berlin. The leader of the Fezzan Anger group, Bashir al-Sheikh, told Reuters it had shut two fields, just two days after other fields in the east of the country were also shut. Libya’s National Oil Corporation (NOC) is cutting production at the al-Sharara and ...

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