Oil eases as traders, investors grow edgy ahead of OPEC meeting

Monday, 20 November 2017

Oil eased on Monday, as traders were reluctant to take on big new positions ahead of an OPEC meeting next week, when the exporter group is expected to decide whether to continue output cuts aimed at propping up prices. Brent crude futures were at $62.37 per barrel by 1002 GMT, down 35 cents on the day, while U.S. West Texas Intermediate (WTI) crude futures were down 7 cents at $56.48 a barrel. The Organization of the Petroleum Exporting Countries (OPEC), together with a group of non-OPEC ...

ANALYSIS: How Iran has its eyes set on Iraq oil

Monday, 20 November 2017

Iran, sensing the increasing international isolation, has long sketched the necessary blueprints to prevent a future already becoming very bleak. For decades Tehran has maintained this entire country and its vast oil reserves in its crosshairs. Recent developments in Iraqi Kurdistan prove the Iranian regime’s devious intentions and should alert the international community. The government of Iraq, jockeying to maintain ties with both Washington and Tehran, has unprecedentedly agreed to ...

Saudi energy minister: Oil market to remain oversupplied by March 2018

Friday, 17 November 2017

The world will still have a surplus of oil by end-March next year, Saudi Arabia’s energy minister said on Thursday, signaling a willingness to extend output cuts when OPEC meets at the end of November on whether to extend caps well into 2018.Khalid al-Falih also said he did not want oil prices to rise too fast and too soon to shock consumers, adding that the exit from production cuts would be gradual to make sure market reaction is smooth. “We need to recognize that by the end of ...

Oil prices slide after IEA casts doubt over demand outlook

Wednesday, 15 November 2017

Oil prices fell for a fourth session on Wednesday, weighed down by worries that data would show US crude inventories rising after this week’s gloomy global demand outlook from the International Energy Agency (IEA). Brent crude futures were down 68 cents at $61.53 a barrel at 1335 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. US West Texas Intermediate (WTI) crude was at $55.08 per barrel, down 62 cents. The Brent price has shed ...

Iraqi PM: Oil prices not high enough to be spent on development

Tuesday, 14 November 2017

Oil prices are not high enough for Iraq to spend revenues on development, state television quoted Prime Minister Haider al-Abadi as saying in a news conference on Tuesday. "Oil prices are not at the required level to be used for sustainable development," state TV quoted him as saying.

CEO: Aramco plans to spend $300 bln over 10 years in upstream oil and gas

Monday, 13 November 2017

Saudi Aramco plans to spend close to $300 billion over 10 years in upstream oil and gas projects, Chief Executive Amin Nasser said on Monday.Speaking at the ADIPEC energy conference in Abu Dhabi, Nasser said: “This is mainly upstream, onshore, offshore and joint ventures in the kingdom and out of the kingdom.” He also said a decision would hopefully be made soon on the location for the listing of shares in the oil giant.Crown Prince Mohammad bin Salman said last month that ...

Shell to hand over Iraq’s Majnoon oilfield by end June 2018

Wednesday, 8 November 2017

Oil major Royal Dutch Shell agreed to exit the Majnoon oilfield and hand over its operation to the state-run Basra Oil Co. by the end of June 2018, two oil officials close to the deal said on Wednesday. A letter signed by Iraqi oil minister Jabar Luaibi, dated Aug. 23 and seen by Reuters, gave approval for the Anglo-Dutch company to quit Majnoon, a major oilfield near Basra which started production in 2014.

Oil steadies as China demand eases to one-year low

Wednesday, 8 November 2017

Oil steadied on Wednesday as Chinese crude imports fell to a one-year low, but losses were offset by investor caution over  Middle East developments. Brent futures were at $63.80 a barrel at 1005 GMT, up 11 cents, while US West Texas Intermediate (WTI) futures were down 8 cents at $57.12 a barrel. Brent crude hit $64.65 earlier this week, its highest since mid-2015. China’s October oil imports fell to just 7.3 million barrels per day from a near record-high of about 9 million bpd in ...

Libya’s Sharara oilfield production steadying around 300,000 bpd

Thursday, 2 November 2017

Production at Libya’s Sharara oilfield is stabilizing around 300,000 barrels per day (bpd) and the OPEC member’s National Oil Corp is trying to restore full capacity of 340,000 bpd, a Libyan oil source told Reuters on Thursday. Repeated shutdowns at the field, Libya’s largest, have slashed capacity which was running at a maximum of 280,000 bpd in recent months. The most recent interruption was a two-day shutdown in early October by an armed group known ...

Kurdish oil flows to Turkey resume after technical stoppage

Monday, 30 October 2017

Crude oil flows through an Iraqi Kurdistan pipeline to Turkey resumed on Monday after a technical stoppage for several hours, a Kurdish shipping source told Reuters. The source said the flows were still reduced at around 200,000-220,000 barrels per day (bpd) compared with the usual volume of 600,000 bpd. The next cargo to load at the Mediterranean port of Ceyhan will be Santa Cruz that will export volumes from the November loading program, the source said.

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