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Saudi energy minister calls for collective effort to secure shipping lanes

Monday, 17 June 2019

Saudi Arabia's Energy Minister Khalid al-Falih said on Monday that countries need to cooperate on keeping shipping lanes open for oil and other energy supplies after last week’s tanker attacks in the Middle East to ensure stable supplies. While he did not outline any concrete steps after the attacks that damaged two tankers on June 13, al-Falih said the Kingdom would do everything necessary to ensure safe passage of energy from Saudi Arabia and its allies in the region. ...

Saudi Arabia crude exports rise to 7.177 mln bpd in April

Monday, 17 June 2019

Saudi Arabia’s crude oil exports in April rose to 7.177 million barrels per day (bpd) from 7.141 million bpd in March, official data showed on Monday. Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) to the Joint Organizations Data Initiative (JODI), which published them on its website.

Egypt in $500 million settlement with Israel Electric Corp

Monday, 17 June 2019

Egypt has signed a $500 million settlement with state-owned Israel Electric Corp over a defunct natural gas deal, the Egyptian General Petroleum Corporation (EGPC) and Egyptian Natural Gas (EGAS) said in a statement on Sunday. The statement said under the agreement signed on Sunday, Egypt will pay the amount over a period of 8-1/2 years in exchange for the Israeli company dropping all other claims resulting from a 2015 arbitration decision. The International Chamber of Commerce in 2015 ordered ...

Saudi Energy Minister hopes OPEC agrees to extend production cut ‘early July’

Sunday, 16 June 2019

Saudi Energy Minister Khalid al-Falih said on Sunday that OPEC would probably meet in the first week in July in Vienna and that he hoped it would reach consensus on extending its agreement to cut oil output. Falih said earlier this month that OPEC was close to agreeing to extend the agreement beyond June, although more talks were still needed with non-OPEC countries that were part of the production deal. The Organization of the Petroleum Exporting Countries plus Russia and other producers, an ...

G20 energy ministers to collaborate to keep market stability

Saturday, 15 June 2019

Energy ministers from the Group of 20 major economies have shared concerns over attacks on tankers in the Gulf and will collaborate to maintain stability in the oil market, Japan’s Industry Minister Hiroshige Seko said on Saturday. Two tankers, one operated by a Japanese shipping company, were attacked on Thursday. The United States blamed Iran for the attacks, raising concerns about a confrontation and driving up oil prices. “The most important thing was that we have shared an ...

Al-Falih: Decisive response to threats against energy supplies needed

Saturday, 15 June 2019

Saudi Energy Minister Khalid al-Falih says there must be a “swift and decisive response to threats against energy supplies, market stability and consumer confidence, posed by the recent terrorist acts in the Arabian Sea and the Arabian Gulf against the global energy supply chains.” A-Falih’s comments come as he headed the Kingdom’s delegation at the minsterial meeting ahead of the 2019 G20 Osaka summit in Japan on Saturday. The minister says the world should expand its ...

US grants energy-hungry Iraq new Iran sanctions waiver, says a source

Saturday, 15 June 2019

The United States has granted Iraq another 90-day waiver to continue with vital energy imports from neighboring Iran despite reimposed sanctions, a government source said on Saturday. The extension came after “long discussions” with Washington ahead of a looming deadline on a previous extension granted in December, the official, close to the negotiations, told AFP on condition of anonymity. The talks came amid spiking tensions between Iraq’s two closest allies - the US and Iran ...

Saudi Energy Minister hopes oil market will balance before next year

Saturday, 15 June 2019

Saudi Energy Minister Khalid al-Falih said on Saturday that he hopes oil producers will be able to balance the oil market before next year. “We hope that we will balance the market before next year. We are working on it,” al-Falih told reporters on the sidelines of a meeting of G20 energy and environment ministers in Karuizawa, Japan, when asked about the current oil market situation. Al-Falih said earlier this month that the Organization of the Petroleum Exporting Countries (OPEC) ...

Oil slips as demand concerns outweigh Mideast geopolitics

Friday, 14 June 2019

Oil prices fell on Friday on fears trade disputes will dent global oil demand, although the attacks this week on two oil tankers in the Gulf of Oman gave prices a floor. Brent crude futures were down 14 cents at $61.17 a barrel at 0846 GMT, having settled up 2.2 percent on Thursday. US West Texas Intermediate crude futures were down 28 cents at $52 a barrel. WTI also closed up 2.2 percent in the previous session. Both contracts were on track for weekly declines of more than 3 percent. The ...

OPEC cuts oil demand outlook, building case to keep supply curbs

Thursday, 13 June 2019

OPEC has cut its forecast for growth in global oil demand due to trade disputes and pointed to the risk of a further reduction, building a case for prolonged supply restraint in the rest of 2019. The producer group and its allies meet in the coming weeks to decide whether to maintain supply curbs. Some members are worried about a steep slide in prices, despite demands from US President Donald Trump for action to lower the cost of oil. World oil demand will rise by 1.14 million barrels per day ...

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