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Saudi crown prince launches first phase of King Salman Energy Park

Monday, 10 December 2018

Saudi Arabia’s Crown Prince Mohammed bin Salman on Monday broke ground on the King Salman Energy Park project (SPARK) located between Dammam and al-Ahsa in the Eastern Province. SPARK is a 50-square-kilometer energy city megaproject which will position Saudi Arabia as a global energy, industrial and technology hub. The first phase of the development will be completed by 2021. The project has already attracted investments from foreign and local companies to produce and manufacture goods and ...

Libya’s NOC declares force majeure on El Sharara oil exports

Monday, 10 December 2018

Libya’s National Oil Company (NOC) has declared force majeure on exports from the El Sharara oil field, it said on Monday, after tribesmen and state security guards seized the facility. NOC said in a statement the shut down of its biggest oilfield would result in a daily site production loss of 315,000 barrels per day (bpd), and an additional loss of 73,000 bpd at the El Feel oilfield. It said production at the Zawiya refinery was also at risk due to its dependence on crude oil supply ...

Australia bypasses Qatar to become world’s top exporter of LNG

Monday, 10 December 2018

Australia has bypassed Qatar as the world's largest exporter of liquefied natural gas (LNG) for the first time in November, according to data released on Monday.In November, Australia shipped 6.7936 million tons of LNG, while Qatar exported 6.2025 million tons.Australia’s LNG exports jumped more than 15 percent from the previous month, while Qatari LNG exports fell three percent, marking a first for them for this time of year since 2014.

Egypt’s Carbon Holdings secures $1.25 bln to build petrochemicals complex

Sunday, 9 December 2018

Egypt’s Carbon Holdings has secured $1.25 billion in financing to build a giant petrochemicals complex in the Red Sea port of Ain Sokhna. The Tahrir Petrochemicals Complex, a $10.9 billion project, would be the largest in the Middle East and is expected to create 48,000 jobs. Carbon signed the financing contract with Africa Finance Corporation (AFC), a Lagos-based development financier, on the sidelines of an Africa business forum in the resort of Sharm al-Sheikh, the Egyptian cabinet said ...

Protesters stop output at Libya’s El Sharara oilfield

Saturday, 8 December 2018

Libyan tribesmen protested at the giant El Sharara oilfield on Saturday and shut down production, the force guarding the facility and a spokesman for the protesters said. State oil firm NOC had no immediate comment. Closing down an oilfield takes time. Engineers at the field had earlier given conflicting reports about whether oil was flowing or was being halted. The tribesmen calling themselves the Fezzan Anger Movement were protesting to demand more development help ...

Oil price surges 5 percent as OPEC agrees output cut

Friday, 7 December 2018

Oil prices jumped more than 5 percent on Friday as big Middle East producers in OPEC agreed to reduce output to drain global fuel inventories and support the market. Benchmark Brent crude oil rose $3.26 a barrel to a high of $63.32 by 1355 GMT. In early trade, Brent had fallen below $60 when it looked as if oil exporters might not agree. US light crude rose $2.62 to a high of $54.11 a barrel before slipping to around $53.90. Prices fell almost 3 percent on Thursday after the Organization of ...

Saudi Arabia: OPEC seeking ‘sufficient cut’ to balance oil market

Thursday, 6 December 2018

OPEC is looking for a “sufficient” cut in oil production among its members in order to prop up plunging crude prices, Saudi Arabia's oil minister said on Thursday. “We’re looking for a sufficient cut to balance the market, equally distributed between countries,” Khalid al Falih told reporters ahead of an OPEC meeting in the Austrian capital. He added that OPEC and other producers have not reached an agreement regarding oil production cuts, adding that he hopes to ...

After 57 years, Qatar’s withdrawal from OPEC expected to have limited impact

Monday, 3 December 2018

Qatar announced that it had informed OPEC on Monday of its decision to withdraw from the organization effective from Jan. 2019, with economic observers estimating limited impact on the wider group in the long-run.After spending 57 years as an OPEC member, Qatar explained its withdrawal the group was due to technical and strategic reasons and not political. Observers have taken this and an expression of how it had weak influence within the organization as one of its smallest producers.Doha was ...

Oil surges five percent following Saudi-Russia consensus on production

Monday, 3 December 2018

The price of oil has risen by five percent on Monday, a first market reaction following Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman’s sideline meeting at the G20 summit in Argentina. Contributing to the five percent rise of oil prices is the US-China 90-day truce in a trade dispute. The Russian president announced a consensus between Russia and Saudi Arabia to reduce oil production without specifying by how much. This happened ahead of the upcoming OPEC ...

Saudi, Colombia to strengthen cooperation, Falih says

Sunday, 2 December 2018

Saudi Arabia and non-OPEC producer Colombia plan to strengthen energy cooperation, Saudi Energy Minister Khalid al-Falih said on Twitter after a meeting with his counterpart Maria Fernanda Suarez in Bogota. The Saudi-led Organization of the Petroleum Exporting Countries (OPEC) and oil exporters outside OPEC meet in Vienna this week to discuss oil production levels.

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