Indian oil refiner part-owned by Iranian company cancels Iran oil imports

Thursday, 20 September 2018

India’s Chennai Petroleum will stop processing Iranian crude oil from October to keep its insurance coverage once new sanctions by the United States against Iran go into effect, three sources familiar with the issue said.Iran’s Naftiran Intertrade Co Ltd, a trading arm for state-owned National Iranian Oil Co, owns a 15.4 percent stake in Chennai Petroleum, which has two refineries with a total combined capacity of 230,000 barrels of oil per day (bpd).In May, US President Donald Trump ...

Cyprus, Egypt set to sign deal for offshore gas pipeline

Tuesday, 18 September 2018

Europe stands to gain from an agreement Egypt is set to sign with the Mediterranean island nation of Cyprus to pipe offshore natural gas to processing plants in the north African country where it will be liquefied for export, Egypt’s oil minister said Tuesday. Tarek el-Molla said that under the terms of the agreement, gas off Cyprus could also be used for Egypt’s domestic needs. “So it is really a way to have ... good, win-win positions for not only Cyprus and Egypt, but also ...

Perry encourages Saudi, OPEC, Russia to work against oil price spike

Thursday, 13 September 2018

Saudi Arabia, other members of OPEC and Russia are to be admired for trying to prevent a spike in oil prices, US Energy Secretary Rick Perry told reporters after meeting Russian Energy Minister Alexander Novak in Moscow. US sanctions on Iran's energy industry, which come into force in November, have already cut supply back to two-year lows, while falling Venezuelan output and unplanned outages elsewhere will also keep the supply-demand balance tight, the International Energy Agency said on ...

Saudi Aramco says recent media reports on a Sabic transaction are “entirely speculative”

Thursday, 13 September 2018

Recent media reports on a potential transaction between Saudi Aramco and Saudi Basic Industries Corp. are “entirely speculative”, Saudi Aramco said in a tweet on Thursday. “Saudi Aramco will provide updates when appropriate,” it said, without specifying the reports it was referring to or the media outlets concerned. Saudi Aramco had previously refuted interest in acquiring ownership position at Sabic in July.According to the company, discussions ...

OPEC sees slower 2019 oil demand growth, warns on economy

Wednesday, 12 September 2018

OPEC on Wednesday further trimmed its forecast for 2019 global oil demand growth and said the risk to the economic outlook was skewed to the downside, adding a new challenge to the group's efforts to support the market next year. In a monthly report, the Organization of the Petroleum Exporting Countries said world oil demand next year would rise by 1.41 million barrels per day (bpd), 20,000 bpd less than last month and the second consecutive reduction in the forecast. The report provides ...

Saudi Arabia and US discuss nuclear partnership

Wednesday, 12 September 2018

US Secretary of Energy Rick Perry and Saudi Minister of Energy, Industry and Mineral Resources Khalid Al-Falih discussed on Monday a wide array of issues, including the potential for US-Saudi civil nuclear engagement.They also discussed new technologies such as Small Modular Reactors, the state of world oil markets and the status of joint efforts to share technologies to develop clean fossil fuels.Last year, during the Secretary’s visit to Riyadh, the ministers signed a Memorandum of ...

US and Saudi energy ministers set to meet in Washington

Monday, 10 September 2018

US Energy Secretary Rick Perry will meet with Saudi Arabia’s energy minister, Khalid al-Falih, on Monday in Washington, a US government source said.The meeting comes as the Trump administration encourages energy-producing countries to pump oil at high rates two months before it renews sanctions on Iran’s exports of crude. Later in the week, Perry will meet in Moscow with Russian Energy Minister Alexander Novak.

Egypt gas output at 6.6 bln cubic feet per day

Saturday, 8 September 2018

Egypt’s natural gas output has risen to 6.6 billion cubic feet per day after an increase in production at its mammoth Zohr offshore gas field, an energy official said on Saturday. Output at Zohr rose to 2 billion cubic feet per day, the petroleum ministry said on Friday.Egypt aims to be a regional hub for the trade of liquefied natural gas (LNG) after a string of major discoveries in recent years including Zohr, which holds an estimated 30 trillion cubic feet of gas.In late ...

OPEC, non-OPEC panel to discuss sharing oil-output boost

Friday, 7 September 2018

An OPEC and non-OPEC technical committee will later this month discuss proposals for sharing out an oil-output increase, sources familiar with the matter said, a tense topic for the producer group after it decided in June to ease supply curbs. A panel called the Joint Technical Committee will on September 17 consider proposals on distributing the agreed output increase of 1 million barrels per day, the sources said. The discussion had earlier been planned for next Tuesday. ...

Libya’s National Oil Corp 2018 revenue already above last year’s

Thursday, 6 September 2018

Libya’s National Oil Corp said on Thursday its revenue for January to July 2018 reached $13.6 billion, already exceeding last year's $13 billion.It forecast revenue to rise to $23.4 billion by the end of 2018 “if the corporation was able to continue doing its work without any impediments”.“Despite ongoing challenges in the sector, combined product portfolio revenues bear testament to NOC’s production performance in recent times, including a 2018 peak of 1.3 million ...

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