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OIL

Rising US output weighs on oil prices

Thursday, 14 December 2017

Oil prices came under pressure on Thursday after the International Energy Agency (IEA) increased its forecast for growth in US oil output next year, raising the prospect of excess supply. US West Texas Intermediate futures fell 29 cents to $56.31 a barrel, down from a high of $56.93. Brent crude futures were at virtually unchanged at $62.45 a barrel at 14.44 GMT, after hitting a session high of $63.14. The Paris-based IEA said US crude output next year ...

End of the fossil fuel era?

Thursday, 14 December 2017

The race to diversify oil-based economies is moving at a fast pace, not only to wean such economies from oil based revenue addiction but also a realisation that environmental pressure and technological advances in renewable energy are posing long term threats to fossil fuel producers.Nuclear fusion is on the brink of a major milestone, and the advent of electric and hybrid cars and technological advances to reduce cost of production in solar energy are now realities. While safer nuclear fusion ...

Dr. Mohamed A. Ramady

Oil tops $65, first time since 2015, on UK pipeline outage

Tuesday, 12 December 2017

Oil rose above $65 a barrel for the first time since mid-2015 on Tuesday after a shutdown of the UK’s biggest North Sea oil pipeline, which helps set the benchmark for global prices. The Forties pipeline, which was scheduled to pump 406,000 barrels per day in December, was shut down on Monday after cracks were found in what traders believe is the first unplanned outage for some years. Brent crude, the global benchmark, was up by 92 cents at $65.61, after breaking ...

Oil bounces back from losses prompted by US fuel stocks

Thursday, 7 December 2017

Oil edged higher on Thursday, regaining ground from sharp losses the previous day brought on by an unexpectedly large rise in US stocks of refined fuels. Brent crude futures traded 52 cents higher at $61.74 a barrel by 1446 GMT. US West Texas Intermediate (WTI) crude futures were at $56.35 a barrel, up 39 cents. The previous day, Brent had settled 2.6 percent lower, and WTI 3 percent lower, after an unexpected rise in US fuel stocks. Data from the Energy Information Administration (EIA) on ...

Vienna and the oil world conflicts

Wednesday, 6 December 2017

Three years ago, former Saudi Minister for Petroleum Ali al-Naimi joined the OPEC summit deliberations in his usual calm manner, refusing to cut production unless all other member countries also agreed to do so.He believed the Saudi Arabia should maintain its share of the oil markets. Since that time, oil prices have been in a state of decline.Resilience of shale oil companiesThe perception of observers at that time was that OPEC countries with the least cost of production could bear lower ...

Mazen al-Sudairi

South Sudan owes Sudan $1.3 billion from 2012 oil deal

Wednesday, 6 December 2017

South Sudan still owes neighbouring Sudan $1.3 billion from a 2012 deal that ended a dispute over oil payments between the two nations, the deputy finance minister told Reuters before he was sacked last week. The previously undisclosed amount is equivalent to eight years worth of oil revenues for South Sudan at current prices, according to former deputy minister Mou Ambrose Thiik. He spoke to Reuters on Friday and was removed from his post by President Salva Kiir later that day. Finance ...

OPEC and non-OPEC pact: An endgame becomes necessary

Monday, 4 December 2017

OPEC’s suspense party is over, at least for the next few months as the cartel and its partners, including Russia, agreed to extend oil-production cuts to the end of 2018 and caught the market by surprise by including Libya and Nigeria in the deal for the first time, while leaving Iran uncapped. This was probably because unlike the wider production fluctuations by the two African countries, Iranian production seems to have stuck at around 3.75 mbpd given Iranian capacity constraints. Libya ...

Dr. Mohamed A. Ramady

Saudi energy minister says oil market should wait for OPEC Vienna meeting

Tuesday, 28 November 2017

Saudi energy minister Khalid al-Falih said on Tuesday that the oil market should wait to see the result of this week’s OPEC meeting in Vienna. He was replying to a question about how long global oil producers might extend their system of output cuts. Falih was speaking to reporters at an industry event in Dubai. The Organization of the Petroleum Exporting Countries will meet in Vienna on Nov. 30. “I haven’t reached Vienna - it is too early to talk about a disagreement, ...

Iraq invites foreign bids to develop oil, gas fields

Monday, 27 November 2017

Iraq on Monday invited foreign firms to apply for tenders to explore and develop eight oil and gas fields along its Iranian and Kuwaiti borders, along with an offshore bloc. The call was issued by Oil Minister Jabbar al-Luaybi. “The aim of these development plans... is to achieve the ministry’s goal aimed at maximising oil and gas reserves and optimising investments in border blocs neglected in past decades due to wars,” Luaybi said at a press conference in Baghdad. Eight of ...

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