Regional News: Middle East

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Oil Glut Is Fading Where You Would Least Expect: Saudi Arabia
Friday, June 24, 2016 Saudi Arabia, a country nearly synonymous with plentiful crude supplies, is offering one of the strongest signs yet that the glut that has plagued the oil market since 2014 is coming to an end.

SPA: Saudi Prince Talks Oil Markets With US
Thursday, June 23, 2016 Saudi Arabia's Deputy Crown Prince Mohammed bin Salman discussed global oil market conditions and efforts to maintain its stability with U.S. Energy Secretary Ernest Moniz, state news agency SPA reports.

World's 2nd-Biggest Sovereign Fund Sees Oil Glut Until Mid-2017
Thursday, June 23, 2016 The global oil glut will probably persist until at least next summer as markets take time to absorb excess crude in storage, according to the head of research at the world's second-largest sovereign wealth fund.

Energy Minister: Saudi May Return to Market Balancing Role Post Recovery
Wednesday, June 22, 2016 Saudi Arabia, the world's largest oil exporter, may return to its role of balancing oil supply and demand after the recovery of the global market, the country's energy minister says.

OPEC Says Its Oil Revenue Plunges $438 Billion to 10-Year Low
Wednesday, June 22, 2016 OPEC says its oil revenue plunged by $438 billion to a 10-year low last year, as an increase in export volumes failed to compensate for the collapse in prices.


OneSubsea Secures Zohr EPC Contract
Tuesday, June 21, 2016 OneSubsea secures an engineering, procurement and construction contract for the first stage of the Zohr gas field, totaling more than $170 million, from Belayim Petroleum Company (Petrobel).

Genel Confirms Receipt of Part-Payment for Tawke, Taq Taq Exports
Tuesday, June 21, 2016 Genel Energy confirms the receipt of part-payment from the Kurdistan Regional Government for oil exports from the Tawke and Taq Taq fields in the Kurdistan Region of Iraq.

Amec Foster Wheeler Clinches Iraq's Rumaila Field Contract from BP
Tuesday, June 21, 2016 Amec Foster Wheeler clinches a three year framework agreement from BP to complete conceptual studies and pre-front end engineering design work for the Rumaila oil field in Iraq.

Arab Gulf Crude Exports Rise Above 130 Million Barrels
Monday, June 20, 2016 Crude oil exports from the Arab Gulf rise above 130 million barrels in the week ending June 18, according to Thomson Reuters' Lead Oil Analyst for the Middle East and Africa, Giorgos Beleris.

Saudi Aramco Says Minor Pipeline Fire Extinguished, No Impact On Oil Supply
Thursday, June 16, 2016 Saudi Aramco says a minor pipeline fire broke out on Thursday morning but was quickly put out with no injuries or impact on oil supply.

Iran Oil Comeback That Startled Doubters Approaches Roadblock
Thursday, June 16, 2016 Iran easily beat expectations with its speed in boosting oil exports after the lifting of sanctions. Without an injection of cash and the easing of remaining trade barriers, the recovery may have run its course.

OPEC Turmoil Could Turn IEA's Balanced Market Into Shortfall
Thursday, June 16, 2016 The world's most prominent oil forecaster, the International Energy Agency, anticipates near-equilibrium between supply and demand in global crude markets next year.

Kurds Ready For New Oil Deal With Baghdad If They Get $1B A Month
Wednesday, June 15, 2016 Iraq's Kurds are ready to strike an agreement with the central government in Baghdad on a deal to increase oil exports, if it guarantees them a monthly revenue of $1 billion.

UAE's Mubadala Appoints Calily As CEO Of Energy Platform
Wednesday, June 15, 2016 Abu Dhabi state-owned investment fund Mubadala on Wednesday said it appointed Ahmed Saeed al-Calily as chief executive of the group's energy platform.

Gulf Keystone Extends Standstill Agreement to July 1
Tuesday, June 14, 2016 Gulf Keystone extends standstill agreement with the majority of its note and bondholders until July 1.

Source: Iran Oil Sales On Track For 4.5-Yr High as European Buying Recovers
Tuesday, June 14, 2016 Iran's oil exports are on track to hit the highest in almost 4.5 years in June, as shipments to Europe recover to near pre-sanctions level, according to a source with knowledge of the country's crude lifting plans.

Iran's Crude Oil Production At 3.8M Bpd
Tuesday, June 14, 2016 Iran's crude oil production has reached 3.8 million barrels per day, says the country's oil minister.

OPEC Sees Oil Glut Shrinking In Second Half Of Year
Monday, June 13, 2016 OPEC forecasts that the world oil market will be more balanced in the second half of 2016 as outages in Nigeria and Canada help to speed up the erosion of a supply glut.

Iran Names Oil Company Finance Boss To Top Post As Output Surges
Monday, June 13, 2016 Iran appoints Ali Kardor to lead the state oil company, promoting him from the role of finance director as the country boosts crude output and seeks more than $100 billion in investment to revive its energy industry.

Expats, Employers Worried Over Uncertain Saudi Tax Proposal
Wednesday, June 08, 2016 Expatriates in Saudi Arabia and their Saudi employers alike voiced unease about a proposal the government is studying to impose income tax on foreign workers to make up for falling oil revenues.

Minister: Saudi Aramco Could Import Gas To Boost Use In Energy Mix
Tuesday, June 07, 2016 Saudi Aramco could invest in importing gas into the kingdom, but the priority would be on finding new sources of gas domestically through exploration, Saudi Arabia's energy minister says.

OPEC Optimism Masks Iran Risk to Oil Rally From 12-Year Low
Monday, June 06, 2016 Oil's recovery from a 12-year low may be too good to last as Iranian output rebounds faster than expected.

Aker Wins Zohr Umbilicals Contract
Monday, June 06, 2016 Aker Solutions wins a contract to deliver its longest-ever umbilicals system at the Zohr offshore gas field in the Egyptian part of the Mediterranean Sea.

India, Iran Plan to Seal Deal to Develop Offshore Farzad B Field by October
Monday, June 06, 2016 India expects to finalize contract with Iran to develop the Farzad B gas field in the Persian Gulf by October.

GE, Saudi Aramco to Invest in Forging, Casting Facility
Friday, June 03, 2016 GE will partner with Saudi Aramco and Cividale to construct a first-of-its-kind forging and casting facility to serve the Middle East and North African energy and maritime sectors.

Qatar Energy Minister: Oil Market Heading Towards Rebalancing
Friday, June 03, 2016 Global oil markets are heading towards rebalancing, according to Qatar's energy minister.

Falih Charm Offensive Slowly Wins Back OPEC For Saudis
Friday, June 03, 2016 OPEC meeting is peaceful and free of the usual clashes between political rivals Saudi Arabia and Iran, with Falih promising not to flood the market and to listen to Tehran.

Russia to Maintain OPEC Relations, Plans Autumn Meeting
Friday, June 03, 2016 Russia, the world's top oil producer, plans to continue its consultations with OPEC and may hold a meeting with the group this autumn, Energy Minister Alexander Novak told reporters.

Energy Minister: Saudi Aramco Keen to Invest in Global Upstream After IPO
Thursday, June 02, 2016 Saudi Arabia's state oil giant Aramco is interested in investing in international upstream as it prepares for a partial privatization through a stock market listing, the kingdom's energy minister says.

Israel Approves Noble's Leviathan Development Plan
Thursday, June 02, 2016 The Israeli government approves Noble's proposed development plan for the offshore Leviathan field.

Incoming OPEC Sec-Gen Says Group Intent on Stronger Unity
Thursday, June 02, 2016 OPEC's incoming secretary-general says his appointment showed the oil producer group was intent on stronger unity and that he wanted to make a difference when he takes over its top post.

OPEC Said to Keep Status Quo After Failing to Agree Output Limit
Thursday, June 02, 2016 OPEC will stick to its policy of unfettered oil production after members failed to agree on a new output ceiling, according to a delegate at the group's meeting in Vienna.

Saudis Pledge Not To Shock Oil Market As OPEC Clash Looms
Thursday, June 02, 2016 Saudi Arabia promised Thursday not to flood the oil market with extra barrels as OPEC headed into a heated debate about production policy, with Iran insisting on the right to raise output steeply.

Saudi, Iran Set To Clash Over OPEC Oil Output Targets
Thursday, June 02, 2016 OPEC is set for another showdown between rivals Saudi Arabia and Iran when it meets on Thursday, with Riyadh trying to revive coordinated action and set a formal oil output target but Tehran rejecting the idea.

Iraq Deputy Minister Says Expects Oil Price At $55-65 In Second Half
Thursday, June 02, 2016 Iraqi Deputy Oil Minister Fayadh al-Nema said he expected the oil price to be $55 to $65 per barrel in the second half of this year.

Abu Dhabi's TAQA Says COO Edward LaFehr Resigns
Thursday, June 02, 2016 Abu Dhabi National Energy Company (TAQA) says its chief operating officer, Edward LaFehr, is leaving the company for personal reasons.

DNO Confirms KRG Payment for Tawke Deliveries
Wednesday, June 01, 2016 DNO ASA confirms the receipt of $16.3 million from the Kurdistan Regional Government as a second payment towards April crude oil deliveries to the export market from the Tawke field.

Gulf OPEC Members Seek To Revive Global Oil Output Deal
Wednesday, June 01, 2016 Gulf OPEC members including Saudi Arabia are looking to revive the idea of coordinated oil-output action by major producers when the group meets on Thursday.

Dana Gas CEO Sees 'Bumpy Road' for Oil as Shale Sets Floor
Wednesday, June 01, 2016 The oil market is heading for a "bumpy road" with prices close to levels that are profitable for US shale producers, according to Patrick Allman-Ward, CEO of Dana Gas PJSC, which produces natural gas in Egypt and Iraq.

UAE Sees Oil Market Correcting Itself Ahead Of OPEC Meeting
Wednesday, June 01, 2016 The global crude oversupply that has caused prices to slump since 2014 is correcting itself, the oil minister of the United Arab Emirates says on arrival in Vienna ahead of an OPEC meeting this week.

Technip Signs $500M Deal To Refurbish Libya's Bahr Essalam Oil Platform
Tuesday, May 31, 2016 Technip signs a deal worth $500 million with a consortium that includes Libya's National Oil Company and Italy's ENI to refurbish an offshore oil platform.

New Saudi Energy Minister Shows He Takes OPEC Seriously
Tuesday, May 31, 2016 Saudi Arabia's new energy minister shows signs that he is taking OPEC seriously.

Genel Receives KRI Payment
Tuesday, May 31, 2016 Genel Energy plc reveals that the Taq Taq field partners have received a payment of $11.45 million from the Kurdistan Regional Government for oil sales during April 2016.

Arabian Gulf Oil Exports Rise by 9 Million Barrels
Tuesday, May 31, 2016 Crude oil exports from the Arab Gulf rose by 9 million barrels week-on-week, to reach 121 million barrels, in the seven days ending May 28.

Libyan Security Forces Pushing Islamic State Back from Oil Terminals Area
Tuesday, May 31, 2016 Libyan security forces captured a second town from in as many days from Islamic State, a spokesman said, pushing the militant group back towards its stronghold of Sirte and away from positions near to key oil terminals.

Iran Plans Oilfield Tenders in June for International Companies
Tuesday, May 31, 2016 Iran plans to invite international companies to bid for oilfield development rights in June, a government official said, as the Persian Gulf country seeks to revive its energy industry after years of crippling sanctions.

Oil States Expected To Stick With Saudis: OPEC Reality Check
Monday, May 30, 2016 OPEC members gathering in Vienna June 2 are expected to go along with a Saudi Arabia-led policy focused on squeezing out rivals amid signs the strategy is working.

Leviathan Partners Sign $3B Israeli Natgas Supply Deal
Monday, May 30, 2016 The partners in Israel's Leviathan natural gas field say they had signed a deal to supply as much as $3 billion worth of gas to a new private power plant in central Israel.

Saudi Aramco Says Discovers New Fields, to Continue Energy Investments
Friday, May 27, 2016 Saudi Arabia's state oil giant Aramco discovered new oil and gas fields last year and the kingdom is committed to continue investing in its energy sector to meet future demand, its new energy minister says.

Battle Inside OPEC Eases As Saudi Oil Strategy Finally Pays Off
Friday, May 27, 2016 Saudi Arabia has been fighting with fellow OPEC members since the oil rout started two years ago. For the first time, it could soon argue convincingly that its strategy of squeezing rival producers is succeeding.

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