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Shale Oil Seen Stifling OPEC's Classic Market-Balancing Role
Thursday, May 26, 2016 The surge in the global supply of shale oil has curbed OPEC's ability to balance crude markets, a former Qatari energy minister says.
Pre-OPEC Meeting Said to Have No Discussion of Oil-Output Limits
Wednesday, May 25, 2016 The final preparatory gathering of OPEC officials before the ministerial meeting on June 2 didn't discuss any limits on crude output, the latest signal that the group will stick to its current strategy of letting low prices eradicate a supply glut.
Saudi Aramco Said To Appoint JPMorgan, HSBC For Debut Bond Sale
Wednesday, May 25, 2016 Saudi Aramco, the world's largest oil exporter, is working with JPMorgan Chase & Co., HSBC Holdings and Riyad Bank on the company's first sale of Islamic bonds, people with knowledge of the matter say.
BP, Shell Among Bidders to Run Qatar Oil Field
Wednesday, May 25, 2016 Six international oil firms including BP and Royal Dutch Shell have bid to operate Qatar's largest offshore oil field, two people with knowledge of the matter say.
Iran-Saudi Row Threatens Any OPEC Deal, Puts Role In Question
Wednesday, May 25, 2016 As Iran reaches pre-sanction output levels, rising political tensions could dampen hopes for a production deal at the next OPEC meeting.
Iraq Sticks to Oil Output Growth Plan Despite Spending Cuts
Tuesday, May 24, 2016 Iraq is sticking to an aspiration to increase its oil output by up to a third by 2020 despite warnings from some companies working in OPEC's second-largest producer that projects could be delayed due to spending cuts.
Industry Optimistic about Iraq's Petroleum Future
Tuesday, May 24, 2016 Oil and gas officials optimistic about Iraq's petroleum future, despite evident challenges, at the 10th Iraq Petroleum Conference, held in London.
SDX Raises Funds to Support Egypt Operations
Monday, May 23, 2016 SDX Energy Inc raises approximately $11 million through a private placement, which will be used to fund its activities in Egypt.
OPEC Set for Another Meeting With No Deal After Doha Failure
Monday, May 23, 2016 After failing to reach an accord on oil supply in Doha last month, OPEC is poised to go another meeting with no agreement on how much crude to produce.
GE Agrees to $3B Saudi Arabia Investments Outside of Crude
Monday, May 23, 2016 General Electric agreed to take part in $3 billion of Saudi Arabia investments as the desert kingdom seeks to diversify its economy away from crude.
Israel's Government Approves Leviathan Natural Gas Deal
Sunday, May 22, 2016 Israel approves a deal it hopes will fast-track development of the huge Leviathan offshore natural gas field and end years of regulatory uncertainty.
Egyptian Al Amir SE 24 Development Well Flows Oil
Friday, May 20, 2016 Significant oil bearing reservoir sections were found in the recently completed Al Amir SE 24 development well in North West Gemsa, where SDX Energy has 10% working interest.
Libya Oil Deal Allows Small Step Toward Healing Political Divide
Friday, May 20, 2016 The political deal that allowed the restart of oil shipments from a port in eastern Libya provides short-term relief for cash-strapped authorities, but is only a small first step in a wider effort to unify the country's rival factions.
Speedcast Clinches Network Services Contract in UAE, Oman
Thursday, May 19, 2016 Speedcast clinches contract to provide network services in the United Arab Emirates and Oman.
Kuwait Sees OPEC Strategy Working As Oil Nears $50 On Demand
Thursday, May 19, 2016 OPEC's strategy to defend market share over prices is working as oil approaches $50 a barrel amid rising demand and declining output from producers including U.S. shale companies, Kuwait's acting oil minister says.
Israel, Egypt Said Nearing Compromise on Natural Gas Dispute
Wednesday, May 18, 2016 Israel and Egypt are close to a compromise that would sweep away a major obstacle to a multibillion-dollar natural gas deal.
IS Unlikely to Gain Control of Libya's Oil
Wednesday, May 18, 2016 IS is unlikely to gain control of Libya's oil, says Martijn Murphy, Wood Mackenzie's research manager for North African upstream oil and gas.
Libyan Factions Agree In Principle On Unified Oil Structure
Tuesday, May 17, 2016 Rival factions agree in principle to have one oil organization for strife-torn Libya, says the foreign minister in the new U.N.-backed, national unity government.
Circle Flows Oil From AASE-24 Well in Egypt
Tuesday, May 17, 2016 Circle Oil plc flows oil from the AASE-24 well on the North West Gemsa field in Egypt.
Sources: Libya to Resume Oil Shipments from Hariga After Talks
Monday, May 16, 2016 Libya will resume oil shipments from the port of Marsa El Hariga after reaching an agreement in Vienna between rival oil officials representing the east and west of the country, Libyan oil sources told Reuters.
MEED: Abu Dhabi's ADNOC Cutting 5,000 Jobs
Monday, May 16, 2016 Abu Dhabi's state-owned National Oil Co (ADNOC) plans to cut 5,000 jobs by the end of the year, and 2,000 of the lay-offs have already been carried out, Middle East news service MEED reports.
Sources: Saudi Aramco Awards Hasbah Gas Expansion Contract
Monday, May 16, 2016 State oil giant Saudi Aramco awards a $1 billion-plus contract to India's Larsen & Toubro and Singapore-based Emas AMC for the expansion of the offshore Hasbah sour gas field, industry sources said.
OPEC Pumps More Oil After Freeze Talks Fail, Says Oversupply Persists
Friday, May 13, 2016 OPEC says the global oil market remains oversupplied and points to a larger supply surplus on the market this year, as its own surging output makes up for losses in outside producers hurt by the collapse in prices.
June OPEC Meet To Focus On Dialogue, Not Market Action
Thursday, May 12, 2016 OPEC member Kuwait does not expect any coordinated action to be decided during the group's upcoming meeting in Vienna on June 2, says the country's acting oil minister.
Abu Dhabi National Oil Company Reshuffles Leadership
Thursday, May 12, 2016 Abu Dhabi National Oil Company says it has reshuffled its leadership, in the first major shakeup since the appointment of Sultan Al Jaber as its chief executive in February.
UAE's Taqa Posts Q1 Loss On Low Oil Prices
Wednesday, May 11, 2016 Abu Dhabi National Energy Co (TAQA) reports a Q1 net loss, hurt by low oil prices.
US Official: Islamic State Yearly Oil Revenue Halved to $250M
Wednesday, May 11, 2016 Air strikes, a drop in the price of oil, and counter-smuggling efforts by neighboring countries have combined to cut Islamic State's oil revenues in half to about $250 million per year, a senior US Treasury official says.
Saudi Aramco Says Its Oil Output Trending Slightly Upwards
Tuesday, May 10, 2016 Saudi Aramco's oil production is trending slightly upwards in 2016 because of growth in demand, says chief executive Amin Nasser.
Saudi Aramco Finalizes IPO Options and Plans Global Expansion
Tuesday, May 10, 2016 Saudi Arabia's state-owned oil giant is finalizing options for its partial privatization and will present them to its Supreme Council soon, its chief executive said about the centerpiece of the kingdom's efforts to overhaul its economy.
Saudi Aramco Says Looking At New Ventures Around Globe
Tuesday, May 10, 2016 State oil company Saudi Aramco wants to expand globally and is looking at potential joint ventures in several countries, including Indonesia, India, the United States, Vietnam and China, chief executive Amin Nasser says.
Oil Rally Seen Reducing Urgency of Iran Joining Output-Cap Talks
Tuesday, May 10, 2016 Iran says it's almost ready to talk with other OPEC members about limiting oil production as the country's exports recover to levels reached before international sanctions crippled crude sales.
Former US Secretary of State Baker Welcomes Saudi Aramco IPO Plans
Tuesday, May 10, 2016 Former US Secretary of State James Baker said Saudi Arabia's plans for a public share offering may be "just what the doctor ordered" for the Kingdom, citing its need for "fundamental change."
Iran Seen Taking Its Time on Joint Action With OPEC Members
Monday, May 09, 2016 Iran says it's almost ready to talk with other OPEC members about limiting oil production as the country’s exports recover to levels reached before international sanctions crippled crude sales.
Saudi Aramco Chief Named Oil Minister as Energy Policy Firms
Monday, May 09, 2016 After more than two decades in the post, Ali Al-Naimi, who's been the central player in scores of OPEC meetings and steered global crude markets, will be succeeded by Khalid Al-Falih, an ally of the Saudi Arabian king’s increasingly influential son.
Libya's Oil Output Slashed as Export Row Rages
Monday, May 09, 2016 Libya's crude oil output has fallen to a trickle amid a standoff over export rights that prevented trading giant Glencore from loading a tanker.
Kemp: Saudi Arabia's Oil Policy Could Become More Transparent
Monday, May 09, 2016 The appointment of Khalid al-Falih as Saudi Arabia's new energy minister to replace veteran oil minister Ali al-Naimi is likely to bring a big shift in style even if the substance of policy remains largely unchanged.
India, Iran Agree to Clear $6.4B in Oil Payments Via European Banks
Friday, May 06, 2016 The central banks of India and Iran reach an arrangement to use European banks to process pending oil payments to Tehran, India's Oil Minister Dharmendra Pradhan told Reuters, unlocking $6.4 billion in stalled funds.
OPEC Said to Head to June Talks Without Plan for Supply Cap
Wednesday, May 04, 2016 There are currently no proposals on the table for OPEC to revive limits on crude output at its June meeting after the failure of talks to freeze production last month, according to six delegates from the group.
Libyan Crude Output at Risk as East and West Tussle for Control
Wednesday, May 04, 2016 Libya's crippled oil production appears at risk of further decline after an escalating stand-off between rival eastern and western political factions prevented a cargo belonging to trading giant Glencore from loading.
OTC 2016: Egypt to Offer Blocks, Zhor Project Creates 5,000 Jobs
Tuesday, May 03, 2016 Egypt plans to offer 28 blocks for bidding by foreign oil and gas companies in the coming weeks, the Minister for Petroleum and Mineral Resources says.
EGME to Employ 1,000 People across Africa from 2016
Monday, May 02, 2016 Essel Group Middle East will employ up to 1,000 people across Africa from 2016 onwards, according to the company's group chief executive Punkaj Gupta.
Sources: Saudis To Push Oil Output Higher But Won't Flood Market
Friday, April 29, 2016 Saudi Arabia's oil output will edge up close to record highs in coming weeks to meet summer demand for power but is unlikely to be pushed to the limit and flood global markets, Saudi-based industry sources says.
OPEC Oil Output Surges as Iran Looks to Regain Market Share
Friday, April 29, 2016 OPEC crude production surged in April, led by Iran, which is seeking to regain market share after sanctions were lifted early this year.
Serbian Engineer Abducted In Libya Freed, Serbian Ministry Says
Wednesday, April 27, 2016 A Serbian engineer who was abducted by unidentified kidnappers in Libya has been freed, the Serbian Foreign Ministry says.