Business / Energy

Kuwait oil minister says expects extension of OPEC, non-OPEC deal 20 Apr 2017 - 09:47 am

ABU DHABI: Kuwait's oil minister Essam al-Marzouq said on Thursday he expected a global pact to cut oil supplies to be extended beyond...

Oil hits 11-day low on expected surge in US shale output 19 Apr 2017 - 12:02 am

London: Oil prices hit their lowest in 11 days yesterday on news that US shale oil output in May is expected to post...

Saudi oil exports drop on Opec deal 18 Apr 2017 - 10:43 pm

DUBAI: Saudi Arabia’s crude oil exports in February fell to their lowest level since mid-2015, official data showed on Tuesday, as the world’s...

Aramco CEO sees oil market closer to balance despite US boom 16 Apr 2017 - 12:17 am

London: The global oil market is moving closer to balance even as increases in US oil production push prices down in the short-term,...

Oil rises after IEA finds market nearing balance 13 Apr 2017 - 11:07 pm

London: Oil prices edged higher yesterday after the International Energy Agency (IEA) said the market was nearing balance, while US data showing higher...

IEA says global oil market now close to balance 13 Apr 2017 - 11:38 am

LONDON: The global oil market is close to balance after nearly three years of excess supply, as production cuts by the world's largest...

Opec: Oil deal bearing fruit but rival output rising 12 Apr 2017 - 09:37 pm

London: Opec cut oil output in March by more than pledged under a supply reduction deal and said oil inventories had fallen in...

Shell says it knew some payments for Nigeria oilfield would go to Malabu 11 Apr 2017 - 04:28 pm

LONDON: Royal Dutch Shell has said it knew that some of the payments it made to Nigeria for the rights to an oilfield...

China & Myanmar in deal on oil pipeline 10 Apr 2017 - 09:14 pm

Beijing: China and Myanmar have reached an agreement on an oil pipeline between the neighbouring countries after almost a decade of talks, with...

Iran sees 500,000 bpd from oilfields west of Karun by June 08 Apr 2017 - 06:43 pm

DUBAI: Iran expects crude oil output from its oilfields located west of the Karun river to reach a total of 500,000 barrels per...

BP boss Dudley to get pay cut after shareholder revolt 06 Apr 2017 - 10:01 pm

London: BP chief executive Bob Dudley could see his overall pay for 2016 cut by 40 percent, following a rebellion by shareholders last...

Shell sells Hong Kong & Macau assets 05 Apr 2017 - 10:17 pm

London: Royal Dutch Shell yesterday announced the sale of its liquefied petroleum gas business in Hong Kong and Macau to Irish group DCC...

Kuwait signs new energy supply deal with Egypt 05 Apr 2017 - 05:24 pm

Kuwait City: Kuwait said on Wednesday it has signed a new a multi-billion-dollar deal to supply Egypt with crude oil and petroleum products...

Iran "not concerned" by Indian threat to cut oil imports 05 Apr 2017 - 12:44 pm

LONDON: Iran's oil minister dismissed India's decision to cut oil imports from Tehran in 2017/18 by a fifth as a threat on Wednesday,...

Oil prices steady as Libyan output rebounds 04 Apr 2017 - 02:15 pm

LONDON: Oil prices steadied on Tuesday as a rebound in Libyan crude production balanced expectations of a draw in U.S. crude oil and...

Mediterranean gas pipeline could be built by 2025 03 Apr 2017 - 01:00 pm

TEL AVIV: European and Israeli governments gave their support on Monday to moving forward with a Mediterranean pipeline project to carry natural gas...