Business / Energy

Oil rises on Libya disruption and likely Opec output cut extension 29 Mar 2017 - 09:31 pm

London: Oil prices extended gains yesterday despite an increase in US crude inventories, lifted by Libyan supply disruptions and expectations of an Opec-led...

Russia and Iran say will continue efforts to curb oil output 28 Mar 2017 - 06:20 pm

MOSCOW: Russia and Iran have pledged to continue efforts to rein in oil production and stabilise markets, the presidents of both countries said...

Saudi Arabia sees crude supply stable around 10 mln bpd: sources 23 Mar 2017 - 03:43 pm

DUBAI: Saudi Arabia expects its crude oil supply to be stable at around 10 million barrels per day in the next few months,...

Column: Saudi Arabia tries to drain oil stocks while protecting customer relationships 23 Mar 2017 - 03:26 pm

LONDON: Saudi Arabia faces a difficult balancing act as it tries to work down excess global crude stocks while protecting relationships with important...

With rising US inventories, oil prices hit 4-month lows 23 Mar 2017 - 12:05 pm

NEW YORK: Oil prices hit their lowest levels in four months on Wednesday after weekly crude oil inventories in the U.S. showed an...

Oil prices hit 3-month low on US inventories 22 Mar 2017 - 09:46 pm

London: Oil prices slipped to three-month lows yesterday after data showed US crude inventories rising faster than expected, piling pressure on Opec to...

Saudi Aramco starts meeting investors 22 Mar 2017 - 09:38 pm

Dubai: Oil giant Saudi Aramco has started a series of fixed income investor meetings ahead of its first riyal-denominated sukuk issue, banking sources...

Italy's ENI to pay $350M tax to Mozambique 22 Mar 2017 - 01:03 pm

MAPUTO, Mozambique: Italian energy company ENI will pay Mozambique's government $350 million in capital gains tax after selling part of its stake in...

Supply cut talks lift oil prices 21 Mar 2017 - 09:12 pm

London: Oil prices climbed yesterday helped by expectations that an Opec-led output cut would be extended beyond June but gains were pegged back...

OPEC daily basket price down to $49.36 a barrel 20 Mar 2017 - 04:06 pm

Vienna: The price of OPEC basket of thirteen crudes stood at $49.36 a barrel on Friday, compared with $49.70 the previous day, according...

Italy gives final approval to Intesa funding of Russian oil deal 20 Mar 2017 - 01:45 pm

LONDON: Italy has given its final blessing to a 5.2 billion euro loan made in January by bank Intesa SanPaolo to finance the...

Shale gas selling at record prices to overseas buyers 18 Mar 2017 - 11:52 pm

New York: A year after Cheniere Energy Inc.’s Louisiana terminal shipped the first exports of US natural gas from shale, cargoes from the...

Iraqi Oil Production Exceeded 4.5 Million Barrel Per Day in February 18 Mar 2017 - 09:24 am

Baghdad: Iraq Ministry of Oil announced the production of crude oil last February exceeded 4.5 million barrels per day. In a press statement...

BP confirms talks to sell key North Sea oil pipeline 17 Mar 2017 - 09:20 pm

London: BP is in talks with Ineos AG to sell the Forties pipeline, one of the most important pieces of oil infrastructure in...

Oil supply cuts may be extended: Saudi Minister 17 Mar 2017 - 09:13 pm

New York/Washington/London: Opec and its allies may prolong production cuts after they expire in June if the world’s crude inventories remain excessive, Saudi...

Oil market could tilt into deficit: IEA 15 Mar 2017 - 10:40 pm

London: Global oil inventories rose for the first time in January as the market grappled with a swell in production last year, but...

Saudi Aramco oil product shipments to Egypt will resume “very shortly”: Egyptian official 15 Mar 2017 - 07:34 pm

CAIRO: Saudi Aramco oil product shipments to Egypt will resume very shortly, an Egyptian Petroleum Ministry official told Reuters on Wednesday. “Very shortly...