Business / Energy

Oil near 17-month high as producers show unity 16 Dec 2016 - 09:45 pm

London: Oil rose yesterday, edging closer to new 17-month highs as producers showed signs of adhering to a global deal to reduce output....

Swedish island backs away from Russian gas project 15 Dec 2016 - 01:46 pm

STOCKHOLM, Sweden: Representatives from the Swedish municipality of Gotland, an island located in the Baltic Sea, backed away from plans to lease one...

10 Azeri oil workers missing after storm hits platform 15 Dec 2016 - 12:58 pm

BAKU: Ten workers have been missing after an Azeri oil platform partially collapsed early Thursday during a storm in the Caspian Sea, Azerbaijan's...

Oil prices fall in Asia 13 Dec 2016 - 01:02 pm

Singapore: Oil prices dipped on Tuesday as investors closed financial positions that profited from strong gains the day before. International Brent crude futures...

Iran signs two oil deals with Russia's Gazprom 13 Dec 2016 - 12:19 pm

Tehran: Iran signed preliminary agreements with Russia's Gazprom on Tuesday to develop two major oil fields in the latest of a flurry of...

Oil pact could quickly sop up market glut: IEA 13 Dec 2016 - 12:05 pm

Paris: A pact by leading producers to cut output could quickly begin sopping up the glut on the oil market that has weighed...

Oil soars as non-OPEC producers agree on caps 12 Dec 2016 - 10:17 am

Singapore: Oil soared Monday following a landmark deal by Russia and other non-OPEC producers to join the cartel in capping output, in a...

OPEC SecGen sees "historic" deal with non-OPEC on Saturday 10 Dec 2016 - 11:29 am

VIENNA: OPEC Secretary-General Mohammed Barkindo said he saw a total of 12 non-OPEC countries signing a declaration with OPEC to help curtail oil...

Tanker operators hope new routes will offset Opec cut impact 09 Dec 2016 - 10:33 pm

Singapore: Tanker owners are bracing for a volatile year ahead after enjoying some of the highest charter rates since 2008, with OPEC plans...

Saudi may cut oil deliveries to US & Europe customers 09 Dec 2016 - 10:31 pm

Singapore: Saudi Arabia has told its US and European customers it will reduce oil deliveries from January as Russia signalled that a commitment...

US Gas may rally further as Arctic air to wipe out supply surplus 09 Dec 2016 - 10:29 pm

New York: US natural gas bulls see futures that rallied to a two-year high climbing even further as an arctic blast helps wipe...

Oil edges up on hopes over non-Opec cuts 09 Dec 2016 - 10:20 pm

London: Oil prices edged higher for a second consecutive session on yesterday on hopes that non-Opec producers meeting in Vienna would agree to...

Oil rebounds & rises over $50 despite doubts over Opec output cut 08 Dec 2016 - 09:28 pm

London: Oil rebounded from the week's lows to stabilise above $50 a barrel yesterday as market watchers focused on a weekend meeting of...

Oil tanker market heads for worst year since 2013 on OPEC cut 08 Dec 2016 - 06:42 pm

Oil-hauling supertankers are bracing for the worst earnings year since 2013 as they become collateral damage in OPEC’s quest to trim a global...

Glencore, Qatar Investment Authority to buy 19.5 percent stake in Rosneft: Russia 08 Dec 2016 - 12:25 pm

MOSCOW: Russia said on Wednesday it sold a stake in oil giant Rosneft for 10.5 billion euros ($11.3 billion) to Qatar and commodities...

Shell to sign 3 deals to develop Iran oil and gas fields : Iran oil ministry 07 Dec 2016 - 01:21 pm

DUBAI: Royal Dutch Shell will sign three initial agreements on Wednesday to develop Iranian oil and gas fields, an Iranian oil ministry official...

UAE energy minister: oil investment declined even at $50/barrel 07 Dec 2016 - 09:12 am

ABU DHABI: The global oil market needs price levels which provide incentives to invest in production, and even at a price of $50...

Oil prices decrease in Asia 05 Dec 2016 - 01:02 pm

Singapore: Oil prices decreased by 1% on Monday, triggered by rising production just after last week's deal between the Organization of the Petroleum...