Business / Energy

Iran to sign gas production deal with France's Total 07 Nov 2016 - 03:47 pm

Tehran: Iran will sign a deal with France's Total on Tuesday for the development of gas production at a major offshore field in...

OPEC Sec-Gen says group committed to Algiers output deal 07 Nov 2016 - 09:41 am

ABU DHABI: The Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC) said on Monday the group was committed to a deal...

Big Oil pledges $1 bln for gas technologies to fight climate change 04 Nov 2016 - 07:17 pm

LONDON: Some of the world’s biggest oil companies, including Saudi Aramco and Royal Dutch Shell, pledged on Friday to invest $1 billion to...

Oil prices find floor after falls on supply glut woes 03 Nov 2016 - 01:40 pm

LONDON: Crude oil futures edged up on Thursday, supported by news of an attack on a Nigerian oil pipeline and a weaker U.S....

Iran oil exports hit 2.44 million bpd 02 Nov 2016 - 03:18 pm

Tehran: Iran boosted its oil exports to 2.44 million barrels per day in late October as it regains market share lost during years...

Saudi Aramco CEO predicts oil market balance by early 2017 01 Nov 2016 - 08:22 pm

Riyadh: The global oil market should be balanced early next year, the president of Saudi Aramco said on Tuesday, after over-supply drove prices...

Nigeria oil output nearly back to normal: minister 01 Nov 2016 - 08:18 pm

Abuja: Nigeria's oil production is nearly back to normal following a sharp drop earlier this year due to rebels attacking pipelines, the oil...

Non-OPEC yet to pledge concrete oil output steps after meeting OPEC 29 Oct 2016 - 08:01 pm

VIENNA: Non-OPEC producers made no specific commitment on Saturday to join the Organisation of the Petroleum Exporting Countries in limiting oil output levels...

OPEC officials debate thorny issue of how to implement supply cut 28 Oct 2016 - 06:30 pm

VIENNA: OPEC officials began talks in Vienna on Friday aimed at working out details of their oil supply-cut agreement, which they concede is...

Oil prices edge lower on doubts over production cut deal 28 Oct 2016 - 12:06 pm

LONDON: Oil prices edged lower on Friday and were set for the biggest weekly losses in six weeks over doubts about whether OPEC...

Oil rises above $50 on OPEC cut comments 27 Oct 2016 - 05:17 pm

LONDON: Oil edged above $50 a barrel on Thursday, drawing support from sources' comments that OPEC's Gulf members are willing to cut their...

Oil price declines weigh on falling European markets 26 Oct 2016 - 10:58 pm

LONDON: European shares fell yesterday maintaining a gloomy trend set in Asia and the United States, and with concerns about a global glut...

Oil price declines weigh on European markets 26 Oct 2016 - 12:15 pm

LONDON: European shares fell on Wednesday maintaining a gloomy trend set in Asia and the United States, and with concerns about a global...

Genel Energy warns of lower-end 2016 revenue after weak production 26 Oct 2016 - 11:07 am

LONDON: Genel Energy, one of the main oil producers in Iraqi Kurdistan, warned on Wednesday its full-year revenue would be at the lower...

Oil edges up ahead of US crude inventory data release 26 Oct 2016 - 01:56 am

LONDON: Oil edged up yesterday ahead of the release of US crude inventory data, which in recent weeks has provided bullish surprises, but...

Deal or no deal in Vienna, oil investors are preparing for higher prices 25 Oct 2016 - 03:29 pm

LONDON: The chance of an agreement to freeze or cut crude output when OPEC members meet next month might appear more distant now...

‘Acute need to rebalance oil market’ 25 Oct 2016 - 01:08 am

Vienna: Russian Energy Minister Alexander Novak (pictured) warned yesterday there was an “acute need” to rebalance the oil market and help ease price...