Business / Energy

Kuwaiti oil price up USD1.04 to USD42.88 pb 21 May 2016 - 03:23 pm

Kuwait: The price for Kuwaiti oil went up Friday by USD 1.04 to settle at USD 42.88 per barrel (pb) after being at...

Oil hits 2016 peaks on fading supply glut fears 21 May 2016 - 12:00 am

London: World oil prices soared this week to 2016 highs as Canadian and Nigerian supply problems and sliding US production helped reduce the...

Oil drops below $48 on Fed hike speculation, fading support from outages 19 May 2016 - 12:05 pm

By Alex Lawler LONDON: Oil fell below $48 a barrel on Thursday, pressured by a stronger dollar and as a surprise increase in...

Nigerian union faction orders strike over petrol price rises 18 May 2016 - 01:07 pm

Abuja: Nigeria's government on Wednesday warned against "illegal strike action" after some union members vowed to press ahead with a national strike over...

Oil prices hit fresh highs as Canada wildfires rage on 18 May 2016 - 10:20 am

This file photo taken on May 7, 2016 shows flames and smoke rising off Highway 63 outside Fort McMurray, Canada. AFP / Cole...

Oil near six-month high as outages support 17 May 2016 - 12:08 pm

BY ALEX LAWLER LONDON: Oil traded at around $49 a barrel on Tuesday within sight of a six-month high, supported by supply outages...

Libya to resume oil shipments from Hariga after talks: sources 16 May 2016 - 06:39 pm

NEW YORK/LONDON: Libya will resume oil shipments from the port of Hariga after an agreement was reached at talks in Vienna between rival...

Algeria’s Sonatrach issues tender to buy gasoil, gasoline in June 16 May 2016 - 06:32 pm

Algeria state energy giant Sonatrach. AFP / Farouk Batiche LONDON: Algeria’s state-run oil company Sonatrach on Monday issued tenders to buy 85,000 tonnes...

Oil prices rise on Nigeria outages, Goldman forecast 16 May 2016 - 02:16 pm

By Dmitry Zhdannikov LONDON, May 16 (Reuters) - Oil prices jumped over 2 percent on Monday to their highest since November 2015 on...

Kuwaiti Deputy FM calls on oil production freeze 14 May 2016 - 02:28 pm

Tokyo: Kuwait's Deputy Foreign Minister Khaled Suleiman Al Jarallah has stressed the importance of reaching a consensus among oil-producing countries on an output...

Kuwait deputy FM says Iran, oil producers must not increase production 14 May 2016 - 10:22 am

DUBAI: Kuwait's deputy foreign minister Khaled Jarallah said oil exporting countries must freeze production and the market could not support a production increase...

OPEC pumps more oil after freeze talks fail, says oversupply persists 13 May 2016 - 03:42 pm

Forecast drop in 2016 non-OPEC supply is uncertain OPEC output climbs in April; implied surplus rises Leaves 2016 oil demand growth view unchanged...

OPEC says oil glut 'may ease' by 2017 as non-cartel supply drops 13 May 2016 - 02:15 pm

A view of the OPEC Headquarter in Vienna. AFP Vienna: OPEC said Friday a global crude glut that has squeezed the market and...

GCC states able to cope with low oil price: Official 11 May 2016 - 10:30 am

Manama: Member states of the Gulf Cooperation Council (GCC) are able to cope with the low oil price via creating economic policies that...

Oil prices rebound sharply 11 May 2016 - 12:00 am

London: The oil market climbed Tuesday, rebounding from the previous day's heavy losses that were triggered by receding concerns over wildfires in Canada's...

Nigeria oil output hits 22-year low on renewed unrest 10 May 2016 - 02:26 pm

Lagos: Nigeria's oil output has slumped to a 22-year low, figures showed on Tuesday, because of pipeline sabotage and increasing unrest that has...

Saudi Aramco to expand as oil demand grows: president 10 May 2016 - 02:05 pm

Dhahran: State oil giant Saudi Aramco, which could soon become the world's largest listed company, will keep expanding despite low crude prices, its...

Saudi Aramco to expand as oil demand grows: president 10 May 2016 - 02:05 pm

Dhahran: State oil giant Saudi Aramco, which could soon become the world's largest listed company, will keep expanding despite low crude prices, its...