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Oman set to achieve 1m bpd output for 3rd month (Oman Daily Observer - 28/02/2016)

Underscoring efforts to sustain output despite the collapse in global oil prices, Oman is on track to achieving a record 1 million barrels per day (bpd) crude production for the third consecutive month, according to a top official of the Ministry of Oil

Oman ready to cut oil output by 10 per cent (Oman Daily Observer - 25/02/2016)

Dr Mohammed bin Hamad Al Rumhy, Minister of Oil and Gas, has suggested that Iran could be exempted from any Organization of Petroleum Exporting Countries (Opec) agreement because it suffered sanctions. “One solution is that Iran is given time to ramp up

Oil falls as Saudi Arabia rules out production cuts (Trade Arabia - 24/02/2016)

Oil prices slid in early trading on Wednesday, extending sharp falls from the previous session after top exporter Saudi Arabia ruled out production cuts and industry data showed a further build in US crude stockpiles. Meanwhile, Iran made clear it has no

Oil price to start slow recovery in 2017: IEA (Saudi Gazette - 23/02/2016)

World oil prices are unlikely to rise from current levels before 2017, and even then their recovery will be slow as massive oil stocks feed into the market, the International Energy Agency (IEA) said Monday. “We must say that today’s oil market

Kuwait signs oil export deal (Arab News - 18/02/2016)

Kuwait signed a deal to export 100,000 barrels of oil per day (bpd) with a major refiner, with a potential annual return of $2 billion, state news agency KUNA reported . “The contract is one of the important strategic agreements that reinforces Kuwait’s

Oil production freeze is only the first step (Arab News - 17/02/2016)

Oil ministers from Saudi Arabia, Russia, Venezuela and Qatar announced on Tuesday an agreement to freeze their oil output levels provided other major producers follow suit. The deal would freeze Saudi and Russian production at the record rates reported

Oil powers set for Doha meet as $30 crude woes mount (Trade Arabia - 16/02/2016)

Top oil officials from Saudi Arabia, Russia and several key Opec members will meet on Tuesday for their highest-level discussion in months, a potentially pivotal sign that producers are at last preparing to tackle a devastating supply glut. The talks in

Oil prices could reach $50 by mid-2017: Kuwait official (Arab News - 14/02/2016)

Kuwait Petroleum International (KPI) said on Saturday oil prices could reach a range of $50 to $60 a barrel by mid-2017, the official state news agency and Reuters reported. The agency quoted the company’s top executive Bakheet Al-Rashidi as saying

Kuwait to raise crude output, sign export deals (Trade Arabia - 10/02/2016)

Kuwait plans to raise its crude oil production by 150,000 barrels per day (bpd) in the third quarter and aims to sign new export deals with European customers soon, a senior Kuwaiti official was quoted as saying. New contracts are to be signed soon with

Oil prices decline 3% (Arab News - 10/02/2016)

Oil prices fell almost 3 percent on Tuesday as equity markets remained weak and forecasts of swelling record high US crude stockpiles faced expectations that global demand will not grow quickly enough to erase the overhang of crude any time soon. US

Oil prices fall 2% (Arab News - 09/02/2016)

Crude oil prices fell 2 percent on Monday as supply overhang concerns grew after a Saudi-Venezuela meeting on Sunday showed few signs of coordination to boost prices. Brent futures fell 68 cents to $33.38 a barrel, a 2 percent loss, by 10:36 a.m. EST

2016 growth in Saudi oil sector to remain positive (Arab News - 08/02/2016)

Annual growth in the Saudi oil sector will remain positive in 2016 with average oil output expected to increase slightly, as the Kingdom continues to protect its share in the oil market, according to a report. The current period of low prices is set to

Oil steady after volatile week (Arab News - 07/02/2016)

Oil steadied on Friday in a volatile session, as bearish fundamentals pressured prices despite bullish indications earlier in the week. International benchmark Brent crude futures were 2 cents higher at $34.48 per barrel at 1135 GMT, trading in a range

Oil price rises 5% as dollar drops (Arab News - 04/02/2016)

Oil rose by as much as 5 percent on Wednesday after investors took advantage of a drop in the US dollar and of earlier weakness in the crude price, despite weekly data showing a surprisingly large rise in US inventory. The Energy Information

Oil tumbles again, falls 10% this week (Gulfnews - 03/02/2016)

There is no sign of any good news for crude oil this week. Brent crude tumbled on Tuesday, bringing the total loss to 10 per cent in just two trading sessions as traders braced for a large surplus globally in absence of any deal between Russia and Opec

Oil prices drop 4% (Arab News - 02/02/2016)

Oil fell 4 percent on Monday as weak economic data from China, the world's largest energy consumer, weighed on prices and an OPEC source played down talk of an emergency meeting to stem the decline. China's manufacturing sector contracted at the fastest

Saudi Arabia 'wants to cooperate to support oil price' (Trade Arabia - 01/02/2016)

Saudi Arabia wants to cooperate with other oil producers to support the oil market, Saudi-owned Al-Arabiya television reported on Sunday, quoting an unnamed Saudi source. The source also told the Dubai-based satellite channel that the kingdom was not the

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