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Oil prices fall as supply outlook improves (Reuters - 30/06/2016)

Oil prices fell in early trade on Thursday, with Brent futures struggling to defend $50 per barrel as fears over strike outages in Norway faded and as Nigeria's production improved. International Brent crude oil futures were trading at $50.10 per barrel

Oil seen by Crescent Petroleum hitting $60 this year on demand (Arab News - 27/06/2016)

Crescent Petroleum Co., an oil and natural gas producer in Egypt and Iraq, expects crude prices to improve this year as supply becomes more in line with demand. The UK’s decision to leave the European Union won’t have a lasting effect on crude prices and

Over-supply may cause fall in LNG spot prices: QNB (The Peninsula - 26/06/2016)

Despite six percent growth in demand for liquefied natural gas (LNG) a year through 2020, the LNG market is expected to be over-supplied in the next five years, driving gas importers to buy the commodity in spot markets instead of purchasing under

Saudi Arabia is back to balance oil mkt again – Move could boost price (Arab Times - 26/06/2016)

n a short and simple sentence, the head of Saudi Aramco announced last week in the USA that, “The oil glut is over and we are back to balance the oil market again”. This short sentence, which is worth an increase of more than $3 per barrel in oil price,

Oil rises further above $50 after API report (Khaleej Times - 23/06/2016)

Oil rose further above $50 a barrel on Wednesday after an industry report showed a large drop in US crude inventories, with analysts expecting volatile trading ahead of Britain's referendum on EU membership. US crude inventories fell by 5.2 million

Oil prices down 2% (Arab News - 22/06/2016)

Oil prices fell 2 percent on Tuesday as investors took profit from a two-day rally fueled by speculation Britain will stay in the European Union, paring some losses after rebels sabotaging Nigeria’s crude exports denied a one-month cease-fire agreement.

Saudi crude exports fall to 6-month low (Arab News - 21/06/2016)

Saudi Arabia cut shipments in April to the lowest level in six months as overseas refineries bought less due to seasonal maintenance and the Kingdom burned more oil at home to power air conditioners. Shipments dropped to 7.44 million barrels a day from

Oman’s crude oil production rises marginally in May (Times of Oman - 20/06/2016)

Oman's total crude oil and condensates production during May 2016 stood at 30.10 million barrels, a daily average of 999,836 barrels, constituting a rise by 0.56 per cent compared to the daily production during April 2016 when calculating the daily

Oil extends gains as Brexit fears ease (Trade Arabia - 20/06/2016)

Oil prices extended gains on Monday as a weaker dollar and easing worries over Britain's possible exit from the European Union helped buy back the commodity after six straight days of declines. London Brent crude for August delivery LCOc1 was up 29 cents

Oil and gas discovered at Makori Deep-1 in Pak (The Gulf Today - 19/06/2016)

Pakistan Oilfields Limited, the operator of Tal block, has discovered a “significant amount” of hydrocarbon reserves in an exploratory well - Makori Deep-1. “As a result of drill stem test (DST) conducted at the well to test the potential of Lockhart

IEA cuts estimate of oil oversupply, sees market balance (Times of Oman - 15/06/2016)

The global oil market will be almost balanced next year as demand continues to rise faster than production, while the current oversupply is much smaller than previously thought, the International Energy Agency (IEA) said. The surplus in the first half of

Oil prices fall for fourth straight day (Arab News - 15/06/2016)

Oil prices fell for a fourth straight day on Tuesday, swept lower by investor nervousness over Britain’s vote next week on whether to leave the European Union, which overshadowed signs of a return to health for crude markets. Safe-haven German Bund

OPEC sees oil glut shrinking in second half of this year (Arab News - 14/06/2016)

OPEC forecasts that the world oil market will be more balanced in the second half of 2016 as outages in Nigeria and Canada help to speed up the erosion of a supply glut. The Organization of the Petroleum Exporting Countries pointed in a monthly report to

Kingdom's oil revenues expected to reach SR386.3bn in 2016 (Arab News - 12/06/2016)

Even though the anticipated Saudi National Transformation Plan (NTP) will aim to diversify the economy away from oil, the oil story still remains pivotal and valid, the National Commercial Bank says in its latest Saudi Economic Perspectives 2016-2017

KSA to maintain crude production capacity (Arab News - 09/06/2016)

Saudi Arabia will maintain the same level of crude production capacity until 2020 under the National Transformation Program (NTP). Saudi Arabia will keep output capacity at 12.5 million barrels a day in 2020, according to a draft of the NTP. The program

Oil market is back in balance (Arab News - 08/06/2016)

Global oil markets seem to have moved back into balance thanks to strong growth in fuel consumption and a series of large supply disruptions in major crude producing nations. Motorists’ soaring consumption of cheap gasoline in the US as well as in some

Kingdom raises oil prices on demand (Saudi Gazette - 07/06/2016)

Saudi Arabia lifted oil pricing for Asian and US customers, a sign the world’s biggest crude exporter is confident that demand is finally eroding a global supply glut. State-owned Saudi Arabian Oil Co. (Saudi Aramco) raised its official selling price for

Australia’s LNG sector knows its enemies, but not how to fight them (Arab News - 07/06/2016)

It should be a golden age for Australia’s liquefied natural gas (LNG) producers as they sit on the cusp of becoming the world’s largest supplier of the fuel that holds the largest growth potential among its fossil rivals. But instead of taking a moment

Commodity hedge funds get $5b embrace on oil gain (Gulfnews - 05/06/2016)

The rally in oil has given a fillip to long-suffering commodities hedge funds. After four years of haemorrhaging cash and clients, managers are once again making money and winning back investors. About $5 billion has coursed into the funds in 2016, with

Saudi energy minister’s first OPEC mission: Successful (Arab News - 05/06/2016)

A week ago, no one concerned with the oil industry had expected for the OPEC June meeting to end in amiable accord, despite the deep running dispute among member states. Ghosts of doubt hovered over the meeting being successful. The failure of the April

Oil pares losses on report of likely OPEC output cap deal (Arab News - 02/06/2016)

Oil prices were down slightly on Wednesday, paring sharp early losses after OPEC sources said the group was likely to consider a new output ceiling at its forthcoming meeting, although many in the market still appeared skeptical about such a deal. Brent

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