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GCC, Iran and Iraq to see higher oil output (The Peninsula - 31/07/2016)

The collapse in the capital expenditure has started to take the toll on global conventional energy output. The effects of these spending cuts are expected to be long-lasting. Bank of America Merrill Lynch (BofAML) weekly update on ‘Global Energy’ noted

Brent crude ‘will average $45.51 per barrel in 2016’ (Arab News - 31/07/2016)

Oil analysts still expect a rise in the crude price this year, thanks to improving demand growth that should help offset any bearish headwinds from a stubborn supply surplus, a Reuters poll showed. A survey of 29 economists and analysts forecast Brent

Oman’s crude exports grow 6.3% in first half (Times of Oman - 28/07/2016)

Oman’s crude oil exports grew by 6.3 per cent to 164.57 million barrels in the first half of 2016, due to an increase in production. However, the average price of Oman Crude fell by 40.9 per cent to $35 per barrel in overseas markets during the first

US crude hits three-month lows (Arab News - 27/07/2016)

Oil prices dipped on Tuesday, with US crude hitting three-month lows, as oversupply concerns weighed on the petroleum complex ahead of data likely to show unseasonably high gasoline stocks despite the peak US summer driving period. Oil prices are still

Partial privatization of Kuwaiti oil sector (Arab Times - 24/07/2016)

According to local media, the acting oil minister has declared the intention of Kuwait Petroleum Corporation (KPC) to privatize four of its ten ‘K’ companies, namely Kuwait Oil Tankers Company (KOTC), Kuwait Petrochemical Industries Company (PIC), Kuwait

Oil prices continue to drop (Arab News - 24/07/2016)

Oil prices fell 2 percent on Friday, with losses accelerating after the US oil rig count rose for a fourth week in a row, putting crude on track for a weekly loss and dragging Brent to two-month lows. Crude futures were already down as investors braced

Brent oil edges up ahead of US stocks data (The Gulf Today - 21/07/2016)

Brent oil prices edged higher on Wednesday in muted trading as investors awaited a clearer signal from weekly US crude inventory data on whether a glut was easing in the world’s largest oil-consuming nation. Global benchmark Brent crude prices were up 5

Oil market extends losses (Arab News - 20/07/2016)

Oil prices slipped on Tuesday as a rallying dollar and a global fuel glut offset forecasts for a ninth straight weekly drop in US crude stockpiles. A protest over wages that shut the eastern Libyan oil terminal of Hariga and forced a suspension of

Al-Falih: KSA ‘always reacts’ to oil supply and demand (Arab News - 19/07/2016)

Minister of Energy, Industry and Mineral Resources Khalid Al-Falih said on Sunday the Kingdom always reacts to oil market supply and demand and it would continue to monitor crude markets for any developments. Al-Falih also said that final agreements with

Oil prices slide on glut fears (Arab News - 19/07/2016)

Oil prices fell more than 1 percent on Monday after rising stockpiles of crude and refined fuel intensified fears of another major glut building. Market intelligence firm Genscape reported that the Cushing, Oklahoma delivery hub for US crude futures saw

Oil increases on improved China growth (Saudi Gazette - 17/07/2016)

Oil prices ended modestly higher Friday, getting a lift from stronger-than-expected economic growth in China, the world’s largest energy consumer. But with traders still worried about ample global supplies, after wild swings during the week, Friday’s

Oil jumps 4% in technical rebound from 2-month lows (Arab News - 13/07/2016)

Oil prices surged 4 percent on Tuesday, buoyed by investors covering short positions and an equities rally that lifted riskier assets globally, helping crude stage a technical rebound from two-month lows hit the previous session. Brent crude futures were

Oil edges up amid demand concerns (Arab News - 12/07/2016)

Oil climbed slightly on Monday after shedding nearly 2 percent the same day, as signs emerged that US shale drillers have adapted to lower prices and renewed indications of economic weakness in Asia weighed on prices. Brent crude was trading at $46.86

Oil loses sight of $50 level – Analysts downbeat on outlook for price (Arab Times - 11/07/2016)

Global oil prices dropped over the week, losing sight of the key $50 level, as worries about a supply glut and weak economic growth took oil to two-month lows. Oil enjoyed a modest recovery on Friday as bargain-hunters swooped in after prices tanked the

Oil market stabilizing: Saudi energy minister (Arab News - 11/07/2016)

Energy, Industry and Mineral Resources Minister Khalid Al-Falih said on Sunday the oil market was becoming more balanced and prices were stabilizing. Al-Falih said Saudi Arabia would always strive to stabilize the oil market, a statement by the energy

US oil drillers add rigs for 5th week in six (Arab News - 10/07/2016)

US drillers this week added oil rigs for a fifth week in six, according to a closely followed report Friday, prompting analysts to predict the rig count has bottomed and production will start to edge up early next year. Drillers added 10 oil rigs in the

Crude falls 5% as economic worries remain (Arab News - 08/07/2016)

Oil prices fell 5 percent to two-month lows after the US government reported a weekly crude draw within analysts’ forecasts, disappointing market bulls who had expected larger declines. A glut of refined products and economic growth concerns also

Oil prices edge up as Brent pushes further above $50 (The Peninsula - 04/07/2016)

Crude prices edged up in Asia on Monday, building on recent gains with Brent holding above $50 after Nigerian militants claimed fresh attacks on the country's oil infrastructure. Prices see-sawed last week, plunging in the immediate aftermath of

Saudi oil sector expands 5.1% (Arab News - 04/07/2016)

Saudi Arabia’s economy expanded at its slowest rate in three years during the first quarter of 2016, official data showed. Some analysts said the data pointed to a risk of growth in Saudi Arabia slowing to near zero this year, which would be its worst

Brent crude posts 4% weekly gain (Arab News - 03/07/2016)

Oil prices surged on Friday, and Brent crude posted its largest weekly gain since mid May, as investors positioned for the start of third quarter trading while a weaker dollar boosted prices of most commodities. The market shook off a closely-followed

Oil falls 2% on fading supply disruptions (Arab News - 01/07/2016)

Oil fell about 2 percent on Thursday, pressured by returning Nigerian and Canadian output after supply outages and as traders looked to book profits ahead of the long holiday weekend in the US. Resurgent Nigerian supply will put pressure on prices,

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