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Kingdom exports 1.89bn barrels oil worth SR279 billion in 8 months (Arab News - 31/08/2016)

Saudi Arabia exported nearly 1.89 billion barrels of crude oil in the first eight months of the current year with proceeds amounting to SR279 billion, a drop of 27 percent compared to figures of same period last year, local media said quoting an economic

Oil down nearly 2% on surging OPEC output (Arab News - 30/08/2016)

Oil prices fell nearly 2 percent on Monday, snapping two consecutive days of gains, on caution over galloping Middle East crude output and a stronger dollar boosted by speculation of a US rate hike by the year-end. Iraq, which has exported more crude

Oman’s crude exports grow 6.2% to 191m barrels (Times of Oman - 29/08/2016)

Oman’s crude oil exports grew by 6.2 per cent to 190.71 million barrels in the first seven months of 2016, thanks to increases in production. However, the average price of Oman Crude fell by 39.9 per cent to $36.4 per barrel in the overseas markets in

Oil prices below $50 per barrel–pure speculation–Supply high but deman (Arab Times - 29/08/2016)

Oil prices will not improve or go above $50 per barrel if the basic fundamentals remain the same. Supply is high but demand is weak. Nothing is likely to change in the near future especially when OPEC is continuing to pump extra barrels every day into

Oil prices fall as Saudi Arabia dampens prospects of output freeze (Trade Arabia - 28/08/2016)

Oil prices fell on Friday after the Saudi energy minister tempered expectations of strong market intervention by producers during talks next month, and as analysts pointed to an ongoing supply overhang that was weighing on markets. International

Oil drops as market tracks US supplies (Arab News - 25/08/2016)

Oil prices fell Wednesday, with Brent stuck below $50, after data showed an increase in US crude stockpiles, adding to supply glut concerns. Data from the American Petroleum Institute (API) Tuesday showed US crude inventories rose by 4.5 million barrels

Iran ‘yet to decide on OPEC limits’ (Arab News - 25/08/2016)

Iran has yet to take any decision on whether to set a ceiling on oil production or take part in a planned OPEC meeting in Algeria, an oil ministry source told AFP. “It is too early to talk of a decision from Iran concerning a freeze in the level of

Iraq asks foreign companies to raise oil output and exports (Arab News - 24/08/2016)

Iraq has asked foreign oil companies to increase oil output and exports, as Baghdad joined those spotlighting production potential ahead of a major energy gathering late next month. Oil Minister Jabar Ali Al-Luaibi, who took up his post this month, met

Oil falls nearly 3% (Arab News - 23/08/2016)

Oil prices fell nearly 3 percent on Monday, retreating from last week’s two-month highs, on worries about burgeoning Chinese fuel exports, more Iraqi and Nigerian crude shipments and a rising US oil rig count. China’s July diesel and gasoline exports

Arabian Gulf markets remain quiet amid oil’s return to $50 mark (The National - 22/08/2016)

Arabian Gulf shares began the week in quiet fashion on Sunday, with a return to US$50 oil proving little stimulus for investors. Brent crude futures closed the week at above $50 per barrel despite drifting lower on Friday, ahead of Opec talks next month

Iraq will boost oil exports this week after agreement on Kirkuk (Gulfnews - 22/08/2016)

Iraq, Opec’s second-biggest producer, will increase crude exports by about 5 per cent in the next few days after an agreement to resume shipments from three oil fields in Kirkuk. Shipments will increase to about 150,000 barrels a day as exports resume

Oil market stability: Kingdom continues its leading role (Arab News - 21/08/2016)

While central bank officials are well aware that any statement can have an impact on monetary policies, OPEC is too starting to learn this lesson. Some recent remarks from Minister of Energy, Industry and Mineral Resources Khalid Al-Falih, had such

Oil prices drop before US inventory data (Saudi Gazette - 18/08/2016)

Oil prices fell back Wednesday after rallying in recent sessions, as attention turned to US stockpiles data for an update on levels of supplies in the world’s biggest crude consumer. Around 1100 GMT, US benchmark West Texas Intermediate for delivery in

Oil trades near six-week highs (Arab News - 18/08/2016)

Oil fell for the first time in a week on Wednesday, but remained in sight of six-week highs, as investors weighed up how successful potential talks among producers to rein in ballooning oversupply would be. Brent crude futures were down 47 cents at

Russia plans meeting with OPEC in October (Saudi Gazette - 17/08/2016)

Russia’s energy ministry on Tuesday said it was making plans for a possible meeting with the Organization of Petroleum Exporting Countries (OPEC) in October, as the sector grapples with lower crude prices due to a global supply glut. “We plan for this

Oil market holds gains (Arab News - 17/08/2016)

Oil prices reached their highest levels in more than five weeks on Tuesday as the market largely held gains that came from speculation producers would take action to prop up the market. Production losses in Nigeria, where more than 700,000 barrels per

Oil prices hit five-week highs (Arab News - 16/08/2016)

Oil prices hit five-week highs on Monday, gaining about 10 percent in a three-day rally. Brent crude rose $1.08, or 2.3 percent, to $48.05 a barrel by 15:07 GMT, after rising to $48.10 earlier, its highest since July 7. Brent has gained about 10 percent

Libya needs big spend to boost vital oil revenue (Trade Arabia - 15/08/2016)

Libya's plans to increase oil output by five-fold by the end of the year will remain out of reach until the government allocates funds to repair the damage to oil infrastructure, the National Oil Corp's chief told "If we receive around $1 billion, we can

Saudi’s assurance may not be enough for oil to breach range (Gulfnews - 15/08/2016)

Saudi Arabia’s assurance that they will stabilise the oil market is expected to keep prices supported for now, but it may not be enough to break crude out of its current price range. Khalid Al Falih, who is Minister of Energy, Industry and Mineral

Egypt's gas output to top 7.5bn cu ft by 2020 (Trade Arabia - 14/08/2016)

Egypt will increase its production of natural gas to more than 7.5 billion cu ft per day by 2020-21, Oil Minister Tarek El Molla said on Saturday. Once an energy exporter, Egypt has turned into a net importer because of declining oil and gas production

Oil rebounds as Saudi hints at Opec deal in September meeting (AFP - 13/08/2016)

Oil rebounded this week from recent lows after Opec sprang a surprise September meeting, at which Saudi Arabia hinted producers could agree to limit output. Brent crude futures were 56¢ higher at $46.60 at barrel by 1:16pm ET (1716 GMT) after touching a

Libya needs big spend to boost vital oil revenue (Reuters - 12/08/2016)

Libya's plans to increase oil output by five-fold by the end of the year will remain out of reach until the government allocates funds to repair the damage to oil infrastructure, the National Oil Corp's chief told Reuters. "If we receive around $1

Iraq, oil companies agree to restart investment (Reuters - 12/08/2016)

Iraq has reached agreement with BP, Shell and Lukoil to restart stalled investment in oil fields the firms are developing, allowing projects that were halted this year to resume and crude production to increase in 2017, Iraqi oil officials said. The

Oil steadies as IEA sees balanced market ahead (Reuters - 12/08/2016)

Oil prices steadied on Thursday after the International Energy Agency forecast crude markets would rebalance in the next few months following several years of heavy overproduction. The IEA, which advises large developed economies on energy policy,

IEA sees oil market rebalancing despite record Gulf production (Bloomberg - 12/08/2016)

Global oil markets will continue to re-balance this year as a pick-up in demand from refiners absorbs record output from several Arabian Gulf producers, the International Energy Agency predicted. Refiners around the world will process record volumes of

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