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Oil prices slip as Iraq raises exports
(Arab News - 31/05/2016)

Oil prices edged lower toward $49 a barrel on Monday as Iraq raised its crude exports target ahead of an OPEC meeting while Canadian production was set to restart after huge wildfires. Attention turned to a meeting of the Organization of the Petroleum

Russia: Too early to write off OPEC
(Arab News - 30/05/2016)

Russian Energy Minister Alexander Novak believes that it is too early to write off OPEC despite internal differences within the group, he said on the ministry’s Twitter feed, days before the organization meets to discuss its production policy. Russia, a

Battle inside Opec eases as Saudi oil strategy finally pays off
(Gulfnews - 29/05/2016)

Saudi Arabia has been fighting with fellow Opec members since the oil rout started two years ago. For the first time next week, it can argue convincingly that its strategy of squeezing rival producers is succeeding. By stifling high-cost suppliers, the

Oil faces struggle to keep above $50
(Gulfnews - 29/05/2016)

World oil prices may struggle to sustain a push beyond $50 a barrel after hitting the key level for the first time this year, analysts warned Friday. Crude futures topped $50 a barrel on Thursday, as production disruptions in Canada contribute to a drop

Iran-Saudi row threatens any Opec deal
(Gulfnews - 26/05/2016)

Dubai: Opec’s thorniest dilemma of the past year — at least from a purely oil standpoint — is about to disappear. Less than six months after the lifting of Western sanctions, Iran is close to regaining normal oil export volumes, adding extra barrels to

Oil prices: Bulls eye $50 and beyond
(Arab News - 26/05/2016)

Oil prices were up more than 1 percent on Wednesday, with market bulls targeting $50 a barrel and beyond, on expectations the US government will report a large crude stockpiles drawdown for last week. The American Petroleum Institute (API), a trade

Oil prices hardening, could rise to $60 before year-end – Shale oil
(Arab Times - 23/05/2016)

The fact that oil prices are hovering around $50 per barrel because of reduced production rate is causing the price per barrel to harden. The sudden reduction in the conventional oil production by more than 3 million barrels is mainly due to the fire in

Oil drops below $48 on stronger dollar
(Reuters - 19/05/2016)

Oil fell below $48 a barrel on Thursday, pressured by a stronger dollar and as a surprise increase in US crude inventories served as a reminder that supply remains ample despite output problems. Supply losses in Canada and Nigeria have lent support, but

Oil prices trade near $50
(Arab News - 19/05/2016)

Oil prices rose about 1 percent on Wednesday, hitting new 2016 highs, as the market focused on large drawdowns in US refined fuel inventories and ignored a surprise build in crude stockpiles. WTI’s front-month contract rose 49 cents, or 1 percent, to

Oil eases below $49 after reaching six-month high
(Arab News - 18/05/2016)

Oil slipped from a six-month high to trade below $49 per barrel on Tuesday after a deal between Libyan factions brought higher output a step closer, although outages in Nigeria and Canada lent support. The Libyan factions agreed in principle at talks in

Oil price hits 6-month highs
(Arab News - 17/05/2016)

Oil prices hit six-month highs on Monday on worries about global supply outages and as long-time bear Goldman Sachs sounded more positive on the market. Brent crude futures were up $1.03, or 2.2 percent, at $48.86 per barrel by 1755 GMT. It came just 53

OPEC ‘will’ stay strong – Oil demand rising
(Arab Times - 16/05/2016)

It is a known fact that not all OPEC members agree on matters but they eventually reach an agreement over the outcome based on the majority. Disagreements are common in this petroleum organization but they are not indications of the breaking up of OPEC.

Kuwait minister urges Iran, Opec to freeze production
(Trade Arabia - 15/05/2016)

Kuwait's deputy foreign minister Khaled Jarallah said oil exporting countries must freeze production and the market could not support a production increase from Iran, state news agency KUNA reported on Saturday. "There is no choice but to freeze

Global oil demand surprises on the upside
(Arab News - 15/05/2016)

Global oil consumption is growing much faster than most analysts expected at the start of the year but increases in demand remain very uneven geographically and by fuel. World oil demand increased by 1.4 million barrels per day (bpd) in the first three

Outlook for oil brightens; disruptions erode surplus
(Reuters - 12/05/2016)

Unplanned disruptions to oil output could help run down a global overhang of unused crude this year, while demand will profit from growing gasoline consumption particularly in India and China, the International Energy Agency said on Thursday. The IEA

Crude oil production in Oman rises to 30m barrels in April
(Times of Oman - 12/05/2016)

Crude oil production in Oman edged up by 1.57 per cent at 29.83 million barrels in April this year, which is equivalent to 994,303 barrels per day. The country’s crude oil exports touched 26.99 million in April – an average of 899,637 barrels per day,

GCC states cope with low oil price
(The Gulf Today - 12/05/2016)

Member states of the Gulf Cooperation Council (GCC), are able to cope with the low oil price by creating economic policies that would lessen dependency on petroleum as the main energy resource, according to a GCC official. The Kuwait News Agency, KUNA,

Oil prices dip on record US inventories
(Reuters - 11/05/2016)

Oil prices dipped on Wednesday as Canadian oil sand production was expected to gradually ramp up following forced closures due to wildfires, and as record crude inventories especially in the United States put pressure on markets. An ongoing fight by

Oil market on track to rebalance this year: al-Sada
(Gulf Times - 11/05/2016)

HE the Minister of Energy and Industry and current Opec president Dr Mohamed bin Saleh al-Sada has said the “oil market was on the right track towards rebalancing in the second half of 2016.” "As we proceed to the second quarter of the year, we see an

Oil prices rise about 3%
(Reuters - 11/05/2016)

Oil prices rose about 3 percent on Tuesday, recovering a chunk off losses from the previous session, as supply disruptions of 2.5 million barrels per day in Canada and elsewhere offset concerns about growing record high US crude stockpiles. Brent crude

S.Arabia to keep ‘stable’ oil policies
(The Gulf Today - 09/05/2016)

The new energy minister of Saudi Arabia, the world’s biggest oil exporter, on Sunday pledged continuity in the kingdom’s oil policy, after being named in a major government overhaul. “Saudi Arabia will maintain its stable petroleum policies,” Khalid

Oil pares weekly drop as wildfire disruptions battle oversupply
(Gulfnews - 08/05/2016)

Oil pared its first weekly decline in more than a month as oil-sands disruptions in Canada and lower US output offset rising stockpiles and Opec production. A wildfire in Alberta has shut more than one million barrels a day of oil-sands output capacity

Brent crude off 2016 high on OPEC output rise
(Arab News - 05/05/2016)

A bigger-than-expected build in US crude inventories to fresh record highs pushed oil markets down after an early rally on Wednesday over concerns about production cuts in Canada’s oil sands region due to a wildfire. US crude stocks, which have been

Oil down 2% as OPEC output hike sparks profit-taking
(Arab News - 03/05/2016)

Oil prices fell about 2 percent on Monday as production from the Organization of the Petroleum Exporting Countries was close to all time peaks and record speculative buying in global benchmark Brent sparked profit-taking on last month’s outsized rally.

Iraq's southern oil exports rise to 3.36mbpd
(Trade Arabia - 02/05/2016)

Iraq exported oil from southern fields at an average rate of 3.364 million barrels per day in April, higher than the March average of 3.286 million, Oil Ministry spokesman Asim Jihad said. That is close to the record of 3.37 million bpd exported in

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