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New deposits of oil, gas found in Pakistan
(The Gulf Today - 31/12/2017)

The Oil and Gas Development Company Limited (OGDCL) of Pakistan has found new deposits of oil and gas in Khyber-Pakhtunkhwa, according to a bourse filing on Saturday. OGDCL, the operator of the joint venture in Baratai Block in the province with 97.5

Oil in sight of 2015 highs
(Arab News - 27/12/2017)

Oil edged lower toward $65 a barrel on Tuesday, but remained within sight of its highest level since mid-2015, as the looming restart of a North Sea oil pipeline offset support from OPEC-led supply cuts. The North Sea Forties pipeline, which plays an

Oil trades above $65 on Libyan pipeline blast
(The Gulf Today - 27/12/2017)

Oil traded above $65 a barrel on Tuesday, within sight of its highest since mid-2015, supported by an explosion on a crude pipeline in Libya and voluntary Opec-led supply cuts. The move towards restart of a key North Sea pipeline, Forties, capped the

Kuwait signs LNG import deal with Shell
(Gulf News - 25/12/2017)

Kuwait Petroleum Corp. signed a 15-year liquefied natural gas import deal with Royal Dutch Shell Plc to help the oil exporting nation meet growing domestic energy demand. The sales purchasing agreement with Shell International Trading Middle East Ltd.

Russia backs gradual, managed exit from oil cuts with Opec
(The National - 24/12/2017)

Opec and Russia will exit from oil production cuts very smoothly, possibly extending the curbs in some form so as not to create any new surplus in the market, according to the Russian energy minister told Reuters. Alexander Novak also said that he saw no

Oil little changed as 2018 fears outweigh static US rig count
(Gulf News - 24/12/2017)

Oil futures were little changed as traders concerned about 2018 production growth shrugged off reports of a static rig count and falling US stockpiles. Front-month futures rose 0.2 per cent in New York, with a weekly gain of 2 per cent. Prices jumped the

OPEC starts working on oil supply cut exit strategy
(Reuters - 21/12/2017)

OPEC has started working on plans for an exit strategy from its deal to cut supplies with non-member producers, two OPEC sources said, a sign that an eventual winding down of the deal is coming onto producers’ radar, at least in theory. The Organization

Oman’s oil production touches 29m barrels
(Times of Oman - 21/12/2017)

Oman’s crude oil production in November touched 28.88 million barrels, according to the official statistics released by the Ministry of Oil and Gas on Wednesday. The country’s average crude oil production stood at 962,783 barrels in November. Of the

Oil rises on UK pipeline outage, U.S. supply caps gains
(Reuters - 19/12/2017)

Oil edged up towards $64 a barrel on Tuesday, helped by a North Sea pipeline outage, OPEC-led supply cuts and expectations that U.S. crude inventories probably fell for a fifth week. But rising output in the United States has put a lid on gains. Shale

Oil to trade above $60 due to Opec output curbs
(Gulf News - 18/12/2017)

Oil price is expected to trade above $60 (Dh220) per barrel in the coming days due to output cut agreement between Opec (Organisation of the Petroleum Exporting Countries) and non-Opec members but rising US shale oil production could pose a threat,

OPEC sees balanced oil market by late 2018
(Saudi Gazette - 17/12/2017)

OPEC expects the world oil market to be balanced by late 2018 as its deal with other producers to cut output reduces excess oil in storage, even as the US and other producers outside the group pump more crude. The Organization of the Petroleum Exporting

Oil rally fizzles for third week with 2018 outlook still cloudy
(Gulf News - 17/12/2017)

Crude’s rally fizzled out for a third week, with prices stalled near $57 (Dh209) a barrel as concerns over excess supplies next year temper enthusiasm for Opec’s extended production curbs. Futures in New York closed Friday just about where they started

Opec sees oil market in balance within a year
(The Gulf Today - 14/12/2017)

Supply and demand in the global oil market are likely to balance out by the end of 2018 thanks to a pick-up in demand, notably from the transport sector, Organisation of the Petroleum Exporting Countries (Opec), said on Wednesday. Demand is projected to

Brent jumps to mid-2015 high after North Sea pipeline outage
(Gulfnews - 13/12/2017)

Brent oil prices jumped by 1 per cent on Tuesday to their highest since mid-2015, after the shutdown of the Forties North Sea pipeline knocked out significant supply from a market already tightening due to Organisation of Petroleum Exporting Countries

Opec, non-Opec to work on exit strategy for output curbs in June 2018
(The National - 12/12/2017)

Opec and non-Opec producers will agree on a strategy in June to exit the production cuts agreement currently in place to rebalance the oil markets, the UAE energy minister said on Monday. Oil producers agreed in Vienna at the end of November to extend

Oil prices slip under shadow of U.S. drilling
(Reuters - 11/12/2017)

Oil markets edged lower on Monday as ongoing output cuts led by OPEC were countered by rising U.S. drilling activity that points to a further increase in American production. Brent crude futures LCOc1, the international benchmark for oil prices, were 15

Opec’s output at lowest level in six months
(Times of Oman - 11/12/2017)

Opec oil output in November dived to 32.35 million barrels per day, its lowest in six months led by declines in eight of the 14 member countries, an S&P Global Platts survey of Opec and oil industry officials and analysts showed. November output slid

Opec to discuss exit strategy by June
(The Gulf Today - 11/12/2017)

Kuwait’s oil minister Essam al-Marzouq said on Sunday that Opec and other oil producers will study before June the possibility of an exit strategy from the global oil supply-cut agreement. “There are still meetings every couple of months for the

UAE optimistic about continued compliance to Opec deal
(Gulfnews - 07/12/2017)

UAE energy minister Suhail Al Mazroui expressed optimism about the continued compliance by oil producing countries for the output cut agreement and sees global oil inventories reducing further next year. Opec and non-Opec members led by Russia are

Oil prices dip on rising fuel stocks in the United States
(Oman Daily Observer - 07/12/2017)

Oil prices dipped on Wednesday, as refined product inventories in the United States rose in what the market interpreted as a sign of lacklustre demand. US West Texas Intermediate crude futures were at $57.37 a barrel at 0132 GMT, down 25 cents, or 0.4

World oil prices remain above $62 a barrel
(Times of Oman - 06/12/2017)

Oil steadied above $62 a barrel on Tuesday as expectations of a drop in US crude inventories and prolonged supply curbs by Opec and other producers countered rising output in the United States. An Opec-led producer group last week extended a

Shale oil in focus as Opec extends deal
(Gulfnews - 04/12/2017)

Attention will turn towards rising shale oil production in the US and compliance among oil producers as Opec and its allies extend their output cut agreement to the end of 2018, analysts said. At a meeting in Vienna last week, Opec members and countries

World oil market to reach full stability in 2018, says UAE
(Trade Arabia - 03/12/2017)

The world oil market has the potential to reach full stability in 2018 as the level of inventories are expected to be reduced to a comfortable level, said UAE Minister of Energy and Industry Suhail bin Mohammed Faraj Faris Al Mazrouei. ''For stability to

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