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RAK Petroleum re-designates Class A shares
(Trade Arabia - 30/01/2018)

RAK Petroleum plc, the Oslo-listed oil and gas investment company, announced that, as the result of a shareholder's request to release the restrictions on its Restricted Class A Shares, 2,700,000 Restricted Class A Shares have been re-designated as Class

Oil demand growth to hit 1.53 mbpd in 2018
(Trade Arabia - 30/01/2018)

Oil demand growth is anticipated to be around 1.53 mbpd in 2018, following a marginal upward adjustment compared to last month’s report, with global oil demand now expected to reach 98.51 mbpd, a media report said. Non-OECD economies will contribute 1.24

OPEC harmony and shale reality
(Saudi Gazette - 30/01/2018)

As oil prices have been on a recovery path, the general consensus seems to be a continued increase in US shale production to record levels, according to a report by Al Rajhi Capital on Oil markets. While this may be the case, the report observes that

Oil dips but still set for strongest January in five years
(Reuters - 29/01/2018)

Oil eased below $70 a barrel on Monday as rising U.S. output undermined efforts led by OPEC and Russia to tighten supplies, but prices were still on track for their strongest start to the year in five years. Brent crude futures LCOc1 were down 64 cents

Iraq says to comply with OPEC deal despite oil export capacity rise
(Reuters - 29/01/2018)

Iraq will comply with the OPEC output reduction deal even though it is working hard to increase its oil export capacity from both the country’s south and north, its oil minister said on Monday. Jabar al-Luaibi told a Chatham House conference in London

China's crude oil stockpile rises 3.24 pct
(Xinhua - 29/01/2018)

China's commercial crude oil stocks went up 3.24 percent in December compared with a month earlier, while stocks of refined oil products surged 9.1 percent. The rise was a result of increasing output and falling processing volume. Gasoline stocks went up

OPEC's output restraint tightens oil inventories
(Times of Oman - 28/01/2018)

OPEC and its allies insist more needs to be done to reduce global oil inventories but the market already shows unmistakeable signs of becoming very tight. Brent futures have moved into the largest and most sustained backwardation since June and July

Brent oil prices hit $71 first time since 2014
(Oman Daily Observer - 26/01/2018)

Brent oil prices hit $71 per barrel on Thursday for the first time since 2014 as the dollar continued to weaken and crude inventories in the United States fell for a 10th straight week, amid ongoing supply cutbacks by OPEC and top producer Russia. Brent

Oil climbs to fresh three-year highs, Brent taps $71 a barrel
(MarketWath - 25/01/2018)

Oil prices shot to fresh three-year highs on Thursday, with Brent climbing atop $71 a barrel after the market saw another drop in U.S. crude inventory and the dollar continued to sell off. March West Texas Intermediate crude CLH8, +0.81% rose 67 cents,

Saudi Arabia to keep Q1 crude exports at around 7m bpd
(Gulf News - 25/01/2018)

Saudi Arabia plans to keep its crude oil exports at around seven million barrels per day for the first quarter despite planned refinery shutdowns, industry sources said, as the Opec producer is determined to end a global supply glut and boost prices. The

Oil at $70 is no quick fix for Gulf economies – At current prices
(Arab Times - 25/01/2018)

Rising oil prices are easing fears of a financial crisis in the Gulf, but they look unlikely to trigger another economic boom in the region, a quarterly Reuters poll of private economists shows. The Brent oil price has surged to three-year highs around

Extending Alliance, Oil's Big Two Seek Smooth Exit From Cuts
(Bloomberg - 23/01/2018)

The pledge Saudi Arabia and Russia made to keep working together on managing the oil market beyond 2018 shows the two energy giants are now looking to engineer an orderly exit from the deal and avoid crashing the prices they’ve worked so hard to revive.

Oil rises as Saudi says producers will cooperate beyond 2018
(Gulf News - 23/01/2018)

Oil prices climbed on Monday, pushed higher by comments from Saudi Arabia that cooperation between oil producers who are currently withholding supplies would continue beyond 2018. Strong global economic growth and a drop in US drilling activity also

Crude prices reach highest level in 3 years
(Arab Times - 23/01/2018)

Oil prices reached highest levels seen in 3 years, as Brent crude touched USD 70/b at the start of 2018. Key drivers are supply issues in Libya, ongoing issues in Venezuela that has affected supply from OPEC members and declining inventory in the US,

Crumbling refinery profits threaten OPEC-led crude rally
(Reuters - 22/01/2018)

The recent OPEC-led rally in crude prices is hitting refinery profits hard, flashing warning signs over oil’s bull run. A wave of refinery maintenance scheduled in spring could also put downward pressure on crude, analysts said. Higher oil prices

Qatar, Bahrain, Iraq crudes sell at discounts
(Reuters - 22/01/2018)

Some Middle East crude oil grades have fallen into discounts against their benchmarks for sales to Asia in March, a sign of a weakening market, as fuel oil margins have declined, curbing refiners’ appetites for the oil, multiple trade sources said on

OPEC / Non-OPEC meeting lauds high compliance levels
(Oman Daily Observer - 22/01/2018)

The OPEC / Non-OPEC Joint Ministerial Monitoring Committee (JMMC) wrapped up its 7th meeting in Muscat here yesterday with a commitment to keeping in place an agreement to cut global oil production for the entirety of 2018. That agreement is enshrined in

Saudi urges oil producers to extend cooperation
(The Gulf Today - 22/01/2018)

Saudi Arabia’s energy minister urged global oil producing nations on Sunday to extend their cooperation beyond 2018, but said this might mean a new form of deal rather than continuing the same supply cuts that have boosted prices in recent months. It was

Opec may end cuts early as prices hit new high, say experts
(Trade Arabia - 21/01/2018)

As oil trades near a three-year high and crude stockpiles fall rapidly, analysts are questioning whether the Organization of Petroleum Exporting Countries (Opec)-led production cuts will last until the end of the year. As the producer group gears up for

Kuwait hails OPEC’s role for maintaining market
(Arab Times - 18/01/2018)

Deputy Prime Minister and Minister of State for Cabinet Affairs Anas Al-Saleh on Tuesday lauded the key role undertaken by the Organization of Petroleum Exporting Countries (OPEC) for achieving the crude market balance. The minister made the statement

Brent oil falls by $1 but demand underpins price near $70
(Gulf News - 17/01/2018)

Brent crude oil shed some of its recent gains by falling just over $1 a barrel on Tuesday but healthy demand underpinned prices near $70 (Dh257), a level not seen since 2014’s market slump. Prices have been driven up by oil production curbs in OPEC

Brent could average at $64 in 2018: report
(Trade Arabia - 16/01/2018)

The expected drop in OECD inventories suggests that oil prices will likely be higher in 2018 than originally seen and Brent crude oil price is projected to reach $64 per barrel (/bbl) this year, said the Bank of America Merrill Lynch (BofAML) in a new

Oman appeals for coordination in sustaining oil rally
(Oman Daily Observer - 15/01/2018)

The Sultanate has urged international producers to work in coordination to help sustain resurgent global oil prices that have soared to $70 per barrel for the first time since the calamitous slump of late 2014. The appeal came in a media briefing

Oil hits $70 for first time in 3 years despite bearish pressures
(Trade Arabia - 14/01/2018)

Oil’s rise to $70 a barrel for the first time in three years had clear triggers as supplies tighten and demand climbs, yet it still surprised many traders because there were so many reasons for prices to falter, said experts at Bloomberg. Those bearish

U.S Crude Oil At 3 Year Highs
(Investing.com - 11/01/2018)

U.S. Crude Oil (WTI) traded above the $63 handle on Tuesday, as the American Petroleum Institute (API) reported an exceptionally large draw of 11.19 million barrels of U.S. crude oil inventories for the week ending 5th January, against an expectation of