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Opec output curbs deal ‘working perfectly’ in rebalancing markets
(Gulf News - 28/02/2018)

UAE energy minister Suhail Al Mazroui on Tuesday said that the oil output cut agreement to rebalance markets is working perfectly, with high conformity levels recorded among participating countries.<br/><br/> Speaking at the Global Financial Markets

Crude export disruptions from key terminal after Libyan oil field production halt
(The National - 27/02/2018)

Libya’s oil exports from the Mellitah terminal will be “modified” after protests disrupted production at the key El Feel deposit for the first time in two months, putting the Opec nation’s crude production at risk of a decline again.<br/><br/> Crude

Oman monitoring oil price trends after sharp fall
(Oman Daily Observer - 27/02/2018)

As international oil prices gradually inch up from their steepest decline in more than a year, a top official of Oman’s Ministry of Oil & Gas has affirmed that the slump, while not entirely unexpected, underscores the need for the Sultanate’s oil

Saudi oil minister hopes Opec, allies can ease output curbs
(Times of Oman - 26/02/2018)

Saudi Arabia hopes Opec and its allies will be able to relax production curbs next year and create a permanent framework to stabilise oil markets after the current supply cut deal ends this year, its oil minister said on Saturday.<br/><br/> The

Opec, allies can ease output curbs in 2019
(The Gulf Today - 25/02/2018)

Saudi Arabia hopes the Organization of the Petroleum Exporting Countries (Opec) and its allies will be able to relax production curbs next year and create a permanent framework to stabilise oil markets after the current supply cut deal ends this year,

Oil prices to average $50-$70 till 2023: BofAML
(Trade Arabia - 23/02/2018)

Brent crude oil prices are expected to average $50 to $70 per barrel (/bbl) in a medium-term horizon to 2023, said the Bank of America Merrill Lynch (BofAML) in its latest Global Energy Paper.<br/><br/> This forecast range compares to a current forward

Now is the time to plan future investments
(The Gulf Today - 22/02/2018)

The collapse in global oil prices between June 2014 and January 2016 led to nearly one trillion US dollars in investment being frozen or discontinued with “many hundreds of thousands of jobs” being lost throughout the industry, according to UAE Minister

Oil market likely to rebalance this year, says Opec chief
(Trade Arabia - 21/02/2018)

With the Opec and non-Opec alliance working to eliminate the remaining glut on the oil market amounting to 75 million barrels, the UAE energy minister said stability was slowing returning and the market was likely to rebalance this year. <br/><br/> The

Opec giants plan super group to stabilise oil market
(Trade Arabia - 18/02/2018)

Plans for a super group of oil producing countries could be in place by year-end as Opec works to institutionalise the ongoing collaboration between 24 member and non-member nations that has helped crude prices to recover, said a report.<br/><br/> Suhail

Oman crude oil price drops below $60 mark
(Times of Oman - 16/02/2018)

Oman's crude oil prices fell below $60, for the first time this year, as oil price free fall continued this week owing to reports of inventory build-up.<br/><br/> Omani benchmark crude traded at $59.77 at the Dubai Mercantile Exchange, the lowest price

Oil rises by 1pc on Saudi Arabia’s commitment to withhold output
(Oman Daily Observer - 16/02/2018)

Oil prices rose by around 1 per cent on Thursday to extend gains from the previous session, lifted by a weak dollar and Saudi comments that it would rather see an undersupplied market than end a deal with OPEC and Russia to withhold production.<br/><br/>

KSA plans to double natural gas production in next 10 years
(Saudi Gazette - 15/02/2018)

Saudi Arabia is planning to double its natural gas production to 23 billion cubic feet per day in the next 10 years, Minister of Energy, Industry and Mineral Resources Khalid Al-Falih said on Wednesday.<br/><br/> “When it comes to natural gas, over the

Physical oil market sends warning to Opec
(Gulf News - 15/02/2018)

As Opec watches a near 15 per cent drop in the oil price in three weeks, important indicators in the physical crude market are flashing worrying signals that the decline might be far from over.<br/><br/> The concerns come not from the heavily traded

Sultanate crude oil production rises in January 2018
(Oman Daily Observer - 15/02/2018)

The Sultanate’s total crude oil and condensates production during January 2018 stood at 29,978,550 barrels, a daily average by 967,050 barrels, according to the monthly report issued by the Ministry of Oil and Gas. The total quantities of crude oil

Opec president says shale surge won’t thwart plan to clear glut
(Gulf News - 13/02/2018)

Surging output of US shale oil won’t be a “huge distorter” of efforts by global crude producers to clear a glut, according to Opec’s president. The market should rebalance this year, given robust demand and producers’ compliance with their pledges to

Iraq seeks $100bn funding to rebuild oil, petchem sector
(Trade Arabia - 11/02/2018)

Iraq is looking to attract $100 billion worth of foreign investment that would help it rebuild its oil refining and petrochemicals sectors and reconstruct crucial infrastructure after it repelled Islamic State out of its territory following a three-year

Oman crude oil price drops
(Times of Oman - 09/02/2018)

Oman's crude oil price has fallen to $62.47, Dubai Mercantile Exchange (DME) said in a statement.<br/><br/> The DME statement said that the price of Oman oil (April delivery) dropped by $1.87 when compared to the price of Wednesday which was

UAE importing US light crude
(Gulf News - 08/02/2018)

The UAE bought oil directly from the US in December, according to data from the federal government. A tanker sailed from Houston and arrived in the Gulf last month.<br/><br/> The cargo of American condensate, a type of very light crude oil, was preferred

Kuwait oil output to hit 3.2 mbpd by March
(Trade Arabia - 08/02/2018)

Kuwait's oil production capacity will reach 3.255 million bpd by the end of next March, Kuwait's Oil Minister and Minister of Electricity and Water Bakheet Al-Rashidi was quoted as saying in a media report.<br/><br/> The volume of Kuwaiti exports of

Brent near one-month low as oil hit by market sell-off
(CMC Markets - 06/02/2018)

Oil prices on Monday extended declines from the end of last week amid a wider market sell-off and a stronger dollar, with Brent crude falling to its lowest in nearly a month.<br/><br/> Other markets dropped as investors were spooked by Friday’s payrolls

Oil struggles to persist with bull run as US drilling expands
(Gulf News - 06/02/2018)

Oil’s rally is unravelling on fears over a rise in US production after crude’s best January in more than a decade. Futures in New York are extending declines for a second session as Baker Hughes data showed American explorers last week raised the number

Brent expected to trade at current levels
(Gulf News - 05/02/2018)

Oil price could go up to $80 (Dh294) per barrel in the next six months but it may not sustain at that level, experts said as major investment banks predicted this week that oil could rise further due to healthy demand, drawdown in the global oil

US oil production nears 47-year record
(Times of Oman - 04/02/2018)

US crude oil production topped 10 million barrels per day (bpd) in November, according to monthly estimates published by the Energy Information Administration (EIA) on Wednesday.<br/><br/> Crude output was the highest in 47 years and just 6,000bpd below

OPEC pact to cut oil output ‘unlikely to last’
(Arab News - 01/02/2018)

An OPEC and non-OPEC agreement to limit crude production in 2018 at current levels will be difficult to maintain, Fahad Al-Turki, chief economist at Riyadh-based bank Jadwa Investment, has told a London conference. The pact, which involves output cuts of

Kuwait to spend $500b on oil projects by 2040
(Gulf News - 01/02/2018)

Opec member Kuwait plans to spend more than half a trillion dollars by 2040 to boost its oil and gas output and refining capacity, a top executive said on Wednesday. The announcement of the huge investments comes despite Kuwait projecting a budget

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