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Crude Oil Range-bound Near USD53
(RTT News - 31/01/2017)

Crude oil futures were lower Monday, holding in a narrow range despite a report by Petro-Logistics SA shows that global oil supplies are falling. On the other hand, US stockpiles have been building up as domestic producers are putting dozens of rigs back

Oil prices dip as rising U.S. output offsets OPEC-led cuts
(Reuters - 31/01/2017)

Oil prices dipped on Tuesday as rising U.S. drilling activity offset efforts by OPEC and other producers to cut output in a move to prop up the market. Brent crude futures (LCOc1), the international benchmark for oil prices, were trading at $55.16 per

Opec convinces investors that its oil production cuts are real
(Gulf Times - 31/01/2017)

Opec appears to have persuaded investors that it’s making good on promised production cuts. Money managers are the most optimistic on West Texas Intermediate oil prices in at least a decade as the Organization of Petroleum Exporting Countries and other

Lukoil seeks Mideast oil projects for growth as Iran opens for deals
(Gulf Times - 31/01/2017)

Lukoil is seeking opportunities for growth in the Middle East as Iran opens more of its oil fields to international partners, according to the Russian energy company’s regional head. The Moscow-based company plans to add output from the region to

US drillers may pressure oil price
(FX Street - 30/01/2017)

The oil price continued to pull back on Friday as more and more US oil drillers jumped onboard to take advantage of higher prices and fill the hole left by Opec when they agreed to cut production. The Baker Hughes weekly oil and gas rig count from the US

Oil prices extend fall from last week
(Marketwatch - 30/01/2017)

Oil futures fell on Monday on rising U.S. oil output, extending a slide from the end of last week. On the New York Mercantile Exchange, light, sweet crude futures CLH7, -0.21% traded at $52.89 a barrel, down 28 cents in the Globex electronic session.

Sulphur-rich crudes, usually discounted, shine after OPEC cuts
(Reuters - 30/01/2017)

Efforts to stem the world's surplus of crude oil have thus far only moderately balanced the market - but have turned typically lower-quality crude into the most sought after barrels. From China to the United States to the shores of West Africa, the

Oil falls as US drillers replace barrels lost in Opec-led cuts
(Gulfnews - 29/01/2017)

Oil dropped from a three-week high amid speculation that increased US drilling will boost output, offsetting cuts by the Organisation of Petroleum Exporting Countries (Opec) and other producers. Futures fell 1.1 per cent in New York after failing to

Oil slips on rising US inventories
(Arab News - 26/01/2017)

Oil prices fell on Wednesday after builds in US inventories reinforced expectations that increasing shale output this year would reduce the impact of production cuts by the Organization of the Petroleum Exporting Countries (OPEC) and other major

Oman plans daily oil output of 1m barrels this year
(Times of Oman - 24/01/2017)

Oman plans to produce an average of one million barrels of crude oil per day this year, despite a production cut of 45,000 barrels a day agreed with oil exporting Opec bloc, a top-level official at the Ministry of Oil and Gas said. “Production-wise, we

Ministers upbeat on oil output cuts
(The Gulf Today - 23/01/2017)

Energy ministers from Opec and non-Opec countries meeting in Vienna on Sunday have struck a positive note regarding their agreement to cut oil output as a committee set to monitor compliance with the deal meets for the first time. “I am satisfied, I am

Oil prices jump 2% ahead of producers’ meeting
(Arab News - 22/01/2017)

Oil prices rose more than 2 percent on Friday on expectations that this weekend’s meeting of the world’s top oil producers would demonstrate compliance to a global output cut deal, but rising US drilling activity limited gains. Members of the

OPEC output drops as agreement bites
(Saudi Gazette - 19/01/2017)

OPEC oil production fell in December but remains well above levels envisaged under a recent deal due to take effect from January, the cartel›s new monthly report showed Wednesday. Total output by the Organization of the Petroleum Exporting Countries fell

Saudi Arabia pledges adherence to oil cut
(The Gulf Today - 17/01/2017)

Saudi Arabia will adhere strictly to its commitment to cut output under the global agreement among oil producers, its energy minister said on Monday, expressing confidence that Opec’s plan to prop up prices would work. Saudi Energy Minister Khalid

Strong, united OPEC key – Compliance boosts oil prices
(Arab Times - 16/01/2017)

CAN the oil organization remain strong and manage the oil market by itself or does it need strong support from the outside to lead and influence the petroleum market? This is the hard question that needs to be answered in consideration of the experience

Oman's crude oil production declines in December
(Times of Oman - 15/01/2017)

The Sultanate's total crude oil and condensates production fell by 1.76 per cent in December 2016 to 30.85 million barrels, which is equivalent to an average daily production of 995,191 barrels.

Saudi cuts oil exports to some buyers
(Oman Daily Observer - 12/01/2017)

Saudi Arabia has cut February term crude supplies to refiners in India and Southeast Asia, seeking to comply with an Opec deal, but it has held most of its exports to the rest of Asia steady for a second month, industry sources said on Wednesday. State

Oil rises with Wall Street
(Arab News - 12/01/2017)

Oil prices rose for the first time in three days on Wednesday, boosted by an early Wall Street rally ahead of a news conference by US President-elect Donald Trump. Oil’s gains came despite government data showing a bigger-than-expected weekly build in US

Oil slips on concerns US production is rising
(Arab News - 10/01/2017)

Oil fell 2 percent on Monday as signs of growing US production outweighed optimism that many other producers, including Russia, were sticking to a deal to cut supplies in a bid to bolster the market. Brent crude futures were down $1.08, or 1.9 percent,

Saudis said to duel rivals by curbing heavy oil over light crude
(Gulfnews - 08/01/2017)

Saudi Arabia is staying in the battle for market share by continuing to pump the type of oil that’s similar to rival US and African supply, while fulfilling its promise to cut output by focusing curbs on other varieties. The nation plans to idle some

Oil jumps as Riyadh confirms need to apply Opec cuts deal
(The National - 04/01/2017)

Oil prices jumped on the first trading day of the year following supportive comments from Saudi Arabia, Kuwait and Oman, although the focus remains on whether major oil producers will deliver on pledges to curb output. North Sea Brent crude futures rose

Oil climbs to 18-month high
(Arab News - 04/01/2017)

Oil prices hit 18-month highs on Tuesday, the first trading day of 2017, buoyed by hopes that a deal between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil exporters to cut production, which kicked in on Sunday, will drain

Saudi stresses need to cut oil output
(The Peninsula - 03/01/2017)

Saudi Arabia stressed yesterday the importance of co-operation among oil producers to abide by a decision in November to cut production. Opec agreed in November its first oil output cuts since 2008 after Saudi Arabia accepted "a big hit" on its

Recovering oil prices to ‘boost’ economies – GCC deficits reducing
(Arab Times - 03/01/2017)

And, on the back of the production cut agreement, oil prices, which hit their lowest level in 12 years of sub-$30 per barrel levels in early 2016, recovered to near the keenly-watched $60 per barrel levels, and Bank of America Merill Lynch expects oil to

Oil on track for largest annual gain since 2009
(Saudi Gazette - 01/01/2017)

Oil prices settled slightly lower on Friday, the year’s last trading day, but attained their biggest annual gain since 2009, after OPEC and partners agreed to cut output to reduce a supply overhang that has depressed prices for two years. A two-rig rise

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