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Saudi may raise October crude prices to Asia
(Oman Daily Observer - 31/08/2017)

Top oil exporter Saudi Arabia is expected to raise the October price of flagship Arab Light crude to Asia to its highest in at least six months on the support of robust demand in the region. The official selling price (OSP) for Arab Light could rise by

Opec lauds UAE adherence to oil output cuts
(The Gulf Today - 31/08/2017)

Opec has commended the UAE’s commitment to adhere to its production adjustments for “the remaining period of the Declaration of Cooperation.” The Declaration was made at the joint Opec-Non-Opec Producing Countries’ Ministerial Meeting held on 10 December

Libya crude output down after armed brigades blockade oilfields
(Arab News - 31/08/2017)

Libya’s crude production has fallen by 360,000 barrels per day (bpd) after armed brigades blockaded pipelines and closed three oilfields, state-run National Oil Corporation (NOC) said on Wednesday. The shutdowns have so far cost $160 million in lost oil

Mideast oil producers on low-level alert after Iraq pricing switch
(Saudi Gazette - 30/08/2017)

Gulf OPEC members Saudi Arabia and Kuwait are unlikely to follow Iraq in a major shift in the way it prices its oil in Asia and will monitor Baghdad’s attempts to squeeze more dollars from its reform, industry sources said. Last week, Iraq’s state-oil

Oil markets roiled as Harvey hits US petroleum industry
(Arab News - 29/08/2017)

Oil markets were turbulent on Monday after Tropical Storm Harvey wreaked havoc along the US Gulf Coast over the weekend, crippling Houston and its port, and knocking out several refineries as well as some crude production. US gasoline prices hit two-year

China remains Oman’s top crude oil export market
(Times of Oman - 28/08/2017)

China retained its position as the leading destination for the Sultanate’s crude oil exports for the first seven months of 2017. According to the latest statistics released by National Centre for Statistics and Information (NCSI), China imported 132.67

Oil slump no obstacle to 300% return for Norwegian driller
(Gulfnews - 27/08/2017)

While other offshore rig operators are still struggling to survive the worst oil-market slump in a generation, one Norwegian company has managed to turn things around. Odfjell Drilling Ltd, which owns four rigs and specialises in drilling in harsh

US oil inventories falling more than expected due to OPEC cuts
(Arab Times - 23/08/2017)

US crude inventories are falling more than expected in a sign of the success of OPEC and non-OPEC production cuts, Kuwait’s Oil Minister Essam Al-Marzouq told CNBC Arabia on Monday. “We are now seeing the impact of those cuts (in the first half of the

Oil edges up on bets on falling US crude stocks
(The Gulf Today - 17/08/2017)

Oil prices were little changed on Wednesday after US crude stockpiles plunged their most in nearly a year, paring gains seen early in the session. US crude inventories dropped for a seventh consecutive week, falling 8.95 million barrels last week to

Two new oil discoveries in Oman Blocks 3&4
(Oman Daily Observer - 16/08/2017)

Swedish based international oil firm Tethys Oil has announced two new hydrocarbon finds in Block 3 & 4 in the eastern part of Oman — discoveries that could potentially translate into new oil fields, the Stockholm-headquartered company said. It follows

Non-Opec countries ‘will raise supply in 2018’
(Trade Arabia - 13/08/2017)

The oil producing countries outside Opec will increase their supply of oil produced in 2018 by 1.1 million barrels per day in comparison with the level of 2017 to 58.87 million barrels per day, a report said. That is slightly lower than the expected

Oil rises towards $53 a barrel ahead of US report
(The Gulf Today - 10/08/2017)

Oil rose towards $53 a barrel on Wednesday ahead of a US inventory report expected to show crude stocks dropped for a sixth week. Crude inventories last week fell by 7.8 million barrels, more than expected, but gasoline stocks rose unexpectedly, data

Saudi Arabia cuts crude oil allocations in Sept by more than its Opec
(Gulfnews - 09/08/2017)

Saudi Arabia will cut crude oil allocations to its customers worldwide in September by at least 520,000 barrels per day, an industry source said on Tuesday, as the top oil exporter makes good on its pledge to help rein in a global supply glut. State oil

Oil slides from 9-week highs as market looks to OPEC
(Arab News - 08/08/2017)

Oil prices edged lower on Monday, sliding away from nine-week highs, as worries lingered over high production from OPEC and the US. Global benchmark Brent crude futures were down 60 cents, or 1.14 percent, at $51.82 a barrel at 11:13 a.m. GMT. They

Oil on right track with the current price level–Prices to remain stabl
(Arab Times - 07/08/2017)

Oil prices are starting to settle at the $50 level and perhaps moving towards $55 per barrel by the end of this year. For this, OPEC of course has to stick to its commitment related to production cuts and Saudi Arabia must take a sole decision to cut

Bullish factors for oil overtake bearish signals
(Arab News - 02/08/2017)

The oil market is moving away from the bear market it entered recently. The bear market is a term used to describe the situation where the oil price loses 20 percent of its value over a sustained period of time. However, bullish sentiment sees a pick-up

Small oil producers upbeat as hedges decline and price rebounds
(Arab News - 01/08/2017)

Europe’s smaller oil producers are more optimistic about the market than they have been for the past couple of years as a significant reduction in hedging shows they are betting on higher prices. Oil producers typically sell ahead a sizeable part of