Russia’s energy minister sees 2018 oil price in range of $45-$55/barrel

Russian Energy Minister Alexander Novak said he expected the 2018 price of Brent crude to be in the range of $45 to $55 per barrel. Speaking to reporters, he also said China had asked Russia about...

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Iraq’s oil ministry: August oil exports averaged 3.216 mln bpd

Iraq’s oil exports slipped to 3.216 million barrels per day in August from 3.230 million bpd in July as no shipments were made from the northern Kirkuk field, the oil ministry said All the volumes...

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Saudi Aramco to build the Gulf’s largest shipyard:

Saudi Aramco to build the Gulf’s largest shipyard through a joint venture with three companies, a $5.2 billion project aimed at helping reduce the economy’s reliance on oil.   Aramco...

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Basic Concepts of World Petroleum Reserves (and the debate on its adequacy to achieve global energy security)

 Mohamed Hassan Salem Oil and Gas Economic Expert Head of “Middle East Center for Energy Information” Head of Oil & Gas World Magazine     Oil industry experts agree on the...

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Qatar says sees merits of extending oil supply cut into first quarter of 2018

Qatar’s energy minister said on Saturday he was optimistic that extending a global oil supply cut beyond June would improve market stability, and that there was merit in continuing the curbs...

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There has been a marked reduction to the inventories

There has been a marked reduction to the inventories, but we’re not where we want to be in reaching the five-year average    

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The market could gain balance by the third quarter of this year

The market could gain balance by the third quarter of this year, as long as producers agreed to an OPEC cut-off agreement settled by end 2017.

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Egypt’s Sisi: Newly-discovered gas fields to save about $3.6 bln yearly

Till some years ago Egypt was among the energy exporters, and now it has become an importer after domestic output failed to keep pace with rising demand in recent years. But the discovery of the 850...

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Saudi Arabia, Russia push to extend oil output cuts until March 2018

Saudi Arabia and Russia, the world’s two top oil producers, agreed on the need to extend oil output cuts for a further nine months until March 2018 to rein in a global crude glut, pushing up...

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