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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IEA: Global conventional oil discoveries fell to record low in 2016

According to Oil and Gas Journal Editors, the global conventional oil discoveries fell to a record low in 2016 as companies continued to cut spending. Also, the number of conventional resources...

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The longest sea pipeline to transport gas from the Eastern Mediterranean to Europe

Israel, Italy, Greece and Cyprus pledged on Monday to push ahead with the project to extend the world’s longest undersea gas pipeline, which will extend 2,000 kilometers east of the...

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IEA says global oil market now close to balance

The global oil market is close to balance, after nearly three years of excess supply, as production cuts by top exporters offset a longer-term decline in demand in the richest nations, the...

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