Oil
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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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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Optimism among Arab circles that oil market will improve by end 2017

Kuwait’s Oil Minister Essam al-Marzouq said 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.   He...

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Iraq’s Kurdistan negotiates $3 billion oil pre-payment deals

Iraq’s Kurdistan has agreed new deals to borrow $3 billion from trading houses and Russian state oil firm Rosneft that will be guaranteed by future oil sales to strengthen its fiscal position...

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Aramco agreement with Petronas gives Saudi Arabia the largest share in Asian markets

Reuters said that Saudi Arabia – the largest oil exporter in the world – cut a long way in the race for market share in Asia after it agreed some days ago to inject seven billion dollars in a...

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Saudi Arabia ahead for $60/b oil prices in 2017

Saudi Arabia wants crude oil prices to rise to around $60 a barrel this year, five sources from OPEC countries and the oil industry said.   This is the level the OPEC heavyweight and its Gulf allies...

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Minister of Petroleum and DMG: Events Unfold Details of EGYPS 2017

His Excellency, Engineer Tarek El Molla, Egyptian Minister of Petroleum and Mineral Resources held a press conference in the lead up to Egypt Petroleum Show – EGYPS, which will take place between...

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Kuwait’s KPC committed to OPEC oil output cut

State-owned Kuwait Petroleum Corp (KPC) said this week it was committed to an oil output cut agreed by the Organization of Petroleum Exporting Countries at a meeting in Vienna in November,...

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Libya – Oil production to rise to 700 thousand barrels per day

After a blackout in power in areas of Libya caused a dip in the country’s oil production, flows rebounded allowing Libya to see production rates of 700,000 barrels per day. The blackout occurred...

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Better times ahead for UK offshore, report finds

There are signs for greater optimism on the UK continental shelf, according to Offshore staff quoting from consultant Wood Mackenzie. The British sector may experience a modest recovery in 2017 after...

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