News
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...

Read more
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...

Read more
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...

Read more
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...

Read more
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...

Read more
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...

Read more
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...

Read more
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...

Read more
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...

Read more
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...

Read more

Archive