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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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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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ADNOC plans to cut 5,000 jobs by year end

The Abu Dhabi National Oil Co. (ADNOC) plans to cut 5,000 jobs by the end of the year, and 2,000 of the lay-offs have already been carried out, according to the Middle East news service MEED. ADNOC...

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Russia sees possibility for economic contraction

With energy playing a dominate role in national finances, Russia’s deputy prime minister said Friday an economic contraction is possible for this year. “Speaking about most short-term...

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Wood Mackenzie: Industry needs to start adapting for the longer term

Most companies are currently focused on surviving at US$30/bbl by cutting costs and activity, but the industry also needs to start adapting for the longer term, according to a report by Wood...

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OPEC maintains crude production during the coming six months

The Organization of Petroleum Exporting Countries decided to maintain its output at 31.5 million barrels per day, group President Emmanuel Ibe Kachikwu said after the December meeting of OPEC...

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Oman’s daily oil production exceeded 1 MMbopd for first time

Oman succeeded reversing its oil output decline in 2008 by making new discoveries and using technology to improve recovery of oil from aging fields. Production increased from 710,000 b/d in 2007...

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ExxonMobil president calls for faster LNG export approvals

The United States is at risk of losing economic opportunity and the ability to solidify its role as a global leader in energy production unless the government moves to approve liquefied natural gas...

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Egypt, Eni sign investment agreement

The Egyptian Minister of Petroleum and Mineral Resources, Sherif Ismail and Eni’s CEO, Claudio Descalzi, signed a head of agreement aimed at the development of the oil and gas resources of the...

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Egypt finalizes LNG supply deal with Gazprom

Egypt finalizes LNG supply deal with Gazprom Egypt’s Ministry of Petroleum informed that an LNG supply deal with Russia’s Gazprom has been finalized. According to a ministry statement, Egyptian...

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