Tag Archives: oil

Is oil price hitting $100 an advantage?

I certainly hope not after it hit $80 last week. Now oil markets are talking about a higher level, claiming that $100 is not far away. This could happen if OPEC decides to play a passive role in doing things and keeping its production cut of 1.8 million barrels in …

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Asia oil thirst tab $1 trillion a year

Crude prices rise by 20% this year, to almost $80 per barrel SINGAPORE/MUMBAI/MANILA, May 17, (RTRS): Oil prices are poised to break through $80 per barrel and Asia’s demand is at a record, pushing the cost of the region’s thirst for crude to $1 trillion this year, about twice what …

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Bahrain announces discovery of shale oil – Reserve estimated at 80 bln barrels

MANAMA, April 4, (AFP): Bahrain on Wednesday announced its newly discovered shale oil reserve was estimated to contain more than 80 billion barrels, making the once-marginal oil producer potentially a major player in the market. The amount of recoverable oil — or oil that can be extracted — is still …

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Oil to solar: Saudis push to be renewable energy powerhouse – Kingdom aims to produce up to 200 gigawatts of power by 2030

AL UYAYNA, Saudi Arabia, April 3, (AFP): Saudi engineers whip up a simulated sandstorm to test a solar panel’s durability at a research lab, the heart of the oil-rich kingdom’s multibillion dollar quest to be a renewable energy powerhouse. The world’s top exporter of crude seems an unlikely champion of …

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Indonesian city declares emergency after oil spill

JAKARTA, April 3 (Reuters) – Indonesia has declared a state of emergency around a port on Borneo island, officials said on Tuesday, after a large oil spill and fire killed four people at the weekend. Disaster mitigation officials were able to control the blaze in the port city of Balikpapan …

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Strategic alliance expands between Saudi and Russia – Kuwait needs to invest in gas sector

Yes, Saudi Arabia is not alone any more in bearing the burden and responsibility of stabilizing oil prices. It has now found a new partner to share the burden. It happened through the new Russian strategic partnership that started early 2016 during an OPEC meeting in Qatar that was aimed …

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‘KPC intends to increase local contribution to large oil projects’

KUWAIT CITY, Feb 8: Kuwait Petroleum Corporation (KPC) intends to increase to KD1.8 billion the local contribution to large oil projects which will be implemented soon such as the environment-friendly fuel and Al-Zour Refinery, reports Al-Anba daily quoting Chief Executive Officer Nizar Al-Adsani. Speaking on the sideline of the conference …

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KPC plans $500bn oil spend by 2040 – Capacity to surge

KUWAIT CITY, Jan 31, (RTRS): Kuwait Petroleum Corporation expects to spend over $500 billion as it boosts its crude oil production capacity to 4.75 million barrels per day in 2040, the national oil firm said on Wednesday, outlining ambitious growth plans for the next two decades. “KPC is expected to …

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Kuwait Energy in merger talks with London-listed SOCO Int’l

DUBAI, Jan 8, (RTRS): SOCO International, an oil and gas exploration and production company listed on the London Stock Exchange, said on Monday it was evaluating a merger with Middle East oil and gas firm Kuwait Energy. Its statement confirmed a Reuters report earlier on Monday that the two companies …

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Oil back on track – Kuwait likely to skip reforms

Oil is definitely on track, provided the Russian- Saudi oil agreement is intact. Both countries will do everything in their power to maintain the oil price at a comfortable level within the range of $60 or higher as long as this does not encourage other non-conventional producers such as Brazil …

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