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Tag Archives: oil

Weak oil and strong dollar – a puzzling relationship – Widely used currency versus widely traded commodity in world

The relationship between oil price and dollar value is intriguing not only to the US and the oil-exporters, but to researchers and governments all over the world. Most commodities, including oil tend to be negatively correlated with the US dollar as most commodities are traded in dollar. The magnitude of …

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Saudi crude oil exports fall in August to 6.998 mln bpd – World’s biggest oil exporter trims its production

DUBAI, Oct 18, (RTRS): Saudi Arabia’s crude oil exports fell by 278,000 barrels per day in August, despite historically high wellhead production, while volumes of shipped refined oil products rose to a record high, official data showed on Sunday. The OPEC heavyweight shipped 6.998 million bpd in August, down from …

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Saudi’s Naimi says sees oil demand improving – OPEC strategy working — analysts

RABAT, Oct 16, (RTRS): Saudi Oil Minister Ali al-Naimi said on Thursday he saw signs of global oil demand improving despite the economic slowdown in China and that the market’s supply/demand balance would shortly move more into line. Oil prices have almost halved in the past year because of excess …

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Kuwait signs $13bn contract for new refinery

KUWAIT CITY, Oct 13, (AFP): The Kuwait National Petroleum Company (KNPC) Tuesday signed contracts worth $13.2 billion (11.6 billion euros) with international firms to build a refinery said to be the Gulf state’s largest development project. The deal comes as Kuwait, a key oil producer, moves to modernise its energy …

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Kuwait expects rise in oil prices; 4 mln bpd by 2020

KUWAIT CITY, Oct 12, (Agencies): Oil prices are likely to rise early next year amid signs of a decline in production of highcost crude and improved economic growth, Kuwait’s Oil Minister Ali Al-Omair said Monday. “There are signs that much of the highcost oil has started to exit the market …

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Kuwait won’t slow development of oil projects

KUWAIT CITY, Oct 11, (Agencies): Kuwait will not slow the development of its oil industry projects in response to the fall of crude prices, its Oil Minister Ali Al-Omair told an industry conference on Sunday. The chief executive of state energy giant Kuwait Petroleum Corp, Nizar Al-Adsani, told the conference …

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Saudi Sept oil production, supply steady — industry source Global oil market needs an anchor, Saudi adviser says

KUWAIT CITY, Oct 9, (RTRS): The lack of a clear leader or “anchor” in the global oil market is fueling uncertainty and leading to sharp swings in crude prices, but this uncertainty is unlikely to continue for long, a senior Saudi oil adviser said. The comments by Ibrahim al- Muhanna …

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MP questions ‘Oil’ on Zour

KUWAIT CITY, Oct 7: MP Khalil Al- Saleh has sent parliamentary questions to the Minister of Oil Ali Al-Omair regarding a news report on the deferral of the signing of Al-Zour Refinery contracts even though they have been prepared. He explained that a local newspaper had published an article stating …

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Arabs own 55 pc oil stock – ‘23 mln barrels produced per day’

KUWAIT CITY, Oct 4, (KUNA): A petroleum expert specializing in exploration and production said here on Sunday that the Arab countries possess 55 percent of the proven conventional oil reserves in the world and produce about 23 million barrels per day by the beginning of 2015’s statistics. Engineer Turki Hasan …

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