Friday , December 15 2017

Tag Archives: oil

Time to invest in oil again – Signs for better oil prices seem more realistic

International oil companies are back to invest in the oil industry, as the signs for better and improved oil prices seem to be more realistic now. In particular, the meeting last month, which resulted in reduction of crude oil production and in non-OPEC members committing to further reduction such that …

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Who is the new oil leader? – OPEC must have plan B to retain its role again

Who indeed is the new oil leader? Without any doubt, it is Russia.  Russia is the one behind OPEC and the recent agreement of OPEC. Without its intervention, the oil prices would have still hovered around the level of $40 per barrel. The early historic agreement reached with Saudi Arabia …

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Iran signs two oil deals with Gazprom – Russian giant to develop to major oil fields

TEHRAN, Dec 14, (AFP): Iran signed preliminary agreements with Russia’s Gazprom on Tuesday to develop two major oil fields in the latest of a flurry of deals with foreign firms, local media reported. The deals open the way for Gazprom to carry out studies at the Cheshmekosh and Changouleh fields …

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Kuwait, Qatar to reduce oil production from January 1 – KPC says move part of its commitment under OPEC deal

DOHA, Dec 13, (AFP): Oil companies in Qatar and Kuwait on Tuesday announced that they will reduce production levels from the beginning of the year. The reduction — beginning on Jan 1 — comes following the recent decisions by OPEC and non-OPEC oil-producing countries to cap output. “We have started …

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Heavy oil production to start in 2018: KOC – Restart of Neutral Zone oilfields will take some time: Jaafar

KUWAIT CITY, Dec 6, (Agencies): Heavy oil production will begin in the end of the year 2018 with roughly 10 to 15 thousand barrels per day at Ratqa refinery, Chief Executive Officer (CEO) of Kuwait Oil Company (KOC) Jamal Jaafar said on Tuesday. Speaking to reporters on the sidelines of …

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Iran wants much steeper Saudi oil cut – OPEC source

VIENNA, Nov 29 (Reuters) – Iran has written to the Organization of the Petroleum Exporting Countries saying Saudi Arabia needs to cut oil output to 9.5 million barrels per day, an OPEC source told Reuters. Saudi Arabia has previously indicated it was prepared to reduce its production only by 0.5 …

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Iraq’s oil contracts make joining OPEC cut more painful – Baghdad must compensate firms for output curbs – sources

LONDON/BAGHDAD, Nov 18, (RTRS): Iraq would have to compensate international oil companies for limits placed on their production, according to industry sources and documents seen by Reuters, further reducing the prospect it will join any OPEC deal to curb the group’s output. The compensation – stipulated in contracts – would …

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OPEC chief says oil cooperation with non-member producers key – Global oil supply glut is almost gone: UAE minister

ABU DHABI, Nov 7, (AFP): Coordination between members of oil-exporting cartel OPEC and non-member producers is “vital” to rebalance the market, OPEC chief Mohammad Barkindo said Monday. “We believe it is vital that both OPEC and non-OPEC countries come together and take coordinated … action to rebalance this market for …

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Law to support economic reforms pending: official – Oil slide hurts economy: Hamada

KUWAIT CITY, Oct 12, (KUNA): A number of laws designed to buoy financial and economic reforms are awaiting final approval, Undersecretary of the Ministry of Finance Khalifa Hamada said on Wednesday. Speaking during the ninth meeting for treasurers of Middle Eastern and African countries, organized by the Ministry of Finance, …

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India gets first Iranian oil parcel for emergency reserves

NEW DELHI, Oct 12 (Reuters) – India has received the first parcel of Iranian oil to partly fill its strategic storage in southern India, Mangalore Refinery and Petrochemicals Ltd , which imported the very large crude carrier (VLCC), said on its website. MRPL shipped in 2 million barrels of Iranian …

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