Saturday , December 16 2017

Tag Archives: oil

Oil hits highest since June on possible U.S. inventory drop

LONDON, Oct 5 (Reuters) – Oil rose towards $52 a barrel on Wednesday, hitting its highest since June, supported by an industry report that U.S. inventories probably fell for a fifth straight week and OPEC’s deal to cut supply. The American Petroleum Institute (API) said on Tuesday that U.S. crude …

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Tehran downplays chances of oil deal, UAE ‘keen’ on freeze – Kuwait’s oil minister arrives in Algiers for IEF, OPEC meetings

ALGIERS, Sept 26, (Agencies): Kuwait’s Deputy Prime Minister, Minister of Finance and Acting Oil Minister Anas Al-Saleh arrived in Algeria on Monday to partake in the 15th International Energy Forum (IEF15), due on Tuesday. Al-Saleh, who heads Kuwait’s delegation to the meeting, is also expected to attend a meeting of …

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Oil glut set to last at least until mid-2017 – Global energy investment slides in 2015: IEA

PARIS, Sept 14, (AFP): A global oil glut that has hurt producers but means cheaper pump prices look set to go on at least six months longer than previously thought, the IEA said, sending world oil prices slumping. The International Energy Agency said demand growth was slowing while supply was …

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Saudi and Russia finally ‘agree’ to work together – Bid to stabilize oil market

The two biggest oil producers in the world last week signed an oil agreement to cooperate for stabilizing the oil prices. This is what every oil producer has been waiting for, as some sort of understanding was required to try stabilizing the oil market particularly the oil prices. The two …

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Oil analysts cut their price forecasts – Doubts grow over output freeze

LONDON, Sept 1, (RTRS): Oil analysts have cut their price forecasts for the first time since February, as the prospect of the world’s largest producers agreeing to freeze output dims and US production shows signs of gradually picking up. After five consecutive months of upward revisions, the 34 analysts and …

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Oil demand seen easing to 1.2m bpd in 2017

On our estimates, global oil demand will end up increasing by about 3.0mn b/d between 2014 and 2016, well above the recent historical averages. Interestingly, both developed (DM) and emerging markets (EM) have contributed to the rebound in oil consumption, with DMs making up about 20% of the incremental barrels …

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Oil prices below $50 per barrel – pure speculation – Supply high but demand still weak

Oil prices will not improve or go above $50 per barrel if the basic fundamentals remain the same. Supply is high but demand is weak. Nothing is likely to change in the near future especially when OPEC is continuing to pump extra barrels every day into the already-saturated markets. Financial …

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Partial privatization of Kuwaiti oil sector

According to local media, the acting oil minister has declared the intention of Kuwait Petroleum Corporation (KPC) to privatize four of its ten ‘K’ companies, namely Kuwait Oil Tankers Company (KOTC), Kuwait Petrochemical Industries Company (PIC), Kuwait Foreign Petroleum Exploration Company (KUFPEC) and Kuwait Petroleum International (Q8), of which about …

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Iraq ‘halts’ Basra Light oil loading after pipeline leak

SINGAPORE, July 15, (RTRS): Iraq has suspended Basra Light crude oil loading at two export terminals in the country’s south after a pipeline leak, four shipping and trade sources said on Monday. One of the sources said the suspension at the Basra Oil Terminal and the smaller Khor al-Amaya terminal …

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Prices hold $45-50 range despite Brexit

As June closed, oil prices posted their sixth consecutive monthly increase. As of June 30, ICE Brent, the international benchmark, was trading at slightly below $50 per barrel (bbl), while NYMEX West Texas Intermediate (WTI), the US crude marker, was ranging just under at $49.8/bbl. Brent finished the month at …

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