Tag Archives: oil

BP sees oil prices below $55 in 2018 – Global demand to grow by 1.4-1.5 mln bpd

LONDON, Aug 1, (Agencies): BP expects global oil prices to hold within a range of $45-$55 a barrel next year as US shale production grows, the British company’s chief financial officer said on Tuesday. After a slow start to the year, global oil demand recovered in the second quarter of …

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KPC marketing on a new dangerous path – ‘Our oil should not be traded or gambled with’

The statement issued last week by Kuwait Petroleum Corporation (KPC) concerning establishment of a new marketing and trading company is the first step towards dealing directly with traders and becoming involved in open trading with the only source of our daily income. It is a complete deviation from our established …

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Kuwaiti oil minister says further oil production cuts are possible – Energy markets need regulator in face of speculators: Eni CEO

ST PETERSBURG, Russia, July 23, (RTRS): Kuwait’s Oil Minister Essam Al-Marzouq said on Saturday that compliance with oil production cuts by OPEC and non-OPEC countries is good and that deeper cuts are possible. Asked about the possibility of further cuts to support the price of crude, the minister said: “Everything …

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Oil weighs on GCC indices; EM inclusion hopes lift KSA – Emerging markets continue to outperform as foreign inflows pick up

Regional equities retreated in 2Q17, continuing to underperform international markets, with the exception of Saudi Arabia. The MSCI GCC ex-Saudi Arabia price index declined 5.2 percent on the quarter, with most regional markets closing in negative territory amid notably lower volumes. Saudi’s performance, however, was boosted late in the quarter, …

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US strategic oil reserve – Reduction in oil stock to benefit producers too

The decision of the current American administration to sell 50 percent of its total strategic oil reserve, which is estimated to be around 700 million barrels, has been met with some concerns within the oil industry, most importantly its impact on the oil prices. The administration is trying to reduce …

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Kuwait minister stresses economic reforms in an era of low oil prices – Saudi hosts 42nd IDB annual meeting

JEDDAH, May 17, (KUNA): Saudi Arabia’s Finance Minister Mohammad Al-Jadaan inaugurated the 42nd annual meeting of Board of Governors of the Islamic Development Bank (IDB) to discuss development issues and institutional matters. The minister welcomed the program proposed by Chairman of the IDB Group Bandar Hajjar aiming to achieve a …

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Huge losses prompted shutdown of Shuaiba refinery, says official

‘Importing gasoline cheaper than production’ KUWAIT CITY, April 12: Social media for the past two weeks is full of debate on the recent decision by Kuwait Petroleum Corporation (KPC) to shut down Shuaiba Refinery on April 1, contrary to idea that the refinery is of significance, after it became a …

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Future of oil prices unpredictable: OAPEC chief

KUWAIT CITY, April 9, (KUNA): It is hard to predict international oil prices over the coming period, Secretary General of the Organization of Arab Petroleum Exporting Countries (OAPEC) Abbas Ali Al-Naqi said on Sunday. The Organization of the Petroleum Exporting Countries (OPEC) plays a major role in determining oil prices …

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Closing down Shuaiba Refinery to cost KD 80m in revenue generated

Move will minimize refinery capacity of Kuwait by 50 pc KUWAIT CITY, April 4: Recent report alleging Shuaiba Refinery will be sold as scrap has come as a surprise since many refineries around the world have been operating for 100 years and still functioning, says Al-Shahed daily. The daily quoting …

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Kuwait set to import fuel oil in 2018: KNPC CEO

Imports needed after start-up of Clean Fuel Project DUBAI, April 3, (RTRS): Kuwait is set to import fuel oil to use mainly in power generation for about a year following the start-up of the Clean Fuel Project by 2018, the chief executive of state refiner Kuwait National Petroleum Co (KNPC) …

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