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Saudi againsr war, and for oil price stability

Saudi Arabia’s council of ministers reiterated the country’s commitment to balancing global oil markets and preventing regional conflict amid tensions between Iran and the United States, state media reported on Wednesday. The kingdom “will do everything in its power to prevent any war and its hand is always extended to …

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Saudi Aramco buying American LNG

Saudi Arabian Oil Co, known as Aramco, has agreed to buy U.S. liquefied natural gas (LNG) from San Diego-based Sempra Energy’s Port Arthur project in Texas, the Wall Street Journal reported on Tuesday, citing people familiar with the matter. The terms of the deal could not be determined and it …

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Enriched production on rise in Iran

Iran has increased by fourfold the rate of production of low enriched uranium, an official in Natanz nuclear facility was cited as saying by Tasnim news agency on Monday, a week after Iran officially stopped some commitments under an international nuclear accord. Under the agreement, Tehran was allowed to produce …

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Pakistan recieves energy aid from OPEC Fund

OPEC Fund for International Development, OFID, is contributing US$50 million to support energy security and economic growth in Pakistan via a participation agreement with the International Islamic Trade Finance Corporation, ITFC. The ITFC and other financial institutions will provide the remaining balance of the syndicated amount that will enable Pakistan’s …

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Saudi oil minister say no need for more oil

Saudi Arabia’s Energy Minister Khalid al-Falih said on Saturday that he saw no oil supply shortage as global oil inventories are still rising, particularly from the United States, but OPEC will be responsive to the oil market’s needs. Speaking in Jeddah ahead of a ministerial panel gathering on Sunday of …

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New IRENA Director General in UAE

H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, received on Thursday Francesco La Camera, the newly appointed Director General of the International Renewable Energy Agency (IRENA). The meeting, held at the Ministry’s Diwan in Abu Dhabi, touched on IRENA’s plans and programmes, as well …

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Egypt’s giant energy farm ready to go

Egypt expects the 1.6 gigawatt solar park it is building in the south of the country to be operating at full capacity in 2019, the investment ministry said in a statement on Sunday. The $2 billion project, set to be the world’s largest solar installation, has been partly funded by …

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Iraq seeks energy cooperation with Qatar

Iraqi Oil Minister Thamer Ghadhban has discussed joint cooperation and potential investments in oil, gas and electricity with his Qatari counterpart Saad al-Kaabi, the Iraqi oil ministry said in a statement on Sunday. Ghadhban, who is visiting Doha, met with Qatari Emir Sheikh Tamim bin Hamad Al Thani, the statement …

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US pressuring Iran over uranium enrichement

The United States acted on Friday to force Iran to stop producing low-enriched uranium and expanding its only nuclear power plant, intensifying a campaign aimed at halting Tehran’s ballistic missile program and curbing its regional power. At the same time, Secretary of State Mike Pompeo renewed waivers of U.S. sanctions …

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Iran to open oil branch in Iraq

The National Iranian Oil Company (NIOC) will open an office in Iraq, the semi-official Fars News Agency said on Saturday. The new office “will facilitate cooperation in the oil industry and the transfer of engineering and technical services” to Iraq, it said. The announcement comes as Iran faces U.S. sanctions …

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Tunis strike wave reaches fuel workers

Fuel distribution workers in Tunisia began a three-day strike on Thursday to demand higher wages, leading to long queues and empty pumps at petrol stations across the North African nation. The government is facing rising public demands for more pay as price rise, with inflation at about 7 percent. It …

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Turkey trying to circumvent US oil embargn on Iran

Turkey is trying to convince the United States to allow refiner Tupras, its biggest oil importer, to continue buying crude oil from Iran free of sanctions, Foreign Ministry spokesman Hami Aksoy said on Friday. Last year, Washington announced sanctions against buyers of Iranian oil, granting eight countries, including Turkey, waivers …

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Iran ready with sanctions countermeasures

The United States must be prepared for consequences if it tries to stop Iran from selling oil and using the Strait of Hormuz, Iran’s Foreign Minister Mohammad Javad Zarif warned on Wednesday, while also offering to negotiate prisoner swaps with Washington. The United States on Monday demanded buyers of Iranian …

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Banks part of Haftar war machine

Eastern Libya commander Khalifa Haftar has thrown much of his military forces into attacking Tripoli, but the outcome of the offensive could be determined by a separate battle — to keep open the parallel finance system that funds his soldiers. Mobilizing Libya’s biggest military campaign since the 2011 overthrow of …

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Nigeria exploring cooperation with Saudi Aramco

Nigerian Oil Minister Emmanuel Kachikwu and the president of Saudi Aramco have discussed investment options in the mid and downstream sector, Nigeria’s petroleum ministry said on Wednesday in a tweet. Aramco is expanding downstream operations such as refining and petrochemicals production as part of its drive to become the world’s …

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ADNOC makes commitment to India

The Abu Dhabi National Oil Company, ADNOC, today announced that it has signed another significant long-term sales agreement with the Indian Oil Corporation (IndianOil) for its high-quality base oil, ADbase. Commenting on the announcement, Ahmad bin Thalith, Acting Senior Vice President of Refined Products Sales, in ADNOC’s Marketing, Supply and …

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