Tag Archives: oil prices

Abu Dhabi says it’s ready to pump more oil under OPEC deal Ready to increase oil output in line with guidelines set by OPEC and allied producers Published: 16:04 July 3, 2018 Bloomberg Abu Dhabi said it’s ready to increase oil output in line with guidelines set by OPEC and …

It would be difficult for Saudi Arabia — as suggested in a tweet by US President Donald Trump on Saturday — to immediately pump an additional two million barrels of oil per day, and only after additional investments in its oil sectors, according to analysts. Trump said he complained to …

An impromptu agreement between the United States and Saudi Arabia to add more supply to increasingly tight oil markets is perceived as a test of the kingdom’s ability to pump more crude — and could further antagonize Iran and Venezuela, as both countries grapple with deteriorating conditions in their respective …

President Donald Trump said on Saturday that he had received assurances from King Salman of Saudi Arabia that the kingdom will increase oil production, “maybe up to 2,000,000 barrels” in response to turmoil in Iran and Venezuela. Saudi Arabia acknowledged the call took place, but mentioned no production targets. Trump …

Brent crude traded near $75 (Dh275.47) a barrel as key Libyan oil ports were handed to a company rivalling the nation’s internationally recognised energy producer. The global oil benchmark added as much as 0.8 per cent. The chairman of Tripoli-based National Oil Corp said any attempt to buy crude from …

Energy giants Abu Dhabi National Oil Company (Adnoc) and Saudi Aramco will jointly invest in the development of $44 billion (Dh161 billion) Ratnagiri refinery and petrochemicals complex that is coming up in the western Indian state of Maharashtra. The two firms signed a framework agreement in this regard in New …

When Iran’s oil minister stormed out on Thursday night, the alliance of producers led by Saudi Arabia and Russia was in danger of losing control of the market. Less than 24 hours later, they had reasserted their authority — for now. Prices that had breached $80 a barrel in the …

Opec and allies including Russia will boost oil production starting next month, offering relief to consumers after Saudi Arabia secured a last-minute deal to overcome Iran’s veto threat. “We have an agreement” for a “nominal” production increase of 1 million barrels a day, Saudi Energy Minister Khalid Al Falih told …

OPEC ministers and their allied partners meeting in Vienna have agreed on oil production levels starting from July. Sources confirmed to CNBC that a deal has been struck, and the group will aim to restore about 1 million barrels per day (bpd) to the market. However, industry sources familiar with …

Iran put itself on a collision course with Saudi Arabia at this week’s Opec meeting, rejecting a potential compromise that would see a small oil-production increase to appease energy consumers. “I don’t believe in this meeting we can reach an agreement,” Bijan Namdar Zanganeh, the Iranian oil minister, told reporters …

Ahead of the 174th (Ordinary) Opec meeting on Friday, Suhail Mohammad Faraj Al Mazroui, UAE Minister of Energy and Industry, released the following statement We are fast approaching the midway point of an important year for Opec and its partners. And with it, comes not only our June meeting — …

Russia and Saudi Arabia will ask Opec to hike production by 1.5 million barrels a day in the third quarter of 2018, Russian Energy Minister Alexander Novak said on Saturday. Opec and Russia decided together in 2016 to cut their supply in order to push prices up following a crash …

Iran’s oil exports fell sharply in the first two weeks of June, offering an early signal that US President Donald Trump’s re-imposition of sanctions may be discouraging some buyers. Outflows of crude oil and condensate, a light form of oil extracted from gasfields, plunged by 16 per cent to 2.114 …

Saudi Arabia’s oil minister said it’s “inevitable” that Opec and its allies will agree to boost oil output gradually, giving the most definitive signal yet that the cartel will alleviate high prices for consumers. “I think we’ll come to an agreement that satisfies most importantly the market,” Khalid Al Falih …

Opec members Iran and Venezuela could lose almost 30 per cent of their oil output next year due to US sanctions and economic upheaval, requiring extra supplies from the group’s Gulf members, the International Energy Agency said. In its first detailed forecast for 2019, the IEA said new oil output …

After months of sharp oil price rises there is now considerable uncertainty as to the market’s direction for the rest of the year, Opec said on Tuesday as a key meeting of oil producers looms. Question marks over global economic growth, and resulting oil demand, as well as over US …

Merger & acquisition deals across the Middle East and North Africa (Mena) region declined sharply year-on-year, falling 21.8 per cent in the first quarter of 2018, according to EY’s first-quarter 2018 M&A report. Mena M&A activity saw 93 announced deals in the first quarter of 2018, compared to 119 deals …

Money managers once again cut bets on rising oil prices — the longest streak of declines since 2013. As investors digest the signals of increasing supplies from Saudi Arabia and Russia, and the US is said to back the idea, futures have slumped 9 per cent in less than three …

If it looks like a duck, swims like a duck, and quacks like a duck, it’s probably a duck. And right now, this duck is looking a lot like an oil shock. In Brazil, a strike by truckers protesting the price of fuel brought the economy to a halt over …

Oil traded near $66 a barrel in New York amid signs Opec nations may clash over production policy when they meet later this month. Futures fell 0.6 per cent on Friday and are headed for a third week of declines. The US was said to ask key producers to raise …

“We need more oil!” isn’t usually the cue for a sell-off. But after Bloomberg News reported Tuesday morning that US officials asked Saudi Arabia and some other Opec members to bump up supply by about one million barrels a day — typically a demand that intimates some kind of shortage …

Brent crude futures hit their lowest in close to a month on Tuesday following a report that the US government had asked Saudi Arabia and other major exporters to increase oil output. The international benchmark was down $1.09 by 1040 GMT at $74.20 a barrel, its lowest since May 8. …

The Organisation of Petroleum Exporting Countries (Opec) and non-Opec Arab oil ministers stressed the need for continued cooperation between oil producers who are part of a pact for a global supply cut that is due to expire at the end of 2018, Kuwait’s state news agency KUNA reported on Sunday. …

It’s tough to stay positive on crude when the world’s three oil superpowers are likely to increase production. Hedge funds are the least bullish on rising West Texas Intermediate crude prices in almost seven months as American output keeps breaking records, while Saudi Arabia and Russia signal they’re getting ready …

Energy ministers from Saudi Arabia, the United Arab Emirates and Kuwait plan to meet on Saturday to discuss Opec matters, about a week after the Saudis and Russia announced a new policy to revive oil production. Saudi Energy Minister Khalid Al Falih will meet with Kuwait’s Bakheet Al Rashidi and …

Oil prices are expected to remain volatile in the coming days due to lack of clarity from Opec (Organisation of the Petroleum Exporting Countries) and non-Opec members on the magnitude of production increases, analysts said. For the first time since the production cut agreement came into effect early last year, …

Oil prices fell the most in 11 months in New York as Saudi Arabia said it expects Opec and its partners to boost supplies later this year, easing restraints intact since early 2017. US futures were down 4 per cent, the biggest drop since July 5, after Saudi Arabia Energy …

The biggest of the oil producers whose output cuts have helped shrink a global glut and driven prices to a 3 1/2-year high signalled for the first time that they are discussing easing the curbs. While scaling back the supply caps is “on the table,” no decision has been made, …

Oilfield services firms are expected perform better in 2018 on the backdrop of rise in oil prices, top executives told Gulf News. Brent, the international benchmark, is currently trading at about $80 per barrel, up from 2017 average price of $55 per barrel as oil producing countries cut output to …

Brent crude prices traded more than $78 (Dh286.49) per barrel, while West Texas Intermediate (WTI) advanced toward $72 a barrel as Venezuela’s election results escalated the risk of US sanctions against the Organisation of Petroleum Exporting Countries (Opec) nation, adding to mounting concerns about supply following curbs against Iran. Futures …

As Brent oil prices climb, money managers are feeling less and less bullish. Hedge funds cut their net-long positions — the difference between bets on a price increase and wagers on a drop — for a fifth consecutive week, the longest stretch of declines since November 2016. The reductions came …

Oil prices will continue strengthening towards $80 (Dh293.84) per barrel due to geopolitical uncertainties in the market, but rising US production is expected to counter efforts by the Organisation of the Petroleum Exporting Countries (Opec) to curb production and keep the market tight, experts said. Global benchmark Brent was at …

Suhail Al Mazrouei, the UAE Minister of Energy and Industry, has played down the impact of the recent US decision to withdraw from Iran nuclear deal on Opec (Organisation of the Petroleum Exporting Countries), saying the organisation has been through a lot in the past, reflecting its resilience during geopolitical …

The Organisation of Petroleum Exporting Countries (Opec) and non-Opec members are working towards market stability and are not aiming for certain prices, UAE Energy Minister Suhail Al Mazroui said on Sunday. “The objective of Opec and non-Opec members is to reach market stability, to have [the] market stabilised at an …

Saudi Arabia and the UAE are committed to ensuring stability in the oil markets, the two countries said in response to US President Donald Trump’s decision to withdraw from the Iran nuclear deal. Trump on Tuesday night announced that the US will pull out of the nuclear accord reached between …

Oil prices closed at three and a half year peaks Monday ahead of a US announcement on Iran policy as global equity markets pushed higher. Speculation that US President Donald Trump would exit the Iran nuclear deal pushed US oil prices to their first close above $70 a barrel since …

Oil markets are expected to remain pressured throughout 2018 due to a rise in shale production, experts said. Oil prices are currently trading higher due to the strict implementation of an output cut agreement by the Organisation of Petroleum Exporting Countries (Opec) and non-Opec members, which seeks to lower global …

Ras Al Khaimah Petroleum, a UK-based company operating oil and gas concessions in the Middle East and Africa, said on Monday it had returned to profitability, posting a net profit of $54.8 million (Dh201 million) for the financial year 2017. A year earlier, the company reported a net loss of …

The UAE Energy Minister Suhail Al Mazroui said on Monday that the global oil market is still being balanced, but Opec is targeting the right level of inventories for market stability. “The market is still in the process of being balanced, but the question is what is the right level …

The oil stockpile surplus that’s weighed on prices for three years is all but gone, but instead of celebrating victory some of the world’s largest producers are finding reasons to continue cutting output. Opec and Russia’s historic agreement has achieved impressive results, wiping out 97 per cent of the targeted …

Dubai on Saturday announced new economic initiatives, including setting up a consultative council that will include international companies, to boost the emirates’s economy. His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, tweeted that the stimulus plans also include proposals …

Opec is on the verge of “mission accomplished” in its quest to clear the global oil glut that caused the worst industry downturn in a generation, the International Energy Agency said. Less than 10 per cent of the surplus in oil inventories remains, as Opec and its partners have cut …

The Mena region has already committed $345 billion (Dh1.28 trillion) to critical energy projects under execution while an additional $574 billion worth of development is planned over the next five years, bringing total committed and planned investments up to $919 billion to meet growing demand and demographic and urban expansions, …

Bahrain on Sunday announced the discovery of a shale oil and a deep gas resource in Khaleej Al Bahrain Basin, located off the west coast of the kingdom. The find represents the largest discovery of oil in the Kingdom since 1932, when extraction started on Bahrain’s first oil well within …