Dragon Oil opens new regional office in Turkmenistan
Saeed Mohammed Al Tayer, Chairman of the Board of Directors of Dragon Oil, wholly owned by the Government of Dubai, inaugurated in Ashgabat, Turkmenistan, the company’s largest regional office outside...
View ArticleOil falls $1 as OPEC+ set to carry out Oct oil output hike
Oil fell on Friday and was on track for a weekly decline, pressured by concerns of more supply entering the market from OPEC+, while Libyan output disruptions put a floor on prices. Brent crude futures...
View ArticleRussia’s Rosneft says H1 earnings up 27% y/y, CEO lashes out at high taxes
Russia’s largest oil producer Rosneft said on Thursday its first-half net income rose about 27% year on year to 773 billion roubles ($8.40 billion) as sales grew, while company chief Igor Sechin called...
View ArticleUkraine will honour contracts for oil transit to Europe, official says
Ukraine will continue to meet its obligations to transit Russian oil to Europe, a presidential aide said on Friday after earlier suggesting it could halt supplies via the Druzhba pipeline next year....
View ArticleChina: State-owned oil firms’ profits up in H1
China’s big three State-owned oil companies reported significant increases in their net profits during the first half of the year, with analysts saying that the uptick was supported by stronger...
View ArticleMed crude-Urals oil diffs stable, prices for Caspian oil grades have soared
Urals crude oil differentials kept stable on Friday, while prices for Caspian oil grades have soared this week, as traders look for alternatives in an increasingly tight market following the suspension...
View ArticleNorth Sea Crude-WTI offered higher, others steady
U.S. WTI Midland crude differentials were steady on Friday after sellers raised their offers but buying interest did not follow suit, while North Sea grades were unchanged after a lack of pricing...
View ArticleUS oil, gas rig count sheds four on week to 633 as analysts see resilience in...
The US oil and natural gas rig count fell by four to 633 rigs for the week ended Aug. 21, S&P Global Commodity Insights data showed, as analysts said they are seeing recent evidence of resilience...
View ArticleMidstream firms rapidly addressing Permian natural gas processing bottleneck
Midstream operators continue to rapidly build out natural gas processing capacity in the Permian Basin in anticipation of strong production growth. Brazos Midstream announced Aug. 15 the 200 MMcf/d...
View ArticlePrices for Caspian oil grades jump fuelled by Libyan output outages
Prices for Caspian oil grades have soared in the Mediterranean market this week, as traders look for alternatives in an increasingly tight market following the suspension of oil production in Libya,...
View ArticleUS oil demand in June was lowest seasonally since 2020, EIA says
U.S. oil consumption slowed in June to the lowest seasonal levels since the coronavirus pandemic of 2020, data from the U.S. Energy Information Administration showed on Friday. Product supplied of...
View ArticleOPEC+ likely to proceed with planned output hike from October, sources say
OPEC+ is set to proceed with a planned oil output hike from October, as Libyan outages and pledged cuts by some members to compensate for overproduction counter the impact of sluggish demand, six...
View ArticleOil companies in Iraqi Kurdistan plan expansions as Baghdad vows crackdown
Crude production in Iraq’s semiautonomous Kurdistan region continues to increase, as Baghdad ratchets up pressure on Erbil to lower output and help the country comply with its OPEC+ quota. Financial...
View ArticleOnce-acquisitive Chinese oil giant looks to revive global dealmaking
CNPC, Asia’s top oil producer, is reviewing its global strategy as it looks to revive dealmaking, eyeing gas liquefaction and deepsea drilling as well as building on its record of producing more from...
View ArticleOil prices face pressure from slow China demand and inventory rise
Analysts have lowered their 2024 oil price outlook due to weak fuel demand from leading importer China and rising inventory levels as Saudi Arabia and OPEC+ allies prepare to ease some output cuts from...
View ArticleOil extends losses on weak China data and expected OPEC+ supply boost
Oil prices extended losses on Monday on expectations of higher OPEC+ production from October while signs of sluggish demand in China and the United States raised concerns about future consumption...
View ArticleThe Commodities Feed: OPEC+ leaning towards unwinding cuts
Energy – OPEC+ cuts Oil prices came under pressure on Friday. The ICE Brent Nov-24 contract settled 2.4% lower on the day. The catalyst for the move appears to be reports that OPEC+ members are leaning...
View ArticleOil steadies as halted Libyan exports balance expected OPEC+ supply boost
Oil prices stabilised on Monday as Libyan oil exports remained halted and following losses at the end of last week on expectations of higher OPEC+ production from October and signs of sluggish Chinese...
View ArticleMiddle East Crude-Benchmarks make strong start to September trade
Spot premiums for Middle East crude benchmarks Oman, Dubai and Murban kicked off September trade on a strong note, rising to about $2 a barrel to Dubai quotes. The premiums are about $1 a barrel higher...
View ArticleUK North Sea tax changes mean $12 billion revenue drop, industry body says
British government plans to increase a windfall tax on North Sea oil and gas producers would lead to a nearly 12 billion pound ($16 billion) drop in revenue to the state and accelerate a decline in...
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