Monday 22 December 2014

Oil prices likely to rebound in second half of 2015

Crude oil prices are likely to bottom out in the first half of 2015, until a possible slowdown in US shale production counters a supply glut exacerbated by Opec's decision not to cut output, a Reuters monthly survey showed.  


Nexen shuts Yemen facilities due to security threat

CNOOC Ltd's Nexen unit said it was shutting operations at an oilfield and processing facility in Yemen, where the Islamist militant al Qaeda group is operating, due to a security threat.   A Nexen spokeswoman, Diane Koss


China's Iran crude oil imports down 2.6pc

China's crude oil imports from Iran fell 2.6 per cent in November from a year ago but were up more than half from October, customs data showed.   November imports hit 2.13 million tonnes, or 517,560 barrels per day (bpd)


Libya aims to set up new payment system for oil buyers

Libya's internationally recognised government aims to set up a new payment system to receive oil revenues, bypassing the central bank based in Tripoli, the capital city that is no longer under its control, its top oil official said.  


Saudi ready to raise oil output if new clients emerge

Saudi Arabia is prepared to increase its oil output and claim a bigger market share to meet the demands of any new customers, Monday's edition of the Saudi-owned Al-Hayat newspaper quoted the kingdom's oil minister as saying. Asked if Saudi Arabia wanted to maint


Oil market experiencing temporary correction, says Qatar

The oil market is experiencing a "temporary correction" and fundamentals should dictate a fair price for oil, Qatar's oil minister Mohammed al-Sada said in a speech on Sunday. "We believe in the role of market fundamentals in dictating prices," he told a m


Bahrain energy projects not affected by oil slide

Falling oil prices will not affect the development of oil and gas infrastructure in Bahrain, including an import terminal for natural gas and expansion of a major pipeline and refinery, the country's energy minister said on Sunday. Global oil prices have slumped by about half


Saudi says 'won't cut output even if non-Opec nations do'

Saudi Arabia said on Sunday it would not cut output to prop up oil markets even if non-Opec nations did so, in one of the toughest signals yet that the world's top petroleum exporter plans to ride out the market's biggest slump in years. Referring to countries outside of


UAE urges all world's oil producers not to raise output in 2015

The UAE oil minister urged all of the world's producers not to raise their oil output next year, saying this would quickly stabilise prices.   "We invite everyone to do what Opec did and take a step to balance the m


Iraq oil minister says total production to reach 4 mbpd

Iraq Oil Minister Adel Abdel Mahdi said Iraq's total oil production would reach four million barrels per day (mbpd) after Baghdad reached an agreement on exports with Kurdish regional authorities.   Mahdi made the remark

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