Saturday 20 December 2014

Oil sees biggest gain in 2 years as bears book profits

Oil closed up as much as 5 per cent on Friday, its biggest gain in over two years, as some traders took profits on short positions after prices this week hit their lowest since 2009. A sharp bout of short-covering prior to expiry of the US January crude oil contract alleviated pr


Saudi oil supplies to China seen flat for 2nd year

Saudi Aramco is expected to keep crude oil supply to China under an annual contract largely unchanged next year, the second year of flat demand as Chinese refiners anticipate ample supplies in the spot market and lack of new refining capacity. Contractual volumes from the world&#


Enec forums focus on UAE’s nuclear energy programme

Emirates Nuclear Energy Corporation (Enec), the organisation responsible for the development and operation of the UAE’s peaceful nuclear energy programme, recently held public forums in Silla and Abu Dhabi. The 300 attendees at Silla and the Abu Dhabi public forums heard fr


Brent steady below $60, heads for 4th weekly decline

Brent crude held below $60 a barrel, near a 5-1/2-year low, on Friday as a global oversupply of oil showed little sign of receding, even as companies cut upstream investments next year. Oil prices were on track for a fourth straight week of declines after Opec members last month


Opec can't cut alone but others would not, says Naimi

Saudi Arabia's powerful oil minister said on Thursday that Opec could not cut output without the support of other big producers and attempts to get them on board had not worked. Al Naimi said it was impossible for Opec to cut alone to reverse the oil price slump - which he ca


Kurdistan says oil exports could total 800,000 bpd next year

Iraq's semi-autonomous Kurdistan Regional Government will ramp up oil exports in the coming months, moving it closer to economic self-sufficiency while it works to clinch a final deal with Baghdad on crude sales and revenue sharing.  


Despite pain, Opec hawks come round to merits of riding out oil slump

Opec members which backed an output cut at the group's meeting last month are coming around to the view of Saudi Arabia that they need to focus on market share, further reducing the chance of any action to defend prices.  


Iran oil minister says oil price drop a political plot

Iranian Oil Minister Bijan Zangeneh said the continuing slide in the price of oil is a political plot, the ministry's news agency Shana reported.   "The prolongation of the downward trend of the oil price in world m


China ends near decade of rising Iraq crude oil orders

Chinese oil firms will keep the amount of crude they buy from Iraq unchanged in 2015 for the first time in almost a decade, as the need for imports falls and concerns over the quality of the oil persist, five sources with knowledge of the situation said.


Saudi crude oil exports rise to almost 6.9 mbpd in October

Top oil exporter Saudi Arabia shipped more crude oil in October than a month earlier while volumes used by domestic refineries remained high allowing more oil products exports, official data showed.   The Opec member exporte

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