Wednesday 5 August 2015

Fat chance of floating oil products storage, despite glut

Oversupply in oil products, in tandem with a crude glut, has brought back memories of the 2008-2009 crisis, but traders say the climate is not right now for a repeat of large scale fuel storage at sea.   Then, crashing oil consumption and low shipping rates drov


As oil falls below $50, analysts eye "mid-price" era

A slump in oil below $50 a barrel - a level it has held above for most of the past decade - has raised the prospect of a new era of lower prices, although a return to super-cheap oil seems unlikely.   Prices below $50 for the two crude oil benchmarks, North Sea


Second top Iraqi oil official shot dead in Kirkuk

Gunmen shot dead a senior official working for Iraq's North Oil Company (NOC), police and company officials said, just over a month after his predecessor at the state-run firm was gunned down.   Chief engineer Saad Ali Hussain was driving to his office in th


Kurdistan to share oil sales revenue with producers

Iraq's Kurdistan Regional Government (KRG) said it would pay a portion of its revenue from direct crude oil sales to producers, in an apparent attempt to reassure foreign oil companies operating in the northern region.   The move sets up semi-autonomous Kurd


Egypt to cut oil debt in August, repay rest by end-2016

Egypt aims to reduce its debt to foreign oil companies to $2.9 billion by the end of August, from $3.5 billion, and would repay the rest by the end of 2016, the oil minister said, pushing back the deadline by about six months.   The payments to oil and gas compa


India's July Iran oil imports edge up from a year ago

India's oil imports from Iran rose 2.4 per cent in July from a year ago, with some of the shipments among the first after a landmark deal that will allow Tehran to boost its exports in return for curbing its disputed nuclear programme.   Following the deal w


Upstream deals rise amid slowing sector activity

While the number of major contract awards made globally since the last quarter have contracted by 17 per cent, a rise of 20 per cent in the number of upstream awards is a source of cautious optimism for the industry, a report said. The number of major contract awards across the g


Egypt awards $100m oil and gas concessions

Five oil and gas concession awarded by Egypt are set to bring in a minimum total investments of about $100 million, according to a report.   It comes as part of an effort to boost investment in the key energy sector, said the Arab Finance report.


Oil falls to near $50 after Opec supply rise

Oil slid to six-month lows on Monday, hit by fresh evidence of growing oversupply, investor bearishness and slowing demand in China, leaving crude prices on course for their weakest third-quarter performance since the financial crisis in 2008. A Reuters survey last week showed oi


Crude flow in Iraq-Turkey pipeline to resume tomorrow

Oil pumping in the Iraqi pipeline carrying Kurdish and Kirkuk oil to Turkey's Mediterranean port of Ceyhan has been halted since last Thursday, shipping agents and Turkish energy sources said.   Crude flow was briefly resumed on Thursday, after the pipeline

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