Friday 1 July 2016

Opec output hits record high on Nigerian rebound

Opec's oil output has risen in June to its highest in recent history, a Reuters survey found on Thursday, as Nigeria's oil industry partially recovers from militant attacks and Iran and Gulf members boost supplies.   Higher supply from major Middle East


Iraq June oil exports fall as domestic usage rises

Iraq's oil exports from the southern ports fell in June as domestic consumption rose due to demand for summer cooling, an official at the state-run South Oil Company said on Friday. Loadings from Iraq's southern oil terminals, on the Gulf, ran at an average daily rate of


Saudi Electricity gets $1.5bn Chinese loan

State-controlled utility Saudi Electricity Company (SEC) has obtained $1.5 billion in financing from Industrial and Commercial Bank of China (ICBC), one of the largest loans ever extended by a Chinese bank in the Gulf.   The loan from ICBC, the world's bigge


Oil extends gains after biggest quarterly advance since 2009

Oil rose after the biggest quarterly gain since 2009 as falling US supply added to speculation the global surplus is easing, said a report. Futures gained 0.6 per cent in New York, taking its advance for the week to 2 per cent. US crude supplies shrank a sixth week and production


Abu Dhabi fund IPIC records $2.6bn loss in 2015

Abu Dhabi state investment fund International Petroleum Investment Co (IPIC) said it suffered a net loss of $2.6 billion in 2015, reflecting the blow to the wealthy emirate's finances from low oil prices. The loss compared with a profit of $1.5 billion in 2014, IPIC said in a


India to get over $1bn from World Bank for Modi's solar goals

The World Bank said on Thursday it would lend India more than $1 billion for its huge solar energy programme, after Prime Minister Narendra Modi sought climate change funds from its visiting head.   Modi is banking on India's 300 days a year of sunshine to g


Egypt launches tender for third FSRU

Egypt has launched a tender to hire a third floating and storage regasification unit (FSRU) to import liquefied natural gas (LNG), an official from state-run energy firm EGAS told Reuters.   Egypt, a former energy exporter but now net importer due to falling pro


Norway oil wage talks begin as workers threaten strike

Energy companies and trade unions in Norway began two-day wage talks on Thursday in a bid to avert a strike that would cut output from Europe's largest oil producer by 12 percent, the Norwegian Oil and Gas Association (NOG) said.   Unions are seeking pay inc


Saudi sells more light crude to Asia, piles pressure on rivals

Saudi Arabia will supply more Arab Extra Light crude to at least two buyers in Asia in July, four sources familiar with the matter said on Thursday, as the top oil exporter ramps up shipments in a bid to claim a bigger share of the Asian market.   Saudi Arabia h


Iran's July oil exports to fall but 70pc higher than year ago

Iran's oil exports in July are set to fall from June levels as the country battles Saudi Arabia and Iraq for market share but are about 70 percent higher than a year ago, according to a source with knowledge of the country's crude lifting plans.   Export

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