Wednesday 17 September 2014
 
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Urgent Opec talks over lower oil price ruled out

Organisation of Petroleum Exporting Countries (Opec) member Kuwait has said there was no need to call an emergency meeting for the producers' group to discuss sliding oil prices after crude hit a 17-month low. “We do not believe there is a need to call an emergency Opec

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Yemen repairs sabotaged pipeline

Yemen resumed pumping crude through its main export pipeline after repair works were completed, the interior ministry said, after saboteurs blew it up, halting flows and disrupting an important source of revenue.    Yemen's oil and gas pipelines have re

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Increase in Iran oil storage to increase export flexibility

A substantial increase in Iranian oil storage capacity will give the sanctions-hit country more flexibility to export crude, the International Energy Agency (IEA) said.   The US and the European Union have imposed sanctions on the Islamic Republic over its nucle

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Iraqi Kurdistan oil shipments hit 11.2m barrels

Iraqi Kurdistan has shipped a total of 11.2 million barrels of crude oil since May via a pipeline to Turkey's Mediterranean port of Ceyhan, Turkish energy minister Taner Yildiz told a conference in the southeastern city of Gaziantep.   "Ther

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Oil hits two-year low below $97 as supplies build

Brent crude dropped to a two-year low below $97 a barrel on Thursday, falling for a sixth straight session as worries over mounting supply and weak demand outweighed concerns that conflicts in the Middle East could curb oil production. North Sea crude oil hit a high above $115 in

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Egypt signs $500m World Bank gas loan

Egypt has signed a $500-million loan with the World Bank to provide natural gas to Egyptian households, the government said in a statement on Thursday. The loan will help fund a Petroleum Ministry plan to connect 850,000 Egyptians, particularly in largely rural Upper Egypt, to a

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Rise in Iran oil storage to help export flexibility

A substantial increase in Iranian oil storage capacity will give the sanctions-hit country more flexibility to export crude, the International Energy Agency (IEA) said on Thursday. The United States and the European Union have imposed sanctions on the Islamic Republic over its nu

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Egypt, US firm ink Sahara oil exploration deal

Egypt has entered into two agreements worth $44 million with US-based Apache aimed at exploring oil in Western Sahara, a report said. The contract also included $25 million in state grants, with 11 oil wells expected with be drilled by Apache, said the Zawya report, whic

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Oil demand growth slowing at 'remarkable' pace: IEA

World oil demand growth is softening at a remarkable pace as the European and Chinese economies falter, the West's energy watchdog said on Thursday, while supplies grow steadily, particularly from North America. "The recent slowdown in demand growth is nothing short of r

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Saudi oil minister plays down oil price decline

Saudi Oil Minister Ali Al Naimi on Thursday played down concerns about the recent fall in oil prices below $100 per barrel. "Have you ever seen me concerned?" Al Naimi said when asked if the fall was a matter for concern. "This is not the first time

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