Thursday 11 February 2016

Oil slump sparks second wave of budget cuts

Less than two months into the year, the top US shale oil companies have already cut their budget for 2016 a second time as the relentless drop in oil prices continues to erode their cash flow. With oil prices firmly wedged in the low $30-per-barrel range, oil producers are deferr


Oil slips after Saudi, Venezuela meeting yields little

Crude oil futures were mixed in early Asian trade on Monday after a meeting between Opec producers Saudi Arabia and Venezuela to discuss coordination on prices ended with few signs there would be steps taken to boost prices. Brent crude futures, LCOc1 the global benchmark was dow


Saudi, Venezuela discuss oil cooperation

Saudi Arabia's oil minister Ali Al-Naimi discussed cooperation between Opec members and other oil producers to stabilise the global oil market with his Venezuelan counterpart, state news agency SPA reported. Venezula's Oil Minister Eulogio Del Pino is on a tour of oil pro


Italy to boost Egypt energy projects

Italy will upgrade the Middle East Oil Refinery (Midor) in Egypt and support building a complex for petrochemical industries in Ain Sokhna, a report said. It will update a number of combined-cycle power plants, added the Daily News Egypt report. Qabil expe


Iran to build $2bn oil refinery in Spain

Iran will build a $2 billion oil refinery with planned capacity to produce 120,000 barrels per day of oil in Spain, a report said. National Iranian Oil Refining and Distribution Company (NIORDC) plans to team up with Spain’s Magtel for the construction of refinery in the so


Bigger utility bills to hit expats, industries in Bahrain

All expatriates, large companies and industries will be affected by the higher tariffs for water and electricity which will start to take effect from March 1. Bahrainis are exempted from the new rates except those who have more than one household which they do not use for their p


Schlumberger-Cameron merger gets EU nod

Schlumberger, the world's largest oilfield services company, said its proposed merger with Cameron, a leading provider of flow equipment products for oil sector, has won unconditional approval from European Commission. The panel has cleared their proposed merger without any c


Iran's crude oil sales to Europe hits new high

Iranian Oil Minister Bijan Zanganeh said on Saturday that Iran's crude oil sales to Europe after the lifting of international sanctions on Tehran had already reached above 300,000 barrels, according to the ministry's news agency. Iran's oil exports, which had peaked a


Glencore loads Iranian fuel oil from Bandar Mahshahr

Anglo-Swiss commodity trader Glencore has chartered a ship to load Iranian fuel oil at the Iranian port of Bandar Mahshahr in a move that signals the return of legitimate Iranian crude and oil products to international markets.   The Greek-owned vessel, Green Wa


Oil steadies, weak fundamentals weigh after volatile week

Oil steadied on Friday in a volatile session, as bearish fundamentals pressured prices despite bullish indications earlier in the week.   International benchmark Brent crude futures were two cents higher at $34.48 per barrel, trading in a range of around $34-$35

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