Friday 22 May 2015

IMF says energy subsidised by $5.3trn worldwide

Governments around the world charge prices for energy that do not account for its harmful environmental, health and other side effects, amounting to a $5.3 trillion "post-tax" subsidy this year, the International Monetary Fund said in a report. The IMF said China in par


Oil down as firmer dollar, bearish outlook offset ME turmoil

Oil slipped on Monday as a rallying dollar weighed on the commodities complex amid a bearish price outlook by influential Wall Street firm Goldman Sachs and risks of growing oversupply. Crude oil prices erased early gains of more than $1 a barrel on worries of turmoil in the Midd


BP, Iraq agree to cut spending on Rumaila

BP has agreed with Iraq to slash this year's budget expenditure on development work at the giant Rumaila oilfield to $2.5 billion after Baghdad told oil majors a slump in oil prices and its fight against Islamic State had made payments difficult. The cut in the budget was fro


Turkey targets Iraqi oil flows rise to over 1 mbpd: Minister

Oil flows through Iraqi Kurdistan's pipeline carrying Kirkuk and Kurdish oil to Turkey's Mediterranean coast have risen to 650,000 barrels per day (bpd) and are targeted to exceed one million bpd (mbpd), Turkish Energy Minister Taner Yildiz said.   Loadi


Eastern Libyan state oil firm Agoco produces 270,000 bpd

Libyan state oil company The Arabian Gulf Oil Co (Agoco), which is active in the east of the Opec member country, is producing about 270,000 barrels a day of crude, unchanged from a week ago, a company spokesman said.   The company's Hariga export port and c


Saudi March crude exports hit 7.89mbpd, highest in years

Saudi Arabia's crude exports rose in March to their highest in almost a decade, official data showed on Monday, a sign of unexpectedly strong global demand as the top oil exporter revved up its output to the loftiest rate on record. The Opec heavyweight shipped 7.898 million


Goldman cuts oil price forecasts for next 5 years

Goldman Sachs slashed its crude oil price forecasts for 2016 to 2020, citing improved US shale efficiency meeting global oil demand, coupled with unimpeded Opec productivity. "We see global oil demand being met by U.S. shale, which is continuing to benefit from efficiency an


Oil prices won't fall this year says Kuwait

Global crude oil prices are not expected to fall in the second half of 2015 and it was still too early to talk about Opec's supply decision when the group meets next in June, Kuwait's Opec governor said on Monday. "It is expected that there will be some sort of a bal


Opec ‘unlikely to cut output at June meet’

The Organisation of the Petroleum Exporting Countries (Opec) is unlikely to implement a production cut at its next meeting in June, a senior Iranian official said on Monday. Asked if Opec would cut output at the upcoming June 5 meeting, Iran's Deputy Oil Minister Rokneddin Ja


Iran eyes oil exports back to pre-sanctions level

Iran hopes its crude oil exports will return to pre-sanctions levels within three months once a deal with major powers to lift an oil embargo is finalised, Iran's deputy oil minister said on Monday. "We hope we can come back to the export levels that we had before the sa

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