Wednesday 29 July 2015

Oil stages 4th weekly drop as China factories slow

Oil prices neared four-month lows on Friday, set for their fourth straight week of declines, after data showed a contraction in China's factory sector and the dollar rose against a basket of currencies. Data showing activity in China's manufacturing sector shrank at the f


UAE to save $30bn on fuel subsidies removal

The UAE government could save several billions of dollars a year on fuel subsidies, following the move to deregulate the prices of oil, according to a report. Fuel subsidies are set to removed starting on August 1 and the prices of oil will be based on average global costs, said


Oil prices climb, but stay in bear market territory

Oil prices edged up on Friday after closing at their lowest in months in the previous session as oversupply and disappointing Chinese factory activity dragged on the market. Oil prices in the US have slumped more than 20 per cent in the past six weeks, a slide considered by many


Algeria trims spending; oil revenues down 50pc

Algeria will trim spending in its 2015 budget by 1.35 per cent as it expects energy earnings to fall 50 per cent due to a slump in oil prices, the government said.   Oil and gas account for 95 per cent of Algeria's exports and energy revenues make up 60 per


Iranian officials say condensate and fuel oil on ships

As traders speculate over what type of oil is being kept by Iran in floating storage, two Iranian oil officials said that the oil was condensate and fuel oil.   The millions of barrels on ships could be delivered quickly to Iran's customers once sanctions ar


Black & Veatch, Keppel to work on $684m FLNG facility

Black & Veatch has teamed up with Keppel Shipyard to convert a Golar LNG carrier, the ‘Gandria’ into a Global floating Liquefaction facility (GoFLNG) at a cost of $684 million. Its patented Prico technology, industry expertise and engineering, procurement and cons


Iran eyes $185 billion oil and gas projects

Iran outlined plans on Thursday for the rebuilding of its core industries and trade links in the wake of a nuclear agreement with world powers, saying it was targeting oil and gas projects worth $185 billion by 2020. Iran's Minister of Industry, Mines and Trade Mohammad Reza


Bechtel boosts Australian LNG export capacity

Bechtel, a leading engineering, project management, and construction company in the world, has successfully converted natural gas from coal seams into liquefied natural gas (LNG) on the second production train at the Queensland Curtis LNG (QCLNG) facility in Australia. The first


Saudi-Kuwait oilfield staff 'told to take leave'

The shut down of the jointly-operated Wafra onshore oilfield between Saudi Arabia and Kuwait, is set to be extended into next month after the distribution of a memorandum telling all non-vital staff to take leave as of August 1, pan-Arab daily Asharq Al-Awsat reported on Thursday.


Hydrocarbon investment ‘is facing risks globally’

Given the availability of solar power at four cents/kWh, a price with which crude oil could only compete if offered below $7/barrel, the ‘carbon bubble’ is expected to burst, family office Wermuth Asset Management has warned. According to the company, this will have p

 < 1 2 3 4 5 > 

calendarCalendar of Events