Wednesday 7 October 2015

Oil rises above $49 on heightened Syria risks

Oil rose above $49 a barrel as an emerging risk premium over the situation in Syria countered further signs of an economic slowdown in Asia and rising US inventories.   Russia launched air strikes in Syria in its biggest Middle East intervention in decades. The


Saudi Arabia to cut November crude prices to Asia

Saudi Arabia is expected to cut the prices of crude it sells to Asia in November after the Dubai benchmark weakened last month, in a move that will help the Organization of the Petroleum Exporting Countries (Opec) kingpin retain its market share in the region amid a global oversupply, traders


Iran invites foreign firms to develop its oil industry

Iran is inviting foreign investors to actively develop the Opec member's energy industry after implementation of a historic nuclear deal reached between Iran and six global powers, deputy Oil Minister Rokneddin Javadi told Reuters on Thursday. "We welcome all oil compani


Iran's cabinet approves new draft energy contracts

Iran's cabinet has approved a draft of international oil and gas contracts meant to attract foreign investors and oil buyers once sanctions are lifted, the Oil Ministry's Shana news agency reported. The agency gave no details of the contracts, which it said should increas


Shell Malaysia to cut 1,300 upstream jobs over two years

Oil and gas company Shell Malaysia announced on Tuesday a reorganisation of its upstream division, which will see a reduction of 1,300 jobs over the next two years. Shell Malaysia, a unit of Royal Dutch Shell PLC, said in a statement the programme aims to improve efficiency and r


Enoc highlights safety and environmental best practices

Emirates National Oil Company (Enoc) addressed the need for safety and pollution prevention in the shipping sector at the eighth Ship Inspection Report Exchange (SIRE) Programme held at the Hyatt Regency Creek Heights Hotel in Dubai recently.   The SIRE programm


Bahrain Field oil output ‘hits new record levels’

Oil production in the Bahrain Field has reached new record levels this year of over 50,000 bpd which has not been seen since 1975, Energy Minister and Tatweer Petroleum chairman Dr Abdulhussain Mirza has said. In a statement issued after he chaired the company’s board of directors meeti


Oil edges up as strong demand seen

Crude oil prices edged up in early Asian trading on Thursday as demand was estimated to have remained strong despite slowing economic growth in Asia, and as Russian and western air campaigns in Syria worried markets. Traders said that a political risk premium has re-entered oil m


Saudi SIIG units to halt operations in Oct

Two affiliates of Saudi Industrial Investment Group (SIIG) will shut down their petrochemical plants in October for scheduled maintenance, SIIG said on Wednesday. Saudi Chevron Phillips (SCP) and Jubail Chevron Phillips (JCP) will start maintenance work that includes replacing a


Opec oil output surges in September, led by Iraq

Opec oil output has risen in September from the month before, a Reuters survey found on Wednesday, as Iraq's northern exports recovered from disruption that had halted supply growth from the group's second-largest producer. Saudi Arabia and other Gulf members of the Organ

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