Saturday 25 April 2015

Oil rises towards $64 on ME tension

Oil prices rose in a volatile day of trading on Monday as concerns over tension in the Middle East and a drop in the number of U.S. rigs drilling for crude offset comments from Saudi Arabia's oil minister that Saudi production would stay near record levels in April. Saudi Ara


Sipchem Q1 net profit up 17.3pc

Saudi International Petrochemical Company (Sipchem) reported a 17.3 per cent increase in first-quarter profit, missing analysts' estimates. Sipchem made a profit of SR80.6 million ($21.5 million) in the three months to March 31, according to a bourse filing. This compares wit


Iraqi Kurdish forces widen buffer around oil-rich city of Kirkuk

Kurdish authorities said their forces, backed by US-led coalition airstrikes, drove Islamic State militants from an 84 sq km area in northern Iraq, widening a buffer around the oil-rich city of Kirkuk.   The Kurdistan region's security council said in a stat


Two tankers to lift 1.3 m barrels of oil from eastern Libyan ports

Two tankers will lift 1.3 million barrels of crude from east Libyan ports Hariga and Zueitina, oil officials said.   The Hariga port was expecting a tanker to lift 700,000 barrels of crude, an oil official said. A second tanker would dock in the next few days at


Adnoc to ramp up run rate at newly expanded Ruwais refinery by June

State-owned Abu Dhabi National Oil Co (Adnoc) is expected to ramp up run rates and have all of the units at its newly expanded Ruwais refinery operating by June, industry sources said.   The expanded refinery, which is currently running at close to 60 per cent o


Oil flows via Kirkuk-Ceyhan pipeline hit new high

Oil flows through the Kirkuk-Ceyhan pipeline from Iraq to Turkey's Mediterranean coast have hit a new 2015 high of 650,000 barrels per day (bpd), up from 500,000 bpd at end of last week, a shipping source said.   Loading data showed flows through the pipelin


Al Naimi says Saudi oil production near record high in April

Oil Minister Ali Al Naimi says Saudi Arabia is producing near record levels of crude in April, underscoring the kingdom's willingness to defend market share at a time when oil markets have staged a fragile recovery.   There are worries among some producers t


Saudi's Tasnee swings to Q1 net loss

Saudi Arabia's National Industrialization Company (Tasnee) said it swung to a first-quarter net loss on Monday that the petrochemical producer blamed on lower sales prices and adverse foreign exchanges hedging contracts at a subsidiary. Tasnee made a net loss of SR332.5 milli


Kuwait finds four new oilfields with huge volumes

Kuwait, which plans to boost oil output capacity by a third by 2020, has discovered four new oilfields in the north and west of the country, a top oil official was quoted as saying by state news agency KUNA on Sunday. Hashem Hashem, the chief executive of state-run Kuwai


Iraqi forces retake most of Baiji refinery

Iraqi forces regained control over most of Baiji refinery, security officials said, reversing some gains by Islamic State militants who have gone on the offensive this week.   The insurgents attacked Baiji refinery - which is Iraq's largest - a week ago, bla

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