Oversupply in oil products, in tandem with a crude glut, has brought back memories of the 2008-2009 crisis, but traders say the climate is not right now for a repeat of large scale fuel storage at sea.
A slump in oil below $50 a barrel - a level it has held above for most of the past decade - has raised the prospect of a new era of lower prices, although a return to super-cheap oil seems unlikely.
Egypt aims to reduce its debt to foreign oil companies to $2.9 billion by the end of August, from $3.5 billion, and would repay the rest by the end of 2016, the oil minister said, pushing back the deadline by about six months.
India's oil imports from Iran rose 2.4 per cent in July from a year ago, with some of the shipments among the first after a landmark deal that will allow Tehran to boost its exports in return for curbing its disputed nuclear programme.
Five oil and gas concession awarded by Egypt are set to bring in a minimum total investments of about $100 million, according to a report.
It comes as part of an effort to boost investment in the key energy sec
Oil slid to six-month lows on Monday, hit by fresh evidence of growing oversupply, investor bearishness and slowing demand in China, leaving crude prices on course for their weakest third-quarter performance since the financial crisis in 2008.
Iran expects to raise oil output by 500,000 barrels per day (bpd) as soon as sanctions are lifted and by a mbpd within months, Oil Minister Bijan Zanganeh said in remarks broadcast.
"We are already doing m
Oman posted a budget deficit of RO1.50 billion ($3.90 billion) in the first five months of this
year, swinging from a RO232.9 million surplus a year earlier.
The deficit is due to lower oil export prices, provisional financ
Egypt expects to import 28.6 million tonnes of crude oil, liquefied natural gas (LNG) and other oil products worth a total of almost $16 billion in 2015-16, the planning ministry said on Saturday.
The government expects to buy 7.7
Earnings of US petroleum giants ExxonMobil and Chevron were knocked down yesterday (July 31) by lower oil prices, said a report.
ExxonMobil’s second-quarter profits fell by 52.3 per cent year-over-year to $4.2 billion as it