The world will store unwanted oil for most of 2016 as declines in US output take time and Opec is unlikely to cut a deal with other producers to reduce ballooning output, the International Energy Agency said.
The agency, which coo
Oil prices ended the week lower in choppy trading on Friday, snapping two weeks of gains, as a frenzy of speculation about a possible deal between top oil producers clashed with concerns about a growing supply glut.
After a volati
Anglo-Swiss commodity trader Glencore has chartered a ship to load Iranian fuel oil at the Iranian port of Bandar Mahshahr in a move that signals the return of legitimate Iranian crude and oil products to international markets.
Oil steadied on Friday in a volatile session, as bearish fundamentals pressured prices despite bullish indications earlier in the week.
International benchmark Brent crude futures were two cents higher at $34.4
Siemens UK & Ireland has formed a strategic partnership with oil and gas control system specialist, EFC Group, in a collaboration which promises to deliver innovative, cost-saving solutions for the industry.
The World Bank said that 2015 economic growth in the Middle East and North Africa likely came to just 2.6 per cent, falling short of a 2.8 per cent forecast in October as war, terrorism and cheap oil took their toll.
Diversifying regional economies in the wake of slumping oil prices dominated a debate held at the International Institute for Strategic Studies (IISS) yesterday (February 3). National Oil and Gas Authority (Noga) chief executive Shaikh Mohamme
The manufacturing sector is playing a key role in helping UAE's economy withstand the impact of low oil prices, as indicated by the strong growth achieved by the recently concluded SteelFab 2016 trade fair.
Oil fell 4 percent on Monday as weak economic data from China, the world's largest energy consumer, weighed on prices and an Opec source played down talk of an emergency meeting to stem the decline.
China's manufacturing s
Oil fell on Monday as weak economic data from China, the world's largest energy consumer, weighed on prices and an Opec source played down talk of an emergency meeting to stem the decline.