Wednesday 20 August 2014
 
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Oil

Kuwait to double supplies to China's Sinopec

Kuwait has concluded a new 10-year deal with a China's Sinopec Corp to nearly double its supplies by offering to ship the oil and sell on a more competitive cost-and-freight basis, according to a KPC official and a trading source.

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Oil prices sink to lowest since June 2013

Oil fell below $102 a barrel to its lowest in over a year on Monday as investor concerns over conflict in Ukraine and Iraq eased, and as higher Libyan oil output added to already ample supplies. Crude jumped on Friday after the go

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Oil prices sink to lowest since June 2013

Oil fell below $102 a barrel to its lowest in over a year on Monday as investor concerns over conflict in Ukraine and Iraq eased, and as higher Libyan oil output added to already ample supplies. Crude jumped on Friday after the go

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NDC inaugurates new rig

A new land rig has been inaugurated by the National Drilling Company (NDC) as part of the company’s fleet expansion programme. The new rig will help the company to step-up its ability to perform specific drilling operations that r

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Brent falls below $103 on higher Libyan output

Brent crude fell below $103 a barrel on Monday as Libya increased its oil output and as worries over supply from key producer Iraq eased. The drop came following a jump of more than $1 a barrel in benchmark prices on both sides of

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Iraq's Islamic fighters profit from oil sales: US

Islamic State militants fighting in Iraq are selling oil from oilfields and refineries they control to local communities and smugglers, augmenting their existing ample finances, US intelligence officials said on Thursday. At least

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Oil dips toward $104 on steady supply

Brent crude oil fell towards $104 a barrel as a contraction in the German economy underscored sluggish demand in Europe while supply remained strong despite conflict in key exporting countries, Iraq and Libya. Germany's economy shra

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First oil sails from Libya's Ras Lanuf

An oil tanker carrying 670,000 barrels of crude has left Libya's Ras Lanuf oil terminal, the first shipment since the port was reopened following a year of blockades by armed protesters, a spokesman for state-run National Oil Corporation sai

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Saudi oil use accounts for 23pc of total production

Saudi Arabia exported 1.6 billion barrels of oil worth SR657 billion ($175.16 billion) during the first seven months of this year, said an economic report. Local consumption of oil during the same period stood at 475 million barrels or

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Oil hits 9-month low on ample supply

Brent crude oil fell below $104 a barrel on Tuesday, its lowest level in nine months as steady supplies dispelled concerns over potential disruptions in producers such as Iraq and Libya. The International Energy Agency (IEA) said

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