Saturday 27 December 2014

Oil edges above $60 as Libyan output slumps

Oil edged above $60 a barrel on Friday as unrest in Libya cut supplies, offsetting a growing supply glut in top consumer the United States and weak imports by Japan. Fighting in Libya has cut output there to 352,000 barrels a day, a state oil company spokesman said on Thursday, o


Kuwait Energy announces second oil find in Iraq

Kuwait Energy, an independent oil and gas exploration and production company, said a consortium led by the company, has made its second oil discovery in Iraq. Kuwait Energy has announced that the consortium comprising Kuwait Energy (70 per cent and operator) and Dragon Oil (30 pe


Kuwait commissions new natural gas plant

Kuwait has commissioned a new natural gas plant that will raise its production capacity to more than two billion cubic feet a day, officials said. The new liquefied petroleum gas (LNG) plant will be capable of processing 805 million cu ft (22.8 million cu m) of gas and 106,000 ba


Oil drops below $61 on supply glut, strong dollar

Brent oil fell by more than $1 towards $60 per barrel, weighed down by strong supply in the US and a rising dollar.   Brent for February delivery dropped $1.04 to $60.65 after gaining $1.58 on Tuesday.  


Saudis give free-marketers dose of their medicine

Attention all oil producers: Saudi Arabia wants to tell you something. If a truly free market sets the price, it will be far too low for comfort. Ali Al Naimi, the kingdom's oil minister, wants others to share the discipline needed for a healthy cartel.


Lower oil "double-edged sword" for energy-hungry Egypt

The fall in global oil prices will cut Egypt's fuel subsidy bill but could hit the finances of oil-exporting Gulf allies who have showered it with billions of dollars in aid.   Oil has dropped dramatically over the past


Iraq's oil exports rise in December towards record

Iraq's oil exports are rising in December towards a record high, according to loading data and industry sources, as the Organization of the Petroleum Exporting Countries (Opec's) second-largest producer pumps more despite oil prices trading near a five-y


Nebras plans $14bn investment in Turkey's energy sector

Qatari energy company Nebras Power is planning to invest about $14 billion in Turkey's energy sector  mainly for development of coal power plants and coal mines, said a report. Nebras Power is a joint venture between Qatar Electricity and Water Company (60 per cent); Qat


Oil drops near $61 as dollar firms on strong US data

Brent futures fell toward $61 per barrel on Wednesday, giving up some of the previous session's gains, as the US dollar held near its highest level in nearly nine years on strong data. The dollar index stayed close to its highest since April 2006 after a revised third-quarter


Oil prices likely to rebound in H2 of 2015

Crude oil prices are likely to bottom out in the first half of 2015, until a possible slowdown in US shale production counters a supply glut exacerbated by Opec's decision not to cut output, a Reuters monthly survey showed.  

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