Saturday 10 October 2015

Lack of a clear anchor in oil market ‘fueling uncertainty’

The lack of a clear leader or ‘anchor’ in the global oil market is fueling uncertainty and leading to sharp swings in crude prices, but this uncertainty is unlikely to continue for long, a senior Saudi oil adviser said.   The comments by Ibrahim Al-M


McDermott wins EPCI project for jackets offshore Qatar

McDermott International has won a sizeable brownfield project from Qatar Petroleum for the engineering, procurement, construction and installation (EPCI) of four wellhead jackets.   The installation of two jackets in the Bul-Hanine field offshore east of Doha ha


Saudi Sept oil production, supply steady

Saudi Arabia kept its crude oil production steady in September, an industry source told Reuters, maintaining high output as part of a strategy to defend market share.   Saudi Arabia pumped 10.225 million barrels per day (bpd) of crude oil last month, down about


Oil rallies but US supply may temper gains

Oil prices headed for their largest weekly rise in six weeks on Thursday, although an unexpectedly large increase in US inventories may temper some of the optimism among investors that global demand and supply could soon be in balance.   US crude stocks rose by


Sabic revamps global business units

Sabic today announced it is undertaking a global transformation aimed at creating a more agile, cost-efficient, and customer-focused organisation that meets their needs more effectively. The company’s new organizational structure is expected to be in place by January 1, 201


Algeria postpones energy bids, sees slight rise in output

Algeria has postponed a round of bids for oil and gas exploration rights planned for this year after a slump in world crude prices, and will launch the round when market conditions improve, a senior Algerian energy official said.   "This is not the right pe


Run rates hit 75pc at Saudi's 400,000-bpd Yasref refinery

Yanbu Aramco Sinopec Refining Co (Yasref) is operating its refinery at 75 per cent capacity, sources said, potentially boosting product margins as several plants in Asia and the Middle East undergo maintenance.   The Yasref refinery, which began operations at fu


BP Oman, Sharakah to extend SME development programme

BP Oman and Sharakah have renewed their contract to help develop and upgrade the capabilities of small and medium-sized enterprises (SMEs) in Oman. The ‘BP SME Development Programme’ project will be managed by Sharakah, a closed joint stock company which specifically


Turkey warns Russia on gas, nuclear project

Turkish President Tayyip Erdogan told Russia there were other places Turkey could get natural gas and other countries that could build its first nuclear plant, in the wake of Russian incursions into Turkish air space during its air campaign in Syria. Russian aircraft twice entere


Intertek wins inspection deal from Iraq oil firm

UK-based Intertek, a leading quality solutions provider to industries worldwide, has won a multi-year third party inspection procurement contract for the South Oil Company in Iraq. It is the first time SOC has appointed a third party inspection company to help ensure the quality

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