Thursday 29 September 2016

Opec agrees oil output cuts in first deal since 2008

Opec agreed on Wednesday modest oil output cuts in the first such deal since 2008, with the group's leader Saudi Arabia softening its stance on Iran amid mounting pressure from low oil prices. "Opec made an exceptional decision today ... After two and a half years, Opec


No tighter oil market before 2018, says Vitol chief

The chief executive of Vitol, the world's largest oil trader, said on Wednesday he did not see the global oil market tightening before 2018. Ian Taylor also expressed scepticism over the significance of a potential OPEC deal on freezing production. "If you


Huawei to showcase smart city tech at Gitex

Huawei, a leading global ICT solutions provider, will showcase its ‘new ICT’ solutions that are helping to shape the future in a connected world at the upcoming Gitex Technology Week, a major ICT expo in Dubai, UAE. Charles Yang, president of Huawei Middle East said:


Saudis soften oil stance; Opec deal likely in Nov

Opec might still agree an oil output-limiting deal later this year after failing to do so in Algeria this week as the group's de-facto leader Saudi Arabia softens its stance towards Iran. Saudi Energy Minister Khalid al-Falih said on Tuesday Iran, Nigeria and Libya would be a


Bahri deploys data-driven solution to boost ops

Saudi Arabia-based Bahri, a global leader in logistics and transportation, has introduced a maritime industry-first ‘data innovation’ platform to enhance productivity, unlock opportunities for growth and transform the shipping industry. Termed “BahriData”,


BP signs 3 concession amendments for Egypt field

BP has signed three concession amendments for the Temsah, Ras El Barr and Nile Delta Offshore concessions in Egypt.   These amendments allows for the economic development of the Nooros development, where the company recently achieved record production. The con


Siemens to demonstrate future of power supply at Wetex

Siemens, a global technology powerhouse, will illustrate the future of energy supply through its microgrid table and breakthrough energy storage solutions at the upcoming Water, Energy, Technology and Environment Exhibition (Wetex) in Dubai. The microgrid table is an interactive


Oman-Iran gas pipeline project 'in final stages'

The Oman-Iran gas pipeline project will be finalised soon, a senior government official was quoted as saying in an Iran Tribune report. Any ‘impediments’ in the way should be cleared soon, noted Iran’s First Vice-President Eshaq Jahangiri.


Opec set for no deal as Iran rejects Saudi oil output offer

Iran rejected on Tuesday an offer from Saudi Arabia to limit its oil output in exchange for Riyadh cutting supply, dashing market hopes the two major Opec producers would find a compromise this week to help ease a global glut of crude. "The gap (in views) between Opec countr


OTC will be a game-changer: Nasser

The region needs to focus on oil-to-chemicals (OTC) processes, so that it can eventually bypass the refining step and convert crude oil directly into petrochemicals, a sector which has tremendous potential for growth, said Amin H Nasser, Saudi Aramco President & CEO at the Middle East Pet

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