Tuesday 31 March 2015

Oil prices drop on possible Iran deal, dollar

Oil prices fell on Monday as officials from Iran and six world powers discussed a possible deal over Tehran's nuclear programme that could bring an end to sanctions and allow an increase in Iranian oil exports. The two sides have until the end of Tuesday to come up with an ag


Oil prices fall as Iran, world powers seek nuke deal

Oil prices fell on Monday, extending steep losses from the previous session, as Iran and six world powers tried to reach a deal that could add oil to the market if sanctions against Tehran are lifted. The two sides tried to break an impasse in nuclear negotiations on Sunday ahead


Ethiopia eyes gas production, exports by 2017

Ethiopia expects to start producing and exporting natural gas from under-developed reserves in its southeast by 2017, Prime Minister Hailemariam Desalegn said on Friday. Several firms have already acquired licenses to explore more than 40 blocks throughout Ethiopia in the past four yea


Advanced drillships a burden for owners as business dries up

Not so long ago, advanced drillships costing more than half a billion dollars each and capable of operating in ever-deeper waters practically guaranteed big profits for oil-rig operators. Now, with oil prices down by half since June, many have become a burden on their owners as drillin


Saudi Kayan olefins plant resumes production

Saudi Kayan Petrochemical Company has restarted production at its olefins plant following a near two-month shutdown for maintenance work, the company said on Sunday. Saudi Kayan said on February 1 it would shut several units at its petrochemicals complex in Jubail for about five


Baker Hughes, Halliburton set for key merger

Shareholders on Friday voted to approve the mergers of rival oilfield services firms Baker Hughes and Halliburton, bringing the proposed deal that still lacks regulatory approvals a step closer to finalisation. Halliburton shareholders approved the issuance of shares needed to co


Libya boosts oil output despite turmoil

Libya, struggling with militant attacks and two governments vying for control of the country, has boosted oil production to around 622,000 barrels a day (bpd), a report from state firm NOC said, higher than previously expected. The North African oil producer has managed to bring


Oil dives 5pc as Iran talks trump Yemen

Oil tumbled 5 per cent on Friday as Yemen's conflict looked less likely to disrupt Middle East crude shipments and investors turned their focus to talks for a potential Iran nuclear deal that could put more supply on the market. Oil tumbled 5 per cent on Friday, erasing the p


Oil falls more than $1 as Mideast supply fears ease

Oil prices fell more than $1 a barrel on Friday as worries receded over the threat of disruptions to Middle East supplies due to Saudi Arabia-led air strikes in Yemen. Goldman Sachs said the bombing of Yemen would have little effect on oil supplies as the country was only a small


Saudi beefs up security at borders, oil facilities

Top oil exporter Saudi Arabia plans to beef up security at its borders and around oil and industrial facilities, state news agency SPA reported on Thursday, citing a statement by Deputy Crown Prince Mohammed bin Nayef. Prince Mohammed, who is also the interior minister, had stres

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