Monday 27 April 2015

Oil holds near 4-1/2 month high on Yemen

Brent crude prices held near a 4-1/2 month high above $65 a barrel on Monday, supported by concerns about fighting in Yemen disrupting Middle East supplies and signs that US shale output may have started to decline. The number of active US rigs drilling for oil has fallen for a r


Oil firms face further cuts as low prices linger

Oil majors may need deeper cuts to oil and gas exploration and production spending as they grapple with an extended period of low crude prices.   The industry is expected to reveal another set of grim earnings for the first quarter when benchmark Brent prices av


Iraq tells partners to lift Basra Heavy crude from May

Iraq's State Oil Marketing Organisation (Somo) has informed its partners they can start loading Basra Heavy crude from May, instead of its flagship light grade, two sources with direct knowledge of the matter said.   The No 2 Opec producer is splitting its s


Poland's PKN delivers Iran's gas condensate for its refinery

Poland's largest oil refiner PKN Orlen has delivered a gas condensate cargo of Iranian origin for its Mazeikiai refinery in Lithuania, traders said.   It's not clear if PKN has violated international sanctions against Iran by supplying the cargo. The com


Libya closes El Feel oilfield due to strike by security guards

A strike by Libyan security guards over salary payments has forced the closure of the western El Feel oilfield, a spokesman for state oil firm NOC said.   A field engineer told Reuters the Opec producer had closed the field, operated by a joint venture owned by


Dubai seeks bids for key solar park project

Dubai Electricity and Water Authority (Dewa) has invited bids for a project consultancy contract for the third phase of Mohammed bin Rashid Al Maktoum Solar Park, one of the largest renewable energy projects in the region. The project, which is based on the Independent Power Prod


Bapco hosts event to mark safety achievements

The Bahrain Petroleum Company (Bapco) held a luncheon for more than 300 of Bapco and its contractors' employees to mark the company's environmental, health and safety (EHS) achievements for last year. This annual gathering at Bapco Club in Awali is an important event in t


Opec oil giants pump record 2m bpd in Q1

The world's biggest oil exporters in Opec are pumping almost two million barrels per day (bpd) more crude than required, the highest surplus for at least a decade, data from Reuters, top forecasters and energy agencies shows. The Organization of the Petroleum Exporting Countr


Gas giant GDF Suez changes name to Engie

French gas utility GDF Suez said it was changing its name to 'Engie' to reflect an evolving energy sector and the group's growing involvement in renewable power. The change comes as chief executive Gerard Mestrallet prepares to pass the baton of the power and gas uti


Oil at 4-1/2 month high as Yemen fighting continues

Oil prices diverged on Friday, with Brent hitting 4-1/2-month highs on continued fighting in Yemen as US crude fell on concerns of another upcoming stock build, though both benchmarks headed toward weekly gains. Fighting between Yemen's warring factions raged in southern and

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