Saturday 18 April 2015
 
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Oil rallies over US shale production dip

Crude prices rose on Tuesday after the US Energy Information Administration said it expected US shale oil output to record its first monthly decline in over four years. Front-month Brent crude futures were trading up 34 cents a $58.27 a barrel by 0106 GMT, while US crude had rise

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Lukoil likely to pull out of Saudi Arabia

Lukoil will likely pull out from Saudi Arabia where the economics of its search for gas have been crushed by the collapse of the oil price, three industry sources said. Lukoil is Russia's largest private oil company. The Russian energy industry's ventures abroad often par

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Saudi's Yansab Q1 net profit slumps 48.7pc

Saudi Arabia's Yanbu National Petrochemical Company (Yansab) reported a 48.7 per cent drop in first-quarter net profit on Monday. The firm, a subsidiary of Saudi Basic Industries Corporation (SABIC), made a net profit of 285.1 million riyals ($76 million) in the three months

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Oman's PDO to lift oil output 5pc in four years

State-controlled Petroleum Development Oman (PDO), the country's top oil and gas producer, aims to lift crude output by about 5 per cent over the next four years, managing director Raoul Restucci said on Monday. "We aspire to reach 600,000 barrels per day by 2019,"

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Qatar shipper eyes combining tanker business with UAE firm

Shipping firm Qatar Navigation said it was initiating talks with UAE-based United Arab Chemical Carriers on a possible combination of their product and chemical tanker businesses.   Qatar Navigation, also known as Milaha, said that if successful, the move would

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Qatar shipper eyes combining tanker business with UAE firm

Shipping firm Qatar Navigation said it was initiating talks with UAE-based United Arab Chemical Carriers on a possible combination of their product and chemical tanker businesses.   Qatar Navigation, also known as Milaha, said that if successful, the move would

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Qatar's GIS says oil price fall hits rig business

Qatari drilling rig provider Gulf International Services (GIS) said that one of the customers of its subsidiary Gulf Drilling International (GDI) would release a contracted rig in May because of the decline of oil prices.   The firm said in a bourse statement th

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Iraq sets Basra Heavy crude price, but pushes back launch

Iraq has set the first monthly price for its new Basra Heavy crude for May, but has likely delayed the launch of the grade until the following month, according to industry sources.   The country's State Oil Marketing Organisation (Somo) did not allocate any

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East Libyan oil port Hariga closed due to bad weather

 Libya has closed the eastern oil port of Hariga due to bad weather, an oil official said.   A tanker has been waiting for two days to dock at the port to lift one million barrels of crude but bad weather had made this impossible, said the official, who ask

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IEA sees sharp rise in Iran oil output in 3-5 years

World oil markets will not see a significant rise in Iranian supplies for up to five years even if the Opec member and world powers clinch a final nuclear deal by end-June, Fatih Birol chief economist and future head of International Energy Agency (IEA) said.  

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