Egypt is offering to swap some of its domestic oil production for Iraqi crude better-suited to its ageing refining system, as Cairo's budget woes restrict its ability to buy on international markets.
Egypt's state-owned Eg
DME Oman Crude Oil Futures Contract (DME Oman) the flagship exchange of the Dubai Mercantile Exchange (DME), traded more than 1.13 million contracts (equivalent to 1.13 billion barrels of crude oil) in the first six months of 2014.
Top oil exporter Saudi Arabia is committed to supplying the market with extra crude to meet any rise in demand or if there are disruptions in oil supplies, a Saudi oil official said on Tuesday.
Saudi Arabia, which currently produc
Major oil producer Kuwait has renewed crude supply contracts with India's Bharat Petroleum Corporation Ltd (BPCL) worth up to $3.7 billion a year, the Gulf state's official news agency KUNA said on Tuesday.
Shell announced today that the Majnoon oilfield it operates in partnership with South Oil Company (SOC), Petronas and Missan Oil in southern Iraq has exported its first shipment of crude oil to Shell trading, a significant milestone for the oilf
Abu Dhabi has received strong interest from international firms for participating in its largest oilfields, as it weighs continuing previous partnerships with Western oil giants or letting big Asian buyers take stakes, said a top official.
Sinochem Corp will become one of Baghdad's top oil buyers next year when the Chinese state company starts its first wholly-owned refinery, the latest example of Iraq beating Middle Eastern rivals in the competition for new markets in Asia.
Iraq plans to store 4 million barrels of crude in South Korea, the country's oil minister said on Wednesday.
"The reason we are storing it in Korea is it to be near the markets - the Asian markets," Oil Minister Abdu
Iraq has cut Kirkuk crude oil shipments by more than half in the September programme as loadings run a month behind, due mostly to leaks and attacks on the export pipeline, according to the preliminary programme and trading sources.
Crude oil flows have resumed through a pipeline running from Iraq's Kirkuk oil fields to the Mediterranean port of Ceyhan in Turkey, two officials from Iraq's North Oil Company said on Saturday.
Flows resumed on Friday at