Oil prices were heading for their third straight weekly loss on Friday as worries about supply disruptions in the Middle East and North Africa eased, although Brent stayed comfortably above $108 a barrel.
India paid a second installment of $550 million in oil dues to Iran on Tuesday (July 8) under an interim deal that allowed Tehran access to $4.2 billion in blocked fund globally, two industry sources said.
Kuwait-based Warba Bank has arranged for a $155 million syndicated financing facility for a leading oil services company in UAE.
The bank took park with a stake of $25 million in this transaction along with Noo
Dubai-based Abraaj Group said Stanford Marine Group has postponed a planned London listing as its majority owner Abraaj Group searches for potential buyers for the Dubai-based business, Bloomberg reported citing two people with knowledge of the
World stocks were enjoying the view at an all-time high on Friday, lifted by a week of strong U.S. economic data and promises from the European Central Bank that cheap money will be sloshing around for years.
"Geopolitical risk" turns out to have surprisingly little impact on the valuation of oil and most financial assets.
Since the beginning of 2011, revolutions and counter-revolutions have rocked the Arab world, sanctions h
Opec's oil output has fallen in June from May's three-month high, a Reuters survey found on Monday, as fighting in Iraq closed its largest oil refinery and technical problems slowed its southern exports.
The slight decline
Brent crude oil steadied around $113 a barrel on Friday, consolidating after one of its biggest weekly falls this year as investors unwound positions on reduced concerns over exports from strife-torn Iraq.
Prices have dropped near
Opec is ready to pump extra oil in the event of any supply disruptions caused by Iraq and its biggest producer, Saudi Arabia, can ramp up to capacity if needed, oil officials said on Tuesday.
For now the market is well-supplied an
Big oppportunities lie ahead for GCC investors as Cyprus gears up to tap significant hydrocarbon resources below the Eastern Mediterranean seabed, a consultant has said.
"An estimated 27 trillion cubic feet (tcf) of natural g