Friday 29 August 2014
 
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Oil

Brent price drops to lowest in 14 months

Weak demand, combined with more than enough oil production, caused the Brent oil price to drop below $100 per barrel (bbl), the lowest level in 14 months, according to a report. Iraqi Kurdistan increased oil production and Libya a

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Dearth of oil finds threatens long-term supplies

Explorers are finding so little oil, many are retreating from high-risk frontier areas to safer bets like North American shale, executives at a major Norway oil conference said. This will likely force them to buy expensive discoveries once inv

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Saudi crude exports fall as domestic demand rises

Saudi crude exports fell in June to their lowest levels in almost three years as oil use in the country's power sector rose and local refineries processed high volumes, official data showed.   The top oil exp

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Iran delays London oil conference

Iran has postponed by three months a conference to offer multinationals the rights to develop oil deposits, giving time for sanctions on the country's oil sector to be lifted, a senior official said. "We want to provide for all

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Sinopec shortlists bidders for $20bn retail stake

State-run Chinese oil giant Sinopec Corp has shortlisted 37 bidding consortia for an up to 30 per cent stake in its massive fuel retail unit and plans to choose a winning bidder by end-September, its chairman said. "The reaction fr

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Refracking brings 'vintage' oil and gas wells to life

A fracking boom isn't enough for US oil and gas producers - they're now starting the re-fracking boom. Wells sunk as little as three years ago are being fracked again, the latest innovation in the technology-driven shale oil rev

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Kuwait to boost China oil exports to 500,000 bpd

Kuwait plans to increase the volume of crude oil exports to China to 500,000 barrels a day (bpd) in three years, an executive at the state-run Kuwait Petroleum Corporation (KPC) said Saturday. On Monday, Kuwait concluded a new 10-

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Germany clears RWE energy unit sale

Germany's economy ministry approved the sale of utility RWE's oil and gas unit DEA to a Russian investor, despite tensions between Russia and the West over the Ukraine crisis. The go-ahead announced yesterday removes the b

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North Sea rig closures may hit UK oil output

Britain's oil industry is facing the threat of a cascade of North Sea rig closures, unless ageing platforms can urgently source more gas to help squeeze out the remaining barrels, said experts. The potential threat to oil reve

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Oman Oil Company names new chief

Oman Oil Company has appointed Isam bin Saud Al Zadjali as its new chief executive officer, said a report. Al Zadjali comes with more than two decades of experience in the oil and gas sector, having served as senior vice president

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