DNO Beats Forecasts with Q3 Operating Profit
Norwegian oil firm DNO said on Thursday third-quarter earnings beat forecasts, helped by higher oil prices and rising output in the Kurdistan region of northern Iraq.The region's largest international oil producer posted a third-quarter operating profit of $71 million, above expectations of $64 million in a Reuters poll of analysts.Operating profit in the same quarter a year ago stood at $469 million…
Iraq's Oil Exports from Southern Ports Rise in July
Iraq exported 3.543 million barrels per day (bpd) of crude oil from its southern ports in July, slightly above the June average, the oil ministry said on Wednesday.Iraq exported 3.521 million bpd of crude oil in June.All the volumes shipped in July came from the southern fields, the ministry said in a statement. There were no exports in July from the Kirkuk fields…
Dana Gas Q1 Net Profit Jumps 27%
United Arab Emirates-based energy firm Dana Gas on Monday reported a 27 percent rise in first quarter net profit, thanks to higher prices and a reversal of accruals.Dana made a net profit of $14 million in the three months to March 31, up from $11 million a year earlier, it said in a statement.Dana said the rise was due to higher prices and the reversal of accruals made by Pearl Petroleum for certain charge
Iraq Oil Exports From Southern Ports Average in April
Iraq's crude oil exports from its southern ports averaged 3.340 million barrels per day (bpd) in April, lower than in March, because of maintenance at loading terminals early in the month, the Oil Ministry said on Tuesday.The March average was 3.45 million bpd.Exports from the south are managed by the central government in Baghdad.
Kuwait Energy Starts Producing Natural Gas in Southern Iraq
Kuwait Energy PLC <IPO-KEC.L> started producing natural gas from Siba on Wednesday, the first gas field to be brought on stream in the south of Iraq, an Iraqi oil executive told Reuters.Siba began producing gas at an initial rate of 25 million cubic feet a day (mcf/d), which should rise gradually to 100 mcf/d by the end of the year…
Iraq to Comply with OPEC Deal Despite Oil Export Capacity Rise
Iraq will comply with the OPEC-led deal on reducing output even though Baghdad is working hard to increase its oil export capacity from the north and south of the country, its oil minister said on Monday. Jabar al-Luaibi told a Chatham House conference in London that Iraq's export capacity was nearing 5 million barrels per day (bpd), including 4.6 million bpd from the south.
OPEC Oil Cut Adherence Rises in December
OPEC deepened compliance with an oil supply-cutting deal in December due to a further decline in Venezuelan output and extra cuts by Gulf exporters, a Reuters survey found, showing strong commitment to the deal despite higher prices. Adherence to the curbs rose to 128 percent from 125 percent in November, the survey found. The…
OPEC Oil Output Falls in November to Lowest since May
OPEC oil output fell in November by 300,000 barrels per day (bpd) to its lowest since May, a Reuters survey found, pressured by a drop in Angolan and Iraqi exports, strong compliance with a supply cut deal and involunary declines. OPEC's adherence to pledged supply curbs rose to 112 percent from October's 92 percent, the survey found.
Oil Slips on Higher U.S. Crude Inventories, Production
U.S. crude inventories show surprise build - EIA. Oil steadied on Thursday, pressured by an unexpected increase in U.S. crude inventories, high U.S. production and exports, but was supported near multi-month highs by tighter crude markets. Brent crude was unchanged at $58.44 a barrel by 1010 GMT. The global benchmark is not far below its 26-month high of $59.49 hit in late September. U.S.
Oil Steady as U.S. Rig count, Middle East Issues Support
U.S. oil rig count drops to lowest since June as Iraq, Saudi Arabia hail OPEC cooperation. Oil prices held on to last week's gains on Monday, supported by supply disruptions in Iraq and a drop in U.S. drilling. But analysts said the reduction in drilling rigs in the United States could prove temporary as activity had been restrained by hurricane threats. The number of U.S.
Oil Slips but Holds Most Recent Gains on Expected OPEC Cuts
Oil prices slipped on Thursday but held on to most recent gains, supported by OPEC-led supply cuts, tension in the Middle East and lower U.S. production. Brent crude fell by $1.13 a barrel to a low of $57.02 before recovering a little to $57.30 by 1345 GMT. The global benchmark was still about 30 percent above its mid-year levels. U.S.
Oil Stronger as Iraq, US-Iran Tension Raises Risks
Oil prices firmed on Tuesday, building on gains made as fighting between Iraqi and Kurdish forces threatened supplies from northern Iraq while tension rose between the United States and Iran. After months of rangebound trading, during which OPEC-led supply cuts supported crude but rising U.S. output capped markets, prices have made significant gains this month.
Oil Rises as Kirkuk-Iraqi Fighting Escalates
Iraq forces move into oil-rich, Kurdish-held Kirkuk. Oil markets jumped on Monday as Iraqi forces entered the oil city of Kirkuk, taking territory from Kurdish fighters and raising concerns over exports from OPEC's second-largest producer. Iraq launched the operation in the multi-ethnic region on Sunday as the crisis between Baghdad and the Kurdish Regional Government (KRG) escalated.
Investors Hit Peak Bullishness on Oil: Kemp
The wave of investor bullishness towards oil that started back in July and August may have peaked at the end of September, according to the latest position records published by regulators and exchanges. Hedge funds and other money managers cut their net long position in the five major futures and options contracts linked to petroleum by a total of 32 million barrels in the week to Oct. 10.
Oil Prices Ease as Speculators Grow Impatient
Oil eased on Tuesday, as speculators took profits on some large positions that have built up in the last couple of weeks, but the prospect of gradually ebbing oversupply lent support. December Brent crude futures were down 27 cents at $55.85 a barrel at 1315 GMT, having lost almost 2.5 percent on Monday. U.S. crude futures fell 24 cents to $50.34.
Oil Climbs on Iraqi Kurdistan Tensions
Turkey says will deal only with Iraq on crude exports as oil flows from Iraqi Kurdistan to Turkey despite threats. Oil prices rose on Thursday, spurred by rising tension around northern Iraq following the Kurdistan region's vote in favour of independence in a referendum. Brent crude was up 40 cents at $58.30 a barrel by 1200 GMT.
Oil Dips, But Remains in View of $60
U.S. crude stocks fell by 761,000 barrels last week - API. Oil eased on Wednesday, edging lower for a second day, although an unexpected drop in U.S. crude inventories helped keep the price within sight of this week's 26-month highs. A rise in the dollar to one-month highs against the euro following a signal the previous day by the head of the U.S.
Oil Near 26-month High on Turkey-Kurdistan Tensions
Brent hits highest since July 2015; oil market rebalancing continues, inventories falling. Brent oil prices hovered near 26-month highs on Tuesday, supported by Turkey's threat to cut crude exports from Iraq's Kurdistan region and signs of quicker market rebalancing. Turkish President Tayyip Erdogan repeated a threat to cut off the pipeline that carries 500…
Iraq's Oil Exports Fall in April Amid Port Work, OPEC Cut
Oil shipments from Iraq's southern terminals have fallen so far in April, according to loading data and an industry source, reflecting a temporary drop in export capacity and Iraqi efforts to comply with OPEC production cuts. OPEC's second-largest producer has curbed output this year as part of an OPEC-led supply reduction deal…
Iraq's Southern Exports Lower after OPEC Cut
Oil exports from Iraq's southern terminals have edged lower so far in February, according to loading data and an industry source, a sign that OPEC's second-largest producer is keeping a lid on shipments following a commitment to cut output. During negotiations on the supply cut by OPEC and non-OPEC producers, Iraq had sought an exemption - leading to scepticism that the country would comply with the accord.