Sunday, February 16, 2020

Rania El Gamal News

Iran Oil Minister says China's Virus Impacted Oil Demand

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Iranian Oil Minister Bijan Zanganeh said on Monday that the spread of China's new coronavirus had hit oil demand and called for an effort to stabilise oil prices, Iran's…

Saudi Aramco Sets Record $25.6 Bln IPO

(Photo: Saudi Aramco)

State-owned oil giant Saudi Aramco's initial public offering (IPO) will be the biggest in history, but will fall short of the towering $2 trillion valuation long sought…

Saudi Aramco Targets Zero Flaring

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Saudi Aramco said on Wednesday it was joining the World Bank's initiative to reduce gas flaring to zero by 2030 and said its flaring was already less than 1% of its total raw gas production in the first half of

Aramco: IPO Will Come Soon

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The initial public offering (IPO) for state-owned oil company Saudi Aramco will come soon, and will be a decision taken by Saudi Crown Prince Mohammed bin Salman, the kingdom's…

Banks Re-pitching for Aramco IPO Roles

(Photo: Saudi Aramco)

Investment banks are scrambling to re-pitch to advise Saudi Aramco on a possible initial public offering, sources familiar with the matter said, with Saudi Arabia's energy…

OPEC+ Extends Output Cuts

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OPEC and its allies led by Russia agreed to extend oil output cuts until March 2020 on Tuesday, seeking to prop up the price of crude as the global economy weakens and U.S.

U.S. and Gulf Allies Face Task Protecting Oil Shipping Lanes

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The United States and its allies may need to to start escorting commercial vessels to prevent further attacks in Gulf oil shipping lanes, Gulf sources and experts said.Even then…

Rising US Oil Clout on Show in Houston

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A glance at the attendee list at one of the world's largest energy industry events in Houston this week left little question about the growing influence of the United States…

Saudi Energy Minister Sees Strong Global Oil Demand

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Saudi Arabia's Energy Minister Khalid al-Falih said that oil demand remains strong and that he sees no impact from U.S.-China trade tensions."The global economy is strong enough, I'm not too concerned.

Saudi Arabia to Trim Oil Exports Further in February

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Top oil exporter Saudi Arabia plans to lower its shipments further in February as it follows through on a global deal to cut output to prevent a build-up in supplies.Saudi…

OPEC to Release Country Quotas for Oil Output Cut

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Oil producer group OPEC plans to release a table detailing output cut quotas for its members and allies such as Russia in an effort to shore up the price of crude, OPEC's…

Qatar to Leave OPEC

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Qatar said on Monday it was quitting OPEC from January to focus on its gas ambitions, taking a swipe at the group's de facto leader Saudi Arabia and marring efforts to show…

Upset by Trump's Iran Waivers, Saudis Push for Deep Oil Output Cut

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When U.S. President Donald Trump asked Saudi Arabia this summer to raise oil production to compensate for lower crude exports from Iran, Riyadh swiftly told Washington it…

ADNOC Extends LNG Supply Deal to 2040

(Photo: ADNOC)

The Abu Dhabi National Oil Company (ADNOC) said on Wednesday it has agreed, in principle, to extend gas supplies to ADNOC LNG to 2040.The new gas supply agreement is scheduled to take effect from April 1, 2019,

Saudi Aramco CEO says IPO will 'certainly' happen

Saudi Aramco CEO Amin Nasser (Photo: Saudi Aramco)

Saudi Aramco Chief Executive Officer Amin Nasser said the initial public offering of the state-oil producer will "certainly" happen when the conditions are right.Saudi Aramco…

OPEC, Allies May Need to Change Course as Oil Inventories Rise

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OPEC signaled on Thursday it may have to return to oil production cuts as global inventories rise, in a statement that may further sour relations with U.S. President Donald…

Total Will Invest More in Short Cycle Projects

French oil and gas major Total will invest more in short cycle projects, said its chief executive on Tuesday.Patrick Pouyanne was a speaking at an investment conference in Riyadh.(Reporting by Rania El Gamal, w

Baker Hughes Acquires 5% of ADNOC Drilling for $550 Mln

(Photo: ADNOC)

Baker Hughes, the world's second-largest oil services company, will take a 5 percent stake in Abu Dhabi National Oil Company's (ADNOC) drilling unit for $550 million under…

Bill Allowing US to Sue OPEC Drawing Renewed Interest

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With oil prices hitting fresh four-year highs, long-dormant proposals to allow the United States to sue OPEC nations are getting a fresh look in Congress, though they were…

Trump Calls Saudi's King to Discuss Oil Supplies

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U.S. President Donald Trump called Saudi Arabia's King Salman on Saturday and they discussed efforts being made to maintain supplies to ensure oil market stability and global economic growth…