Monday, September 24, 2018

Saudi Arabia News

North Sea Oil Market Sounds Alarm on Oversupply

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The North Sea physical oil market is letting off a distress signal - crude is once again being stored on ships – as production increases from major exporters threaten a fragile balance between global supply and demand.Reuters data shows nearly 7…

Sparrows Group to Operate in Saudi Arabia

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Global specialist equipment and integrated engineering services company, Sparrows Group, has made a significant development in Saudi Arabia after being granted commercial registration to operate in the Kingdom.The commercial registration allows Sparrows Saudi Arabia LLC…

Oil Market Enters Post-OPEC Era: Kemp

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Saudi Arabia and Russia started to raise their oil production several weeks before the formal decision to increase output was taken by OPEC and its allies towards the end of June.Saudi Arabia increased its production to 10.49 million barrels per…

Oil Up as U.S. Drilling Stalls, Iranian Sanctions Bite

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Oil prices rose on Monday as U.S. drilling stalled and investors anticipated lower supply once new U.S. sanctions against Iran's crude exports kick in from November.Brent crude oil jumped $1.09 a barrel, or 1.4 percent, to a high of $77.92, but then eased to $77.60 by 1330 GMT. U.S.

Oil Falls as Refined Products' Stocks Rise

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Oil prices fell on Friday as a rise in stocks of refined petroleum products offset a sharp decline in U.S. crude inventories to the lowest level since 2015.Brent crude futures were down 34 cents at $76.16 a barrel by 1346 GMT. U.S. West Texas Intermediate…

Oil Rises as U.S. Sanctions on Iran Squeeze Supply

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Oil prices rose about $1 a barrel on Tuesday as U.S. sanctions squeezed Iranian crude exports, tightening global supply despite efforts by Washington to get other producers to increase output.Brent crude futures rose $1.13 to $78.50 a barrel, a 1.5 percent gain, by 10:48 a.m. EDT (1448 GMT).U.S.

Oil Up On Supply Concerns Ahead of OPEC Meeting

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Oil prices rose on Friday ahead of a meeting of OPEC and other large crude exporters that will focus on production increases as U.S. sanctions restrict Iranian exports.OPEC and its allies are scheduled to gather in Algeria on Sunday to discuss how…

Now you see it, now you don't: oil surplus vanishes ahead of Iran deadline

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An overhang of homeless crude in the Atlantic Basin has halved in recent weeks, suggesting oil traders are bracing for a further supply loss from Iran due to U.S. sanctions and a new rally in prices.Iran's oil exports are already dropping fast as…

Oil Producers Cut July Output by 9 pct More than Agreed

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An OPEC and non-OPEC monitoring committee found that oil producers participating in a supply-reduction agreement cut output in July by 9 percent more than called for in their pact, two sources familiar with the matter said on Monday.The committee groups representatives from Saudi Arabia, Russia, the Unit

Oil Rises to $76 as OPEC+ Committee Sees Production Increasing

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Brent oil prices rose to near $76 a barrel on Monday as a committee monitoring a deal on oil output curbs between OPEC and non-OPEC producers saw production rising while a U.S.-China trade dispute capped gains.International Brent crude oil futures were at $76.04 per barrel at 1326 GMT…

Oil Approaches $80 a Barrel

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The oil price rallied towards its highest level this year on Wednesday, after a drop in U.S. crude inventories and as the prospect of the loss of Iranian supply added to concerns over the delicate balance between consumption and production.Brent…

Sanctions Unlikely to Stop Iran Oil Exports Completely - Saudi Adviser

Current U.S. sanctions on Iran are unlikely to stop Iranian oil exports completely, a long-time adviser at Saudi Arabia's Energy Ministry said on Tuesday, adding Iran would be unable to close the straits of Hormuz and Bab al-Mandab even partially.Speaking…

Calm in Oil Markets Could be Short-lived -IEA

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Oil markets have entered a brief period of calm but a storm might be looming later this year when new U.S.

Oil Slips as Focus Shifts to Demand in Coming Months

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Oil prices edged lower on Monday as troubled emerging markets and trade tensions dented the outlook for fuel demand, though U.S. sanctions against Iran could mean tighter supply ahead. Brent crude futures fell 14 cents to $72.67 a barrel by 11:18 a.m. EDT (1518 GMT). U.S.

Oil Higher as U.S. Sanctions on Iran Raise Supply Concerns

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Oil prices rose on Monday as investors focused on the impact of U.S. sanctions on Iran despite assurances by Washington that Saudi Arabia, Russia and the United States could together raise output fast enough to offset falling supplies.U.S. Energy…

China Harbour Engineering to Build Berri Field in Saudi Arabia

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Saudi Arabian oil giant Saudi Aramco has awarded a contract to China Harbour Engineering Arabia for the construction of two  drilling islands under the company’s Berri Increment Program (BIP).The objective of the BIP is to produce an additional 250…

Oil Holds Just Below $80, Supported by Supply Concerns

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Brent oil prices eased modestly on Wednesday but stayed near their highest level this year, supported by concerns that producers may fail to cover a supply shortfall once U.S. sanctions on Iran come into force in November.Brent, the global oil benchmark…

In U-turn, Exxon, Chevron to Join Rivals in Climate Initiative

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Exxon Mobil, Chevron and Occidental Petroleum are joining a group of international oil and gas giants in an initiative aimed at curbing carbon emissions in the sector, they said in a statement on Thursday.The move marks a U-turn for Exxon Mobil and Chevron, the top two U.S.

Oil Rises Above $74 on Report of U.S. Inventory Drop, Iran Sanctions

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Oil hit a two-week high above $74 a barrel on Wednesday as an industry report showing a sharp drop in U.S. crude inventories and U.S. sanctions on OPEC producer Iran pointed to tighter supplies.The American Petroleum Institute reported U.S. crude stocks fell last week by 5.2 million barrels…

Oil Stabilizes, Supported by Bullish U.S. Inventory Data

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Oil prices steadied on Thursday, supported by a bullish U.S. inventory report from the previous session even as an escalating trade dispute between the United States and China weighed on demand expectations.Brent crude oil was up 2 cents a barrel at $74.80 by 11:13 a.m. EDT [1513 GMT]. U.S.