OPEC Strives for New Deal as Iran Wary of Output Hike
OPEC's leader Saudi Arabia and Russia were trying on Thursday to convince fellow oil producers to raise output from July to meet rising global demand, with Iran still signalling it would support only a modest increase in supply.The Organization of the Petroleum Exporting Countries meets on Friday to decide output policy amid calls from top consumers such as the United States, China and India to cool down oil prices and support the world economy by producing more crude.Russia…
Russia's Putin: OPEC Efforts Have Been Good for Oil Prices
Russian President Vladimir Putin told Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed of the United Arab Emirates on Friday that efforts by the Organization of the Petroleum Exporting Countries (OPEC) have been good for oil prices."Our joint efforts, including those of our friends in Saudi Arabia and in OPEC in general, have yielded good results for the stabilization of the hydrocarbon market," Putin said. Reporting by Vladimir Soldatkin; Writing by Polina Nikolskaya
Russia, UAE Sign Partnership Deal
Russian President Vladimir Putin and Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed of the United Arab Emirates signed a declaration on a strategic partnership on Friday which included an agreement to continue cooperation in the oil and gas sphere.This cooperation is aimed at providing balance and stability on the global oil market, the declaration said. Reporting by Vladimir Soldatkin; Writing by Polina Ivanova
OPEC Agrees to Modest Oil Supply Hike
OPEC agreed on Friday on a modest increase in oil production from next month after its leader Saudi Arabia persuaded arch-rival Iran to cooperate, following calls from major consumers to help reduce the price of crude and avoid a supply shortage.However, the decision confused some in the market as OPEC gave opaque targets for the increase, making it difficult to understand how much more it will pump. Oil prices rose as much as 3 percent."Hope OPEC will increase output substantially. Need to keep prices down!" U.S.
Oil Agreement Will Help to Balance Market -UAE
The extension of a global oil output cut deal will help to bring balance to the oil market and encourage investments in the oil sector, the United Arab Emirates energy minister said on Friday. The agreement "will help motivate balance of the market," Suhail bin Mohammed al-Mazroui said according to a statement on state news agency WAM. The Organization of the Petroleum Exporting Countries and some non-OPEC producers on Thursday agreed to extend a pledge to cut around 1.8 million barrels per day (bpd) of output until the end of the first quarter of 2018.
Qatar LNG Not Affected by Arab States Tension -Exxon
Exxon Mobil Corp said on Tuesday that production and exports of liquefied natural gas from Qatar have not been affected by rising diplomatic tensions in the Middle East. Saudi Arabia, the United Arab Emirates, Bahrain and Egypt on Monday cut ties with Qatar, accusing the country of supporting extremism. Qatar denies the allegations. The growing diplomatic rift has raised concerns about global access to Qatar's LNG, especially after some regional ports in the Persian Gulf said they would not accept Qatari-flagged vessels.
Iran: Qatar Crisis Not to Impact Work at South Pars Gas Field
Iran's Oil Minister said on Wednesday Qatar's regional isolation will not affect Tehran's plans to develop its vast South Pars offshore gas field that it shares with the Arab Gulf country, state TV reported. "We will continue our work as planned. There is no problem," Bijan Zanganeh said. In a heightened crisis between Arab states, Saudi Arabia, Egypt, the United Arab Emirates (UAE) and Bahrain severed relations with Qatar on Monday and closed their airspace to commercial flights, saying it was funding militant groups. (Writing by Parisa Hafezi)
UK Urges Gulf States to Ease Blockade Against Qatar
Britain on Monday urged Gulf states including Saudi Arabia to ease a blockade of Qatar and to find an immediate solution to the impasse through mediation. Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic and transport ties a week ago, accusing Doha of backing terrorism. This has disrupted imports of food and other materials and caused many foreign banks to scale back business with Qatar. "I am also concerned by some of the strong actions which Saudi Arabia…
Abu Dhabi Fund Takes 5% Stake in Dana Gas
Goldilocks Investment Co, an open-ended equity fund which is part of Abu Dhabi Financial Group, said on Monday it had bought 5 percent of Abu Dhabi-listed gas producer Dana Gas. The fund was launched last October as a $200 million vehicle with a strategy of taking minority stakes in companies and helping them to restructure and develop. Its brief statement did not say what it intended to do with Dana. Dana is struggling to recover hundreds of millions of dollars in overdue payments from Egypt and Iraqi Kurdistan.
Qatar LNG Flows Unaffected by Crisis -Shell
Qatari exports of liquefied natural gas (LNG) remain stable amid ongoing tension between the world's biggest LNG exporter and its neighbours, an executive for Royal Dutch Shell said on Monday. "LNG flows remain stable, cargoes are going into the market," said Steve Hill, Executive Vice-President for Gas and Energy Marketing and Trading at Shell, one of the world's biggest LNG traders. "Qatar is a very credible and competent LNG producer," Hill said at an industry event in Istanbul.
Saudis, UAE: Oil Cut Extension can be Considered
Saudi Arabia's Energy Minister Khalid al-Falih agreed with his UAE counterpart that an extension of a pact on global oil supply cuts beyond March 2018 may be considered depending on market fundamentals, the Saudi ministry said in a statement on Monday. Falih and the Minister of Energy of the United Arab Emirates, Suhail al-Mazroui, held a meeting in Astana, at which both men discussed oil market dynamics and "expressed satisfaction with improving market fundamentals", the statement said.
Why is Oil Market Rebalancing Taking so Long?
Rebalancing the oil market is proving a long and frustrating process because the oil-exporting countries hit hardest by the slump were the themselves some of the fastest growing oil consumers before prices tumbled. As oil revenues have shrivelled, their economies have slowed or gone into recession, removing one of the most dynamic drivers of oil demand, and leaving the rest of the world economy to fill the gap. The slowdown in demand from oil-exporting…
Saudi Aramco Signs $4.5 bln Oil, Gas Deals
Saudi Aramco on Thursday signed agreements worth $4.5 billion with firms from Europe, the United States, China and the United Arab Emirates for oil and gas projects in the kingdom. The companies are Spain's Tecnicas Reunidas, Italy's Saipem , China Petroleum Pipeline, U.S. McDermott, Jacobs Engineering and National Petroleum Construction of Abu Dhabi. The signing took place at the company's headquarters in Dhahran. Reporting by Reem Shamseddine
Damen Bags Jack-up Pontoon Contract
Damen Shipyards Sharjah (DSS) in the United Arab Emirates has won a contract to build a shallow draught, self-propelled Jack-up Pontoon 3526 for the UAE-based contractor Aqua Diving Services Ltd. Once delivered, it will be used primarily to deliver offshore support services, including the provision of accommodation facilities for personnel as well as operating as a work platform with crane facilities. Aqua Diving Services (ADS) has specifically designed…
U.S. Energy Chief Discussed LNG Exports with Saudi
U.S. Energy Secretary Rick Perry said on Wednesday that he has held discussions with Saudi Arabian officials on possible exports of liquefied natural gas (LNG) from the United States into the kingdom. Perry was speaking at an industry conference in Abu Dhabi, part of his first official visit to Saudi Arabia, the United Arab Emirates and Qatar this week. Perry has met with Saudi Crown Prince Mohammad bin Salman and Energy Minister Khalid al-Falih and visited state oil giant Saudi Aramco during his trip. Reporting by Stanley Carvalho
London Court Finds for Creditors in Dana Gas Sukuk Dispute
A London High Court judge again ruled in favour of creditors on Thursday in a dispute over whether United Arab Emirates energy company Dana Gas must repay $700 million of Islamic bonds, a source familiar with the court proceedings said. Judge George Leggatt rejected an attempt by the company to overturn his decision last November that the purchase undertaking behind the sukuk was valid and enforceable. There was no immediate comment from Dana. Reporting by Davide Barbuscia; Writing by Andrew Torchia
Dana Gas swings to net profit in 2017
United Arab Emirates energy producer Dana Gas swung to a net profit of $83 million in 2017 from a net loss of $88 million a year earlier after a $1 billion payment as part of a settlement with the Kurdistan Regional Government (KRG). The company's revenues were also boosted by higher oil prices and higher production in Egypt and Kurdistan, where the Abu Dhabi-listed producer has its main assets. However, Dana posted a net loss of $42 million in the fourth quarter of last year…
VLCC Brings India's First Iranian Oil Parcel for Emergency Reserves
India has received the first parcel of Iranian oil to partly fill its strategic storage in southern India, Mangalore Refinery and Petrochemicals Ltd , which imported the very large crude carrier (VLCC), said on its website. MRPL shipped in 2 million barrels of Iranian oil in the VLCC Dino. India will fill half of the storage with 6 million barrels of Iranian oil while continuing talks with United Arab Emirates and Saudi Arabia for the remainder. A second parcel to be procured by Bharat Petroleum Corp. is scheduled to arrive around Oct.
OPEC, non-OPEC Nations hold talks in Istanbul
Five Members of OPEC and two non-OPEC countries held “constructive” informal consultations on the sidelines of the 23rd World Energy Congress (WEC) here on Wednesday. Oil and Energy Ministers from OPEC Member Countries Algeria, Gabon, Qatar, the United Arab Emirates (UAE) and Venezuela, were joined in the talks by Russian Energy Minister and Mexican Deputy Energy Minister. OPEC Conference President, HE Dr. Mohammed Bin Saleh Al-Sada, who is Qatar’s Minister of Energy and Industry…
Iraq O&G Exploration and Development Auction Ends
Iraq has awarded Iraqi-owned United Arab Emirates-based Crescent Petroleum three exploration blocks in an oil and gas exploration and development contract auction on Thursday and China's Geo-Jade won two.United Energy Group, also based in China, won one contract and a total of five blocks received no bids.Iraq is offering 11 new blocks for exploration in border areas with Iran and Kuwait and in offshore Gulf waters.Reporting by Maher Chmaytelli