oil

Opec output cuts near victory

Dubai - Emirates Voice

Global oil markets are tightening quickly on falling supply from Venezuela, which posted 2017's biggest unplanned output fall and could see a further decline in 2018, the International Energy Agency (IEA) said on Friday. Debt and infrastructure problems cut Venezuela's December output to 1.61 million barrels per day (bpd), somewhere near a 30-year low. That helped oil prices top $70Read more

Oil hits $70 a barrel for the first time in three years

london - Emirates voice

Oil topped $70 a barrel in London for the first time in three years as production cuts by Opec and rising demand whittle away a global surplus. Brent crude futures, used in the pricing of more than half the world’s oil, rose as much as 1.2 per cent to the highest since December 4, 2014. Prices rallied after the longestRead more

Oil hits $70 a barrel for the first time in three years

london - Emirates voice

Bahrain to host MERTC 2018

Manama - Emirates Voice

Bahrain will host the second Middle East Refining Technology Conference (MERTC) and exhibition, under the patronage of Oil Minister, Shaikh Mohammed bin Khalifa Al Khalifa, on January 23-24. Organised by the World Refining Association, in cooperation and coordination with the National Oil and Gas Authority (NOGA), and sponsored by a number of international oil companies, MERTC will attract experts, leadersRead more

No need to panic over $70 oil price: UAE Energy Minister

Dubai - Emirates Voice

The UAE's minister of energy Suhail Al Mazrouei said on Friday there was “no need to panic" after oil prices hit $70 a barrel for the first time in three years. Oil markets need to evaluate yearly averages rather than any upward trends in price, Mr Al Mazrouei said. “We don’t look at the price in a day and sayRead more

Singapore holds 17 men, seizes tanker over alleged Shell oil theft

Dubai - Emirates Voice

Singaporean authorities have arrested 17 men for allegedly stealing fuel from a major Shell refinery, and seized an oil tanker and millions of dollars in cash, police said. The suspects, aged between 30 and 63, were detained in raids across Singapore on Sunday after the Anglo-Dutch energy giant first alerted police in August. Several of the suspects were Shell employees.Read more

Oil slips away from 2015 highs as doubts emerge over rally

Dubai - Emirates Voice

Oil prices fell on Friday, dropping away from highs last seen in 2015, as soaring U.S. production undermined a 10-per cent rally from lows hit in December that was driven by tightening supply and political tensions in OPEC member Iran. U.S. West Texas Intermediate (WTI) crude futures were at $61.81 a barrel at 0750 GMT. That was 20 cents, orRead more

Iraq to build new oil pipeline to Turkey

Baghdad - Emirates Voice

Iraq is to build a new pipeline to allow oil exports to resume from the northern province of Kirkuk to neighbouring Turkey, the oil ministry said Sunday. Oil Minister Jabbar al-Luaybi has ordered documents to be prepared towards building the new pipeline to "transport crude oil from Kirkuk's oilfields to the port of Ceyhan" in Turkey, a ministry spokesman saidRead more

Oil prices extend losses in Asia after demand warning

SINGAPORE - AFP

Oil prices tumbled more than one percent on Wednesday in ASia, extending the previous day's sharp falls after the International Energy Agency warned of weakening demand. A recent rally had sent the commodity to two-year highs, fuelled by hopes producers will extend output cuts well into 2018 as well as escalating tensions between crude giants Saudi Arabia and Iran. ButRead more

Bapco: Saudi-Bahrain oil supplies resume

Manama - Fana News

Oil supplies between Saudi Arabia and Bahrain have resumed in record time, Bapco announced today. It commended the strenuous efforts exerted by the personnel working with Bapco and Aramco. In a press statement issued today, it expected the normal flow of supplies to be restored soon, as per the requirements of the refinery. The company extended thanks to the MinistryRead more