Latest in Tag: Oil Highlight
Latest in Tag: Oil
Iran President Rouhani targets stagflation in first budget
Analysts say soaring inflation is due to increasingly tough economic sanctions and mismanagement by former president Mahmoud Ahmadinejad.
Egypt agrees on timetable to pay $3bn to oil firms
Reuters – Egypt has agreed on a timetable to pay $3 billion of the $6.3 billion it says it owes foreign oil companies, the state news agency reported, as part of the drive to revive confidence in its economy hammered by nearly three years of political turmoil. The most populous Arab state struck deals to pay the amount in …
Turkey says ball in Iraq’s court over oil dispute
Iraq’s federal government in Baghdad and Kurdistan have long been at odds over how to share the region’s vast energy wealth, a dispute which is seen as impeding the development of new energy projects.
New oil discovery in Western Desert
The new well discovered by IPR is expected to produce 12,000 barrels of light oil and 14 million cubic feet of natural gas per day
Shell renews contract with Artoc Auto Egypt five more years
Shell will supply Artoc Auto with its synthetic oil, which has cleansing technology to protect engines in tough conditions
Iran oil, energy investment sanctions still in force : US
Iran and six world powers reached a breakthrough deal early on Sunday to curb Tehran’s nuclear programme in exchange for limited sanctions relief.
Wheat stocks sufficient until March: Minister
2.3 million tonnes of wheat were purchased, Abu Shady states
Ministry of Electricity attempting to overcome energy challenges
The government is studying alternatives to gas usage, investments with foreign companies and is seeking to build wind farms for electricity production.
Minister of Petroleum signs nine agreements with $470m in investments
Agreements are the first to be signed since 2010
OPEC oil output hits 2-year low in October
OPEC’s supply averages 29.90 million barrels per day, down from a revised 30.01 million bpd in September
Kuwait emir says ‘old concepts’ must change, urges reform
The emir’s announcement comes a day after the government said it planned to review subsidy policies and charges on public services and commodities.
Oil-rich Kuwait warns welfare state unsustainable
The programme up to the 2016/2017 fiscal year aims to review subsidies, charges and prices of public services, besides imposing a taxation system in a country that generates 94% of its income from selling oil and where individuals and corporates pay no taxes.
Oil hits 3-month low as market awaits delayed US data
It later stood at $99.95, down 86 cents compared with Friday’s close.
Second stage of smartcard programme in the works: petroleum minister
Second stage implementation will follow delivery of smartcards to citizens and data entry
Saudi ready to cover any global oil shortage: minister
Officials from Iraq, the second largest producer in oil cartel OPEC, were quoted on Monday as saying that the country had restored normal output after completing repair work on a pipeline leak.
Oil prices slide on easing Middle East concerns
New York’s main contract, West Texas Intermediate, for November sank to $103 — the lowest point since 8 August.
One dead in Sudan protests over oil price hikes
Hundreds of demonstrators took to the streets of Wad Madani in Al-Jazeera state on Monday after the government announced price hikes following the lifting of oil subsidies, witnesses said.
Morocco hikes fuel prices in bid to fix state finances
The government is scrambling to limit the impact of oil price fluctuations on Morocco’s ailing public finances, with fuel subsidies weighing heavily on the budget of the North African country, which imports almost all its energy needs.
Oil prices rebound from heavy losses
The oil market had plunged by more than two dollars on Tuesday, sliding for the second day in a row on easing fears of a possible US military strike on Syria.
Oil prices retreat from Syria-fuelled highs
New York’s main contract, West Texas Intermediate (WTI) for October, fell 63 cents at $109.90 a barrel.
Oil hits 28-month high in US on Syria tensions
The New York benchmark, West Texas Intermediate (WTI) for October delivery, shot up $2.16 to close at $110.53, the highest level since May 2011.
China oil giant buys into strife-hit Egypt for $3.1 bln
Chinese state-owned Sinopec will buy a one-third share in the Egyptian oil and natural gas business of US firm Apache Corp.
Middle East oil will remain world’s key source of fuel
Oriental Planet: Middle East Oil & Gas sector expected to maintain steady growth in spite of significant developments in global energy domain
Libya threatens to break up oil sector strikes
The strike – now in its third week – came after protests first emerged in June and has virtually stopped production and exports at key terminals in Ras Lanuf, Sedra, Brega and Zoueitina on the central coast.
Oil prices rise on violence in Egypt
US benchmark West Texas Intermediate for September delivery rose 48 cents to $107.33 a barrel on the New York Mercantile Exchange
Libya deal and Gulf aid secure oil for Egypt
Under new agreement Egypt will import up to 1m barrels of crude oil per month, while Gulf aid continues to flow
Ten reasons why Egypt is vital to US economy and security
By Juan Cole Whatever the reasons the US public is less excited about Egypt’s ongoing revolution, the country is in fact important to the US. A Pew poll shows that far fewer Americans are following events in Egypt closely now than in January-February 2011. Actually, about the same percentage are following it “fairly closely” as …
Egypt’s shift to large fuel suppliers “normal”, experts say
Egypt forced to change fuel suppliers as debt compiles
Egypt: Securing energy supplies
Egyptian Natural Gas Holding Company (Egas) awarded eight licences for gas exploration on 16 April and said it would potentially be offering at least 10 more this year.
Syria oil output dives to 5% of pre-war level: minister
Abbas said output was now running at about 20,000 barrels per day (bpd), compared with 380,000 bpd before an anti-regime uprising erupted in March 2011.