Iranian billionaire Babak Zanjani, who was sentenced to death in an oil fraud case, will appeal the verdict, his lawyer said.
Abu Dhabi stocks entered a bull market, leading Mideast gauges higher, as rising oil prices added to growing bullish sentiment across global equities.
Iranian businessman Babak Zanjani was sentenced to death after being found guilty in a fraud case involving an oil fund, the state-run Iranian Students’ News Agency reported on Sunday, citing a judicial official.
Iran’s return to global oil markets after sanctions were lifted isn’t living up to the country’s grand ambitions, or at least not yet.
Iran said it expects to raise its oil exports this month to around 1.65million barrels per day on the back of higher crude shipments to Europe.
Genel Energy today confirmed its revenue had taken a 34% as it navigates a low oil price environment.
Saudi Arabia, the world’s largest crude exporter, raised the price formula for shipments of its benchmark grade to Asia for April to the highest since October, while lowering prices for all cargoes to the US. State-owned Saudi Arabian Oil Co. set the official selling price for Arab Light crude shipments to Asia at a 75 cent- discount to the regional benchmark, the company said in an e- mailed statement. That’s more expensive, by 25 cents, than March shipments. The decision is the reverse of that predicted by local traders and refiners: six surveyed had expected the exports to be made cheaper, by 50 cents.
Even if Saudi Arabia wins its struggle with U.S. shale producers over market share, it will face a new billion-barrel adversary.
Genel Energy today confirmed it expected a $1billion impairment charge, after its estimated reserves in the Taq Taq field took a significant hit.
The Egyptian government has given the go ahead to Eni for the development of the Zohr gas field, in the Shorouk Concession, offshore Egypt.
Umbilicals specialist JDR has been awarded contracts by McDermott Middle East for two projects in the United Arab Emirates and Qatar.
Petroceltic International has begun development drilling on its flagship Ain Tsila gas and condensate field in Algeria.
If you thought declining home prices and rents would damp Dubai developers’ appetite for new projects, think again.
Oman’s Redeployment Strategy has saved 2,100 jobs from redundancy, according to officials.
Kuwait’s first CO2 plant has officially launched.
Gulf Keystone Petroleum said the Kurdistan Regional Government has authorised a payment of $15million to the company.
Iran has said it will not give up its share of the global oil market after a meeting of oil minister agreed to freeze output at January levels provided other producers did so too.
Saudi Arabia’s oil minister plans to meet with his Russian counterpart in Doha on Tuesday to discuss the oil market, according to a person familiar with the talks. Ali al-Naimi, the most senior oil official of the world’s biggest crude exporter, will speak with Russia’s Alexander Novak in the Qatari capital, according to the person, who asked not to be identified because the talks are private.
Sound Energy has begun work on its Tendrara licence area with contracts awarded for the first well to be drilled.
Oil major BP and its partners Oman Oil have agreed to develop a second phase of the Khazzan natural gas field bringing investment in the project to an estimated $16billlion.
Oil resumed its decline below $30 a barrel as Iran loaded its first cargo to Europe since international sanctions ended and Chinese crude imports dropped from a record.
World powers agreed a partial cease fire in Syria’s civil war, reaching a deal that could forestall a humanitarian crisis around the besieged city of Aleppo even amid skepticism about how broad and lasting the truce might be. Backing the accord were all the major outside powers in the five-year-old conflict, including the U.S., Russia, Turkey, Saudi Arabia and Iran. But the halt to fighting won’t cover jihadist groups like Islamic State, meaning U.S., French and Russian air strikes against them will continue.
Iran just revealed its oil prices to European buyers for the first time since sanctions were lifted against the Middle East country. The most competitive pricing compared with Saudi Arabian supply in 21 months underscores its intention to win back market share.
A deflated oil price has left the Gulf sovereigns with a $270billion funding gap, according to Standard and Poor’s latest report.
The Iranian Oil Minister has said Tehran would be ready to negotiate with Saudi Arabia over the current conditions facing the global market.