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.
Kuwait Petroleum Corp (KPC) said it plans to sell loss-making assets to cut costs as low oil prices pressure its finances.
Norwegian operator DNO said it has received receipt of $21.45million from the Kurdistan Regional Government for exports from the Tawke field.
Genel Energy today confirmed payment from the Kurdistan Regional government.
Iran will start sending 300,000 barrels a day of crude to Europe, 54 percent of the total it shipped before authorities on the continent put an embargo in place.
Genel Energy has received its fifth consecutive monthly payment for the oil its exports out of the country from the Taq Taq field in the Kurdistan region of Iraq, as well as a backpayment for oil that was previously exported.
Saudi Arabia, the world’s largest crude exporter, cut pricing for March sales of its light crude oil grades to Asia, according to a person familiar with the decision.
Oil climbed to a three-week high after Russia’s Energy Minister was reported to say that OPEC and other producers will meet next month to discuss a potential production cut.
Iranian President Hassan Rouhani said on Thursday that oil prices would not stay low for long as producers restore market balance. "The price of oil is at a low level ... I don't think it will last in the long term ... The pressure on oil-producing nations means balance will be restored in the short term," Rouhani, whose country is the third-largest producer in OPEC, said at the French Institute of International Relations.
Israel’s defence minister has alleged ISIS (Islamic State) has been funded with “Turkish money”. Moshe Ya’alon made the claim as he said the Turkish government was not pulling its weight in the fight against the network.
Coalition military forces say they have destroyed six IS (Islamic State) rigs near Raqqah as efforts to against the terrorist group continue.
Iraq, OPEC's second-largest oil producer, sees some flexibility for a deal between the exporter group and rival producers to tackle a supply glut that has pushed prices to a 12-year low, Oil Minister Adel Abdel Mahdi said on Tuesday. His comments, made in Kuwait, briefly boosted world oil prices further above $30 a barrel, although such an idea has been repeatedly mooted and dismissed for over a year.
Lamprell Energy said it has signed an MOU (Memorandum of Understanding) with Saudi Aramco, Bahri and Hyundai Heavy Industries for a collaboration on creating a maritime complex in Saudi Arabia.
The world’s biggest oil producer is spending as much now as it did before the crash in crude prices, signaling no surrender in Saudi Arabia’s battle with rivals.
Oil dropped after Saudi Arabia, the world’s biggest crude exporter, said low prices won’t reduce its spending on energy projects and China’s diesel consumption dropped for a fourth consecutive month. Futures dropped as much as 4.6 percent in New York. Saudi Arabian Oil Co., also known as Saudi Aramco, is maintaining its investment plans despite the rout in the crude market, Chairman Khalid Al-Falih said Monday. Diesel use in China dropped 5.6 percent in December compared with a year earlier and gasoline consumption grew at the slowest pace in more than two years.
Churchill Drilling Tools will launch its HyPR HoleSaver in the Middle East. The expansion comes after successful deployments of the hydraulic pipe recovery tool in the North Sea and the Gulf Of Mexico.
Saudi Arabian Oil Co. is pumping at high levels as it sees demand growing, and the state-run company may open a possible share offering to international investors.
Dubai stocks soared the most in more than a year, leading an advance in Gulf Arab markets, after oil prices rebounded and global equities rallied.
Russia's Gazprom said this week production at its Iraqi Badra oilfield reached 85,000 barrels per day (bpd).
A global oil field procurement firm headquartered in Aberdeen said yesterday it had opened its first Middle-East bases after tying up a deal to manage a Qatari operator’s budget. Craig International, part of family-owned energy service and shipping company Craig Group, will be handed about £7.5million every year for five years to provide the operator with a range of procurement services. Craig International, which has a network of more than 60 buyers in six countries, did not disclose the name of the client.
David Cameron has congratulated Iranian president Hassan Rouhani on the implementation of the landmark nuclear deal with world powers. The Prime Minister had a “warm” 20-minute telephone conversation with Mr Rouhani earlier, during which he thanked him for the steps that had been taken.