Middle East

Middle East

Syria truce set for next week as US, Russia back peace bid

12/02/2016

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.

Middle East

Iran says low oil prices will not last long

28/01/2016

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.

Middle East

Israel claims ISIS funded by “Turkish money”

28/01/2016

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.

Middle East

Iraq sees some flexibility for OPEC, non-OPEC to tackle oil glut

26/01/2016

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.

Middle East

Oil drops as Saudis to maintain spending, China diesel use falls

25/01/2016

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.

Middle East

Craig Group heralds Middle-East expansion with contract award

20/01/2016

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.

Middle East

Cameron congratulates Iran on nuclear deal

19/01/2016

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.

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