Business / Energy

Qatar will continue to support oil output cut 14 Jan 2018 - 02:39 pm

DOHA: Minister of Energy and Industry H E Dr Mohammed bin Saleh Al Sada has emphasised that Qatar supports the continuation of work...

Oil hits highest since mid-2015 but settles down as outages abate 02 Jan 2018 - 11:16 pm

LONDON: Oil prices hit mid-2015 highs in early trading on Tuesday but dipped to settle slightly lower as major pipelines in Libya and...

Iraq invites bids for new oil pipeline 24 Dec 2017 - 06:17 pm

Baghdad: Iraq's oil ministry on Sunday called for bids for the construction of a new pipeline to allow oil exports to resume from...

Lebanon approves first offshore oil and gas exploration 14 Dec 2017 - 07:29 pm

Beirut: Lebanon on Thursday approved a first bid from an international consortium including France's Total, Italy's ENI and Russia's Novatek to explore for...

Russia's Gazprom says signs memorandum on Iran LNG 13 Dec 2017 - 05:42 pm

MOSCOW: Russian gas giant Gazprom said on Wednesday it had signed a memorandum on possible cooperation in a liquefied natural gas project in...

Oil tops $65, first time since 2015, on UK pipeline outage 12 Dec 2017 - 01:15 pm

LONDON: Oil rose above $65 a barrel for the first time since mid-2015 on Tuesday as an unplanned shutdown of the UK’s biggest...

QNB expects oil price to average around $60 per barrel in 2018 09 Dec 2017 - 03:37 pm

Doha: Qatar National Bank (QNB) forecasted an average oil price around $60 per barrel in 2018. In its weekly analysis, QNB said that...

Venezuela arrests former oil bosses in corruption purge 30 Nov 2017 - 08:01 pm

Caracas: Venezuela's military on Thursday arrested the country's former oil minister and the ex-chief of state oil company PDVSA after both men were...

UAE oil minister: Vienna producers' meeting won't be easy 28 Nov 2017 - 10:13 am

DUBAI: A meeting of global oil producers in Vienna this week to discuss extending a system of output cuts will not be easy,...

Iraq and Kuwait near agreement on price for gas exports 26 Nov 2017 - 12:51 pm

KUWAIT CITY: Iraq and Kuwait have reached a preliminary agreement on a price for gas exports, Kuwaiti oil minister Issam Al-Marzouq told a...

Rosneft’s Sechin to miss hearing at ex-minister corruption trial 21 Nov 2017 - 11:52 pm

MOSCOW: The head of Russian state oil giant Rosneft, Igor Sechin, will not be in Moscow on Wednesday where he is meant to...

Venezuela leans on foreign partners for oil to feed its refineries 21 Nov 2017 - 06:57 pm

CARACAS/HOUSTON: Venezuela’s state-run PDVSA is siphoning oil from its cash-paying joint ventures with foreign firms to feed its domestic refineries, two sources close...

Oil rises, but capped as caution sets in ahead of OPEC meeting 21 Nov 2017 - 06:48 pm

LONDON: Oil rose on Tuesday, supported by expectations of an extension next week to OPEC output cuts, but prices remained under pressure from...

Iran says majority of OPEC members support extending oil production cuts: ISNA 20 Nov 2017 - 12:02 pm

LONDON: Iran's oil minister said on Monday that the majority of OPEC members support extending a plan to cut production but a final...

Oil climbs, but still set for first weekly fall in six 17 Nov 2017 - 05:50 pm

LONDON: Oil prices rose on Friday but were still on track for a week of losses due to concerns about oversupply, as signs...

Venezuela oil output hits near 30-year low, below 2 mln bpd 13 Nov 2017 - 05:26 pm

CARACAS: Oil-dependent Venezuela’s crude output dipped last month below 2 million barrels per day, its lowest level in nearly three decades, global producer...

Mexico announces biggest onshore oil discovery in 15 years 04 Nov 2017 - 09:22 pm

Petroleos Mexicanos announced its biggest onshore discovery in 15 years, just three months after Mexico reported the first major find by private companies,...