Business / Energy

Mexico to raise gas price by 20% 28 Dec 2016 - 09:10 am

Mexico City: Mexico announced double-digit price increases Tuesday for gasoline and diesel, its latest move to deregulate the energy sector and open the...

Oil edges above $55 ahead of supply cut deal 27 Dec 2016 - 08:39 pm

London: Oil edged further above $55 a barrel yesterday, drawing support from expectations of tighter supply once the first output cut deal between...

Oil prices lifted by expected fall in U.S. inventories 21 Dec 2016 - 01:51 pm

LONDON: Oil edged up on Wednesday, driven by expectations for a decline in U.S. crude inventories and bringing price gains for December to...

Malaysia's Petronas to cut 20000 bpd of oil output starting from January 2017 21 Dec 2016 - 11:17 am

Kuala Lumpur: Malaysia's Petronas (Petroliam Nasional Bhd) will reduce its crude oil output up to 20,000 barrels per day starting from January 2017....

Obama ‘indefinitely’ bans Arctic, Atlantic drilling 21 Dec 2016 - 10:23 am

NEW YORK: Leases for offshore oil and natural gas drilling in parts of the Arctic and Atlantic regions are now designated "indefinitely off...

Energy ‘tsunamis’ threaten to drag oil down to $10: Expert 20 Dec 2016 - 09:59 pm

Paris: The oil industry must brace for five energy “tsunamis” that threaten to drag prices as low as $10 a barrel in less...

Oil trades near $52 as US stockpiles drop 20 Dec 2016 - 09:51 pm

London: Oil traded near $52 a barrel before government data forecast to show US crude stockpiles fell for a fifth week, trimming an...

BP buys stakes in Kosmos Energy for $916m 20 Dec 2016 - 01:15 am

London: BP Plc agreed to buy stakes in West African licences held by Kosmos Energy Ltd for $916m as the British producer builds...

Opec deal makes oil investors most bullish since slump began 20 Dec 2016 - 01:12 am

New York: Investors are the most optimistic on oil since the slump began two and a half years ago. Money managers boosted bets...

Oil prices rises to $55.47 20 Dec 2016 - 01:03 am

Oil prices rose yesterday as a weaker dollar and the delay of new Libyan oil exports boosted benchmarks, amid expectations of tighter crude...

Firmer oil prices push up Gulf slightly 18 Dec 2016 - 11:29 am

DUBAI: Stock markets in the Gulf made small gains on Sunday morning after crude oil prices climbed back towards 17-month highs at the...

Oil near 17-month high as producers show unity 16 Dec 2016 - 09:45 pm

London: Oil rose yesterday, edging closer to new 17-month highs as producers showed signs of adhering to a global deal to reduce output....

Swedish island backs away from Russian gas project 15 Dec 2016 - 01:46 pm

STOCKHOLM, Sweden: Representatives from the Swedish municipality of Gotland, an island located in the Baltic Sea, backed away from plans to lease one...

10 Azeri oil workers missing after storm hits platform 15 Dec 2016 - 12:58 pm

BAKU: Ten workers have been missing after an Azeri oil platform partially collapsed early Thursday during a storm in the Caspian Sea, Azerbaijan's...

Oil prices fall in Asia 13 Dec 2016 - 01:02 pm

Singapore: Oil prices dipped on Tuesday as investors closed financial positions that profited from strong gains the day before. International Brent crude futures...