Business / Energy

OPEC SecGen sees "historic" deal with non-OPEC on Saturday 10 Dec 2016 - 11:29 am

VIENNA: OPEC Secretary-General Mohammed Barkindo said he saw a total of 12 non-OPEC countries signing a declaration with OPEC to help curtail oil...

Tanker operators hope new routes will offset Opec cut impact 09 Dec 2016 - 10:33 pm

Singapore: Tanker owners are bracing for a volatile year ahead after enjoying some of the highest charter rates since 2008, with OPEC plans...

Saudi may cut oil deliveries to US & Europe customers 09 Dec 2016 - 10:31 pm

Singapore: Saudi Arabia has told its US and European customers it will reduce oil deliveries from January as Russia signalled that a commitment...

US Gas may rally further as Arctic air to wipe out supply surplus 09 Dec 2016 - 10:29 pm

New York: US natural gas bulls see futures that rallied to a two-year high climbing even further as an arctic blast helps wipe...

Oil edges up on hopes over non-Opec cuts 09 Dec 2016 - 10:20 pm

London: Oil prices edged higher for a second consecutive session on yesterday on hopes that non-Opec producers meeting in Vienna would agree to...

Oil rebounds & rises over $50 despite doubts over Opec output cut 08 Dec 2016 - 09:28 pm

London: Oil rebounded from the week's lows to stabilise above $50 a barrel yesterday as market watchers focused on a weekend meeting of...

Oil tanker market heads for worst year since 2013 on OPEC cut 08 Dec 2016 - 06:42 pm

Oil-hauling supertankers are bracing for the worst earnings year since 2013 as they become collateral damage in OPEC’s quest to trim a global...

Glencore, Qatar Investment Authority to buy 19.5 percent stake in Rosneft: Russia 08 Dec 2016 - 12:25 pm

MOSCOW: Russia said on Wednesday it sold a stake in oil giant Rosneft for 10.5 billion euros ($11.3 billion) to Qatar and commodities...

Shell to sign 3 deals to develop Iran oil and gas fields : Iran oil ministry 07 Dec 2016 - 01:21 pm

DUBAI: Royal Dutch Shell will sign three initial agreements on Wednesday to develop Iranian oil and gas fields, an Iranian oil ministry official...

UAE energy minister: oil investment declined even at $50/barrel 07 Dec 2016 - 09:12 am

ABU DHABI: The global oil market needs price levels which provide incentives to invest in production, and even at a price of $50...

Oil prices decrease in Asia 05 Dec 2016 - 01:02 pm

Singapore: Oil prices decreased by 1% on Monday, triggered by rising production just after last week's deal between the Organization of the Petroleum...

Opec to meet non-Opec members on December 10 03 Dec 2016 - 01:31 am

Dubai: Opec will meet non-Opec countries to finalise a global oil limiting pact on December 10 in the Russian capital Moscow, two Opec...

Opec deal likely to tighten oil market in 2017 01 Dec 2016 - 10:52 pm

London: Opec has reached an agreement to cut its oil output by almost 1.2 million barrels per day and been rewarded with an...

New era for oil reverberates through Asia’s shipyards to runways 01 Dec 2016 - 07:31 pm

While the first OPEC production cuts since 2008 were inked as Asia slept, the winners and losers from the surprise deal are already...

Iran claims victory in OPEC oil deal 01 Dec 2016 - 05:41 pm

Tehran: Iran claimed victory after it was spared any of the cuts in oil production accepted by other OPEC members, including its bitter...

Oil extends gains; European stocks falter 01 Dec 2016 - 02:18 pm

London: Oil prices rose Thursday, building slightly on a surge triggered by OPEC's output decision, while European stock markets retreated as attention switched...

Iran welcomes OPEC production cut decision 01 Dec 2016 - 02:07 pm

TEHRAN, Iran: Iran's President Hassan Rouhani is welcoming a Wednesday OPEC deal that cut the oil cartel's output to push up crude prices....

Oil prices surpass $50 as OPEC meeting starts 30 Nov 2016 - 06:08 pm

ISTANBUL: Brent oil price surpassed $50 for the first time in a month, influenced by anticipation surrounding OPEC's meeting in Vienna on Wednesday....