Business / Energy

Iran says oil export rise had no negative effect on market: Shana 01 Jun 2016 - 08:52 am

A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Persian Gulf,...

Saudi Aramco says to expand capacity of east-west pipeline by end-2018 31 May 2016 - 02:22 pm

DUBAI: State-run Saudi Aramco plans to expand the capacity of its east-west crude pipeline to 7 million barrels per day by the end...

New Saudi energy minister shows he takes OPEC seriously 31 May 2016 - 12:45 pm

Khalid al-Falih, the new Saudi Minister of Energy, Industry and Mineral Resources Ministry, during his sworn in ceremony in Riyadh, Saudi Arabia May...

Brent crude lower on strong Middle East oil output 31 May 2016 - 12:14 pm

By Ahmad Ghaddar LONDON: Brent crude prices fell on Tuesday on rising output from the Middle East and ahead of an OPEC meeting...

US oil prices up as traders await China data, OPEC meeting 31 May 2016 - 10:55 am

Singapore: US crude rose in Asia Tuesday as investors awaited manufacturing data from China and before an OPEC meeting on production caps this...

First sale for newly approved Israeli gas project 30 May 2016 - 12:41 pm

Jerusalem: The US-led consortium leading the development of Israel's offshore gas reserves has announced its first sales deal since a reworked agreement on...

Battle inside OPEC eases as Saudi oil Strategy finally pays off 28 May 2016 - 12:00 am

A view of the OPEC Headquarters in Vienna. AFP Grant Smith Saudi Arabia has been fighting with fellow OPEC members since the oil...

Oil slips as $50 level sparks new output fears 27 May 2016 - 06:18 pm

Pump jacks are seen at the Lukoil company owned Imilorskoye oil field, as the sun sets, outside the West Siberian city of Kogalym,...

Chevron, Shell said among bidders to operate Qatar oil field 25 May 2016 - 04:51 pm

By Mohammed Aly Sergie Chevron Corp, Royal Dutch Shell Plc, Total SA, ConocoPhillips and Maersk Oil Qatar submitted bids to operate Qatar’s biggest...

Oil nears $50 as US inventories fall 25 May 2016 - 10:12 am

Singapore: Oil prices edged towards $50 a barrel in Asia Wednesday after a larger-than-expected dip in US stockpiles resulting from wildfires that have...

Oil prices continue dip with stronger dollar 24 May 2016 - 09:44 am

Singapore: Oil extended losses in Asia Tuesday as a stronger US dollar and progress in controlling wildfires in Canada's crude-producing Alberta province dampened...

Egypt to increase natural gas production to 5.5-6 bln cfd 22 May 2016 - 03:31 pm

DAMIETTA, Egypt: Egypt will increase its natural gas production to between 5.5 and 6 billion cubic feet per day by the end of...

Kuwaiti oil price up USD1.04 to USD42.88 pb 21 May 2016 - 03:23 pm

Kuwait: The price for Kuwaiti oil went up Friday by USD 1.04 to settle at USD 42.88 per barrel (pb) after being at...

Oil hits 2016 peaks on fading supply glut fears 21 May 2016 - 12:00 am

London: World oil prices soared this week to 2016 highs as Canadian and Nigerian supply problems and sliding US production helped reduce the...

Oil drops below $48 on Fed hike speculation, fading support from outages 19 May 2016 - 12:05 pm

By Alex Lawler LONDON: Oil fell below $48 a barrel on Thursday, pressured by a stronger dollar and as a surprise increase in...

Nigerian union faction orders strike over petrol price rises 18 May 2016 - 01:07 pm

Abuja: Nigeria's government on Wednesday warned against "illegal strike action" after some union members vowed to press ahead with a national strike over...