Read the most popular news of the week.
By Ahmad Ghaddar LONDON (Reuters) – Oil prices fell on Friday but are set for their first weekly increase this month as talk of a coordinated plan by producers to freeze output levels was tempered by a record build in U.S. crude inventories. Brent futures LCOc1 were down 45 cents at $33.83 a barrel
Most companies are currently focused on surviving at US$30/bbl by cutting costs and activity, but the industry also needs to start adapting for the longer term, according to a report by Wood Mackenzie.
Top oil exporters Russia and Saudi Arabia agreed on Tuesday to freeze output levels but said the deal was contingent on other producers joining in – a major sticking point with Iran absent from the talks and determined to raise production.
(Reuters) – Oil ministers from Saudi Arabia, Russia, Qatar and Venezuela started a closed-door meeting in Doha on Tuesday, sources said, their highest-level discussion in months and a potentially pivotal sign that producers are preparing to tackle a devastating supply glut. An agenda and schedule fo
Iran’s position in the international O&G market was expectedly one of the highlight topics of IP Week, Douglas-Westwood, an energy intelligence group, said in its DW Monday report. Approximately one month after the lifting of EU and US nuclear sanctions on Iran, DW said, the country’s Energy Ministe
UK-based energy giant and state-owned Oman Oil signed a deal on Sunday to develop a second phase of the Khazzan natural gas field.
Popular news, February 8 – 14, 2016
Shell says to use own cash to fund BG deal after cancelling $14.4 billion loan Hague-based LNG giant Shell said Thursday it has cancelled a US$14.4 billion bridge credit facility intended to fund its takeover of BG group. Petronas, Sabah Energy scrap Malaysian LNG project Petronas’ unit, Petronas Ga
Chemical shipping freight rates for both contracts of affreightment and spot cargoes will be under pressure throughout 2016, as there are some new operators looking to break into the long-haul trade routes, according to Drewry’s Chemical Forecaster. The prediction comes on the back of low bunker pri
There is no justification for restrictions on travel or trade due to the outbreak of the Zika virus, the International Maritime Organization (IMO) said in a circular letter. The conclusion was reached at the Emergency Committee of the World Health Organization (WHO), convened in February 2016. The a
UK-based oil and gas giant BP expects fossil fuels to remain the dominant form of energy over the period to 2035, according to the 2016 edition of the “BP Energy Outlook”. Despite the rapid growth of other sources, fossil fuels “will remain the dominant form of energy over the period to 2035, meetin
Oil slid on Thursday, dented by record U.S. crude inventories at the Cushing delivery point, worries about the demand outlook, and as Goldman Sachs said prices would remain low and volatile until the second half of the year.
British oil giant BP has issued its Energy Outlook 2016, forecasting how the energy landscape will look between now and 2035. According to the report fossil fuels are expected to remain the dominant form of energy powering the global expansion: providing around 60% of the additional energy and accou
