02142016Sun
Last update: Sun, 14 Feb 2016 03pm

Markets - Energy

Markets - Energy - Europe

Oil rises towards $31 on hopes of deal to tackle glut LONDON: Oil rose towards $31 a barrel on Tuesday, lifted by hopes that OPEC and non-OPEC producers may be edging closer to a deal to tackle one of the biggest supply gluts in decades.The Organization of the Petroleum Exporting Countries is making renewed calls for rival producers to cut supply alongside its members, but Russia, seen as key to any deal, has so far refused to cooperate.Iraqi Oil Minister Adel Abdel Mahdi said on Tuesday he saw "some flexibility" for a deal, the idea of which has been mooted and dismissed repeatedly for more than a year.Brent crude was up 38 cents at $30.88 a barrel by 1449 GMT, rebounding from an earlier decline. It reached $27.10, its lowest since November 2003, on Jan. 20. U.S. crude was up 20 cents at $30.54."Without a production agreement, fundamentals point to lower numbers," said David Hufton of oil broker PVM. "With one, ...

Markets - Energy - Europe

Oil edges back above $30 LONDON: Oil prices rose above $30 on Tuesday after briefly dipping below the psychological barrier as the market was beset with worries about the global supply glut.At about 1100 GMT, Brent North Sea crude for delivery in March was up 11 cents at $30.61 a barrel.US benchmark West Texas Intermediate for March added nine cents to $30.43 a barrel compared with Monday's close.In rollercoaster trade last week, oil briefly plunged to 12-year lows under $27 ...

Markets - Energy - Middle East & Africa

Kuwait, Iraq say OPEC will not cut output alone KUWAIT CITY: The Kuwaiti and Iraqi oil ministers said Tuesday that OPEC will not cut production unless producers outside the cartel do the same, despite the plunge in crude prices."OPEC cannot cut its production unless there is a similar reduction by producers outside OPEC," Kuwait's acting oil minister, Anas al-Saleh, told reporters on the sidelines of an oil conference."I don't see any logic in OPEC cutting production while non-OPEC (countries) don't cut," Saleh said.Iraqi Oil ...

Markets - Energy - Middle East & Africa

Saudi Aramco CEO sees year-end oil price recovery RIYADH: Global crude prices should recover near the end of this year, the president of the world's biggest oil exporter, Saudi Aramco, said on Tuesday."Our prediction is that we will see some adjustment but it will happen toward the end of this year," Amin al-Nasser, president and chief executive officer of the state-owned company, told a business forum in the Saudi capital.Global crude prices have plunged from above $100 a barrel in early 2014 to ...

Markets - Energy - Europe

Oil rises further above $30 on hopes of deal to tackle glut LONDON: Oil rose further above $30 a barrel on Tuesday, lifted by hopes that OPEC and non-OPEC producers may be edging closer to a deal to tackle one of the biggest supply gluts in decades.The Organization of the Petroleum Exporting Countries is making renewed calls for rival producers to cut supply alongside its members, but Russia, seen as key to any deal, has so far refused to cooperate.Iraq's oil minister said on Tuesday he saw ...

Markets - Energy - Asia

Russia beats Saudis in monthly China crude exports in Dec, 4th time in 2015 BEIJING: Russia overtook Saudi Arabia in December crude oil exports to China, becoming the largest supplier into the country for a fourth month in 2015, customs data showed on Tuesday.China imported 4.81 million tonnes, or 1.13 million barrels per day of crude oil from Russia in December, 29 percent more than December 2014.Imports from Saudi Arabia were down 1.2 percent in December versus a year earlier at 4.468 million tonnes, or about 1.05 million bpd. ...

Markets - Energy - Middle East & Africa

Saudi, foreign firms sign MoU for new shipbuilding complex RIYADH: National oil giant Saudi Aramco has signed a memorandum of understanding to establish a shipbuilding and repair complex in the kingdom, part of Saudi Arabia's efforts to diversify its economy beyond oil, the company said on Tuesday.Pressured by low oil prices, Riyadh is laying plans to develop non-oil industries, using state spending to jump-start the process. The shipbuilding complex is one of the first big projects to be announced under this policy.The MoU was ...