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Last update: Tue, 03 May 2016 04am

Europe

Markets - Energy - Europe

Russian oil output down in April, but still close to record MOSCOW: Russian oil output fell slightly to 10.84 million barrels per day (bpd) in April, Energy Ministry data showed on Monday, as production declined at large energy firms Lukoil, Gazprom Neft and Gazprom .Two sources close to the ministry had told Reuters that production would edge down in April because of seasonal maintenance at oilfields and refineries.Russian oil output hit its highest in nearly 30 years in March at 10.91 million bpd.Leading global oil producers are trying to keep production high to preserve market share, a move that has driven oil prices sharply lower since mid-2014.At a meeting in Doha last month, crude producers including Russia failed to clinch a deal to freeze output, which suggests the battle for market share will continue.The Energy Ministry data showed production by Lukoil fell 1.1 percent in April from the previous month, while the decline for Gazprom Neft was 1.2 percent and Gazprom ...

Markets - Energy - Europe

Oil prices retreat from 2016 highs on OPEC output boost LONDON: Oil prices retreated from 2016 highs on Monday as rising production in the Middle East outweighed a decline in U.S. output and a sliding dollar.Crude production by the Organization of the Petroleum Exporting Countries rose in April to 32.64 million barrels per day (bpd), close to the highest level in recent history.Russia, the biggest exporter outside OPEC, also increased monthly crude for seaborne exports by more than 7 percent to 3.117 million bpd in ...

Markets - Energy - Europe

Oil prices slip from 2016 highs on OPEC output boost LONDON: Oil prices edged back from 2016 highs on Monday as rising production in the Middle East outweighed a decline in U.S. output and a sliding dollar.Crude production by the Organization of the Petroleum Exporting Countries rose in April to 32.64 million barrels per day (bpd), close to the highest level in recent history.Iraq's April exports from southern fields increased, as did seaborne exports from Russia, the biggest exporter outside OPEC.Brent was trading at $47.20 ...

Markets - Energy - Europe

Oil prices reach 2016 highs LONDON: World oil prices struck 2016 high points this week as a weaker dollar attracted buyers to a market struggling to overcome a global supply glut.Dollar-denominated oil has become more attractive for buyers of rival currencies despite lingering concerns about excess output, thanks to the US unit falling heavily, particularly against the yen.The dollar's fall comes as the US Federal Reserve held interest rates unchanged at its policy meeting on Wednesday, signalling it was in ...

Markets - Energy - Europe

Russian April oil output edges down to 10.86mn bpd MOSCOW: Russian oil production edged lower in April 1-28 to 10.86 million barrels per day (bpd) from a record 10.91 million in March, two sources close to the Energy Ministry told Reuters on Friday. The preliminary statistics show Russia is determined to keep oil output high after the world's leading crude producers failed to clinch a deal to freeze output to support weak crude prices. The sources said seasonal maintenance at oilfields and refineries brought ...

Markets - Energy - Europe

Gazprom posts profits up 5-fold in 2015 MOSCOW: Russian gas giant Gazprom said Thursday its net profit grew almost five-fold in 2015 despite the falling oil price, partly due to a rise in exports and the ruble's plunge in value.The state-controlled group during 2015 earned net profit of 787 billion rubles ($12.2 billion), higher than predicted by analysts interviewed by the Interfax news agency.Gazprom in 2014 saw its profits plunge sevenfold to 159 billion rubles, weighed down by fallout from the Ukraine ...

Markets - Energy - Europe

Repsol to resume Libya activity once security allows: Spanish FM %9 TRIPOLI: Spanish oil giant Repsol is ready to resume activity in Libya once the security situation allows it, Spain's foreign minister said Thursday during a visit to Tripoli.Jose Manuel Garcia-Margallo was in Tripoli to demonstrate Spain's support for a new UN-backed Libyan government."Repsol is ready to resume production as soon as an accord is finalised," Garcia-Margallo said during a press conference after meeting the head of the unity government, Fayez al-Sarraj.Libya's warring rivals have come ...