05012016Sun
Last update: Sun, 01 May 2016 08pm

Europe

Markets - Energy - Europe

Russian March oil output hits new post-Soviet high MOSCOW: Russian oil production hit the latest in a line of post-Soviet highs in March, feeding higher exports that added to a global glut keeping crude prices low and hurting its economy.The big Gulf producers of OPEC have opted for holding on to market share, saying they will only cut output to raise oil prices if others - like Russia - do so too.Russian officials say it is hard to significantly adjust output up or down due to the problems of mothballing wells in a harsh climate.The twin state energy giants Gazprom and Rosneft brought Russia's oil output to a post-Soviet era record of 10.71 million barrels per day (bpd) in March, Energy Ministry data showed on Thursday.That topped December's high of 10.67 million bpd.The data includes output for crude oil and gas condensate which reached 45.275 million tonnes in March, versus 40.696 million the month before.Total oil exports via ...

Markets - Energy - Europe

Oil eases below $57 as Iran, big powers negotiate LONDON: Oil prices slipped on Thursday as officials from the big global powers remained locked in nuclear talks with Iran that, if successful, could allow the Islamic state to release more crude oil onto world markets.Negotiations on Tehran's disputed nuclear programme have stretched well beyond a self-imposed March 31 deadline, with diplomats saying the chances of a preliminary accord in the next few hours are finely balanced.Tehran is hoping for a deal that will end ...

Markets - Energy - Europe

West Africa Crude-Angola sells, but Nigeria glut weighs LONDON: West Africa crude trading diverged on Wednesday, as Angolan selling and differentials versus dated Brent fared better than Nigerian grades. Traders said steady buying from Chinese and European refiners who prefer Angolan grades is helping to support the differentials and clear out the May programme, whereas Nigerian cargoes are struggling to sell. "Angola cargoes are moving quite fast," one trader said. "But for Nigeria, we have seen even some March cargoes unsold." High refining ...

Markets - Energy - Europe

Oil rallies as Iran nuclear talks drag on, overshadowing supply concerns LONDON: Brent crude oil futures reversed early losses to rally to $55.90 a barrel on Wednesday, as talks over Iran's nuclear programme continued, curbing expectations of an immediate deal that would allow Iranian crude on to the market.The Iran talks overshadowed a sharp rise in crude oil stocks in the United States, where inventories rose by 4.8 million barrels to 471.4 million barrels in the week to March 27, according to the United States Energy ...

Markets - Energy - Europe

Oil prices steady as Iran talks drag on LONDON: Oil prices were largely steady Wednesday as marathon talks aimed at preventing Iran from getting a nuclear bomb went into a nail-biting extension.Traders meanwhile awaited the latest snapshot of US crude inventories for indications of demand in the world's biggest economy.Brent North Sea crude for delivery in May edged up seven cents to stand at $55.18 a barrel around midday in London. US benchmark West Texas Intermediate (WTI) for May slipped 34 cents to ...

Markets - Energy - Europe

Oil prices slip under $55 Iran talks extend beyond deadline LONDON: Brent crude oil futures slipped below $55 a barrel on Wednesday on speculation that a last-minute deal over Iran's nuclear programme would be reached, opening the way for more Iranian crude to come into world markets.Talks between Iran and six world powers to settle a dispute around Tehran's nuclear programme extended beyond a Tuesday deadline.Efforts to reach a framework deal were scheduled to continue on Wednesday morning in the Swiss city of Lausanne.Brent crude ...

Markets - Energy - Europe

West African crude oil exports to Asia rise to 2.34mn bpd in April LONDON: West African crude oil exports to Asia are set to rise by 30 percent to 2.34 million barrels per day (bpd) in April, up from 1.78 million bpd initially planned for March, according to a Reuters survey of traders and ship-tracking data on Tuesday.A flurry of buying from Indian refiners, led by state-run IOC, was the primary source of the increase. Indian refiners booked a total of 34 lots of West Africa crude to ...