01172017Tue
Last update: Tue, 17 Jan 2017 03pm

Europe

Markets - Energy - Europe

Russia poised to gain from oil production freeze MOSCOW: With its oil output at record levels and state coffers running low, Russia has little to lose and much to gain from agreeing a deal with the OPEC cartel on limiting production.Ahead of an OPEC meeting set for November 30 in Vienna, Moscow -- which is not a member of the Organization of the Petroleum Exporting Countries -- is pushing for an agreement to be finally reached after similar talks in Doha collapsed acrimoniously in the spring.Russia is one of the biggest oil producers in the world, along with Saudi Arabia and the United States, and has paid dearly for the collapse in prices over two years of recession, exacerbated by Western sanctions over Ukraine.While OPEC plans to reduce production quotas for its members, President Vladimir Putin said last week that Russia was ready to "freeze production at the level it is at currently"."For us to freeze production is ...

Markets - Energy - Europe

Eni agrees to sell 10pc stake in Egypt concession to BP MILAN: Eni has agreed to sell a 10 percent stake in the Shorouk concession offshore Egypt to BP, the Italian oil and gas group said in a statement on Friday. The agreement envisages a payment of $375 million and the pro-quota reimbursement of past expenditures, which so far amount to around $150 million. Eni, which through its subsidiary IEOC holds a 100 percent stake in the block, said BP had the option to buy a ...

Markets - Energy - Europe

North Sea Crude-Forties steady after gain this week LONDON: North Sea Forties crude differentials ended the week unchanged on Friday, after climbing earlier this week on the prospect of higher exports of December-loading crude to Asia. Copyright Reuters, 2016 ...

Markets - Energy - Europe

West Africa Crude-Indian tender awarded, spot trade muted LONDON: Leading OPEC oil exporter Saudi Arabia has told the producer group it will not attend talks on Monday with non-OPEC producers to discuss limiting supply, OPEC sources said, because it wants to focus first on reaching consensus within the organisation. About 15 cargoes of Nigerian crude were left from the December programme. Usan was offered on Thursday at dated Brent minus $1 a barrel. Vitol offered a cargo of Abo at dated Brent minus ...

Markets - Energy - Europe

Oil down on strong dollar, OPEC uncertainty LONDON: Oil prices slid on Friday, dragged by a strong dollar and uncertainty over whether OPEC will agree to cut production at the group's meeting next week, but benchmark contracts were on track to close the week with gains close to 4 percent. Brent crude futures were trading at $48.53 a barrel at 1253 GMT, down 47 cents. US crude futures fetched $47.56 a barrel, down 40 cents. Overall activity on both contracts was thin ...

Markets - Energy - Europe

Norway approves hike in Troll's 2016 oil output OSLO: Norway's oil and energy ministry has approved a hike in the 2016 oil output quota of the North Sea Troll field to 46.5 million barrels from 41.7 million, giving it the highest output level since 2009, documents obtained by Reuters showed on Friday. Field operator Statoil requested an increase on behalf of the license partners in September, and the ministry granted it on Nov. 4, a letter from the ministry showed. Troll produced 33.2 ...

Markets - Energy - Europe

Shell in talks over Gabon sale as seeks to hit divestment target LONDON: Royal Dutch Shell is in advanced talks with a party interested in buying its onshore operations in Gabon as part of a $30 billion divestment plan following its purchase of BG Group, which was completed in February. Shell had informed its staff of the discussions on Thursday, a spokesman for the firm told Reuters on Friday. The oil and gas group, which plans to exit operations in 5 to 10 countries, has made relatively ...