05262016Thu
Last update: Thu, 26 May 2016 09pm

Europe

Markets - Energy - Europe

Oil falls as Iran, China discuss more supply LONDON: Brent crude oil fell below $58 a barrel on Tuesday on signs of growing oversupply as Iranian officials visited Beijing to seek more oil sales after a framework nuclear deal that could lead to the lifting of sanctions.China is Iran's largest trade partner and has bought roughly half of its crude exports since 2012, when sanctions against the Islamic Republic were tightened.Oil markets were also pressured by a Goldman Sachs report saying prices needed to remain low for months to slow U.S. oil output growth.Brent was down 50 cents at $57.62 a barrel by 1100 GMT. U.S. crude was down 60 cents at $51.54 a barrel.Representatives of state-run National Iranian Oil Company will meet China's biggest crude buyers including Unipec, the trading arm of top Asian refiner Sinopec Corp, and state trader Zhuhai Zhenrong Corp, officials told Reuters.Global oil markets already face a supply glut with producers pumping over ...

Markets - Energy - Europe

Oil prices slip after Iran-fuelled rally LONDON: Oil prices fell Tuesday, with profit-taking in evidence a day after the market rallied on doubts over an agreement with Iran over the crude producer's nuclear programme, traders said. US benchmark West Texas Intermediate (WTI) for delivery in May dropped 64 cents to $51.50 a barrel compared with Monday's close. Brent North Sea crude for May lost 46 cents to $57.66 in midday trade.The contracts had surged by three dollars each on Monday."The current ...

Markets - Energy - Europe

Russia's Gazprom plans to sell stake in German gas group VNG MOSCOW: Gazprom said on Monday it plans to sell its 10.52 percent stake in Germany's natural gas supplier Verbundnetz Gas (VNG), in line with the Russian company's strategy to pull back from operations in Europe. Gazprom said the decision to sell the stake was made after Wintershall Holding sold its stake in VNG. Gazprom and Wintershall jointly held a blocking stake of 26.31 percent in VNG. "Now, Gazprom is unable to take real participation in ...

Markets - Energy - Europe

ICC case between Turkey and Iran on gas price to be concluded by May ANKARA: A price dispute between Turkey and Iran for gas imports taken to the international arbitration court is likely to be finalised by May, Turkey's energy minister said on Monday.Turkey has taken Iran, from which it imports 10 billion cubic meters of gas annually, to the International Chamber of Commerce (ICC) in Switzerland in January 2012 after Tehran rejected Ankara's complaint that the price was too high.Copyright Reuters, 2015 ...

Markets - Energy - Europe

Oil falls more than 3pc as Iran, big powers negotiate LONDON: Oil prices fell more than 3 percent on Thursday as officials from the big global powers stayed 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 ...

Markets - Energy - Europe

Oil prices slip in thin trade LONDON: Oil prices fell in thin pre-holiday trade Thursday after news of rising US crude reserves, while talks over crude producer Iran's nuclear programme dragged on, analysts said.Brent North Sea crude for delivery in May edged down 12 cents to $56.98 a barrel around midday in London. US benchmark West Texas Intermediate (WTI) for May slipped 25 cents to $49.84 a barrel compared with Wednesday's close. "Prices have come off with thin volumes ahead of ...

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 ...