07022016Sat
Last update: Sat, 02 Jul 2016 03am

Europe

Markets - Energy - Europe

Norway oil and gas output to fall by 6pc in case of strike OSLO; Norwegian oil companies and trade unions began two-day wage talks on Thursday in a bid to avert a strike that would initially cut the country's output by 229,000 barrels of oil equivalents, the Norwegian Oil and Gas Association (NOG) said. Oil and gas production at five offshore fields operated by ExxonMobil, Engie and BASF's Wintershall unit will shut on July 2 if no compromise is found, it added.The initial cut represents about 6 percent of Norway's output, NOG said. A potential escalation would lead to further reductions.Copyright Reuters, 2016 ...

Markets - Energy - Europe

Oil falls towards $50 on higher supply outlook, economic worries LONDON: Oil fell towards $50 a barrel on Thursday, pressured by higher Nigerian output and concern about the economic outlook following Britain's vote to leave the European Union last week. Returning Nigerian supply will put pressure on prices, Goldman Sachs said, adding that outages caused by Canadian wildfires would virtually end by September.Norwegian supply could be hit by a threatened workers' strike, however.Brent crude was down 48 cents a barrel at $50.13 as of 0856 ...

Markets - Energy - Europe

Russia's Gazprom to announce gas supply auction for Europe in July MOSCOW: Russia's Gazprom plans to announce a gas auction for autumn-winter gas deliveries to North-Western Europe next month, Gazprom's Deputy Chief Executive Alexander Medvedev told reporters on Thursday. Medvedev also said that he planned to meet the European Commision on Gazprom's anti-monopoly case before August. He was speaking on the sidelines of Gazprom's annual shareholders meeting in Moscow.Copyright Reuters, 2016 ...

Markets - Energy - Europe

Premature to say if Turkstream gas project will be resumed MOSCOW: The Kremlin said on Thursday that it is still premature to say whether the Turkstream natural gas pipeline project involving Turkey will be resumed. "It looks like it is still premature to talk about this," Kremlin spokesman Dmitry Peskov told a conference call with journalists. "Various (gas pipeline) routes are now being discussed in a framework format.""It's too early to say now what routes will finally be chosen and enter a development stage."Copyright Reuters, ...

Markets - Energy - Europe

Med Crude-Urals extend gains in the Med, Baltic crude loadings set to rise MOSCOW: Urals crude differentials extended gains in the Mediterranean amid strong buying interest from Litasco and attractive refinery margins, while Baltic Sea crude supplies in July were set to rise by 0.2 million tonnes to 6.6 million tonnes, traders said. Surgutneftegas and trader Flontrano each obtained a Urals crude loading slot in Primorsk of 100,000 tonnes, on July 18-19 and 25-26 respectively, in addition to the final loading plan. Surgutneftegaz will sell an extra cargo ...

Markets - Energy - Europe

Statoil nabs 10pc of WAfrican oil route to China's teapots LONDON: Norway's Statoil has claimed 10 percent of the highly coveted oil trade route between west Africa and China's small 'teapot' refineries, its head of trading said, suggesting its gamble to offer directly to China's newest importers has paid off.China's block of independent 'teapot' refiners became one of the most sought-after targets of oil exporters after the Chinese government late last year allowed them to import crude oil. Statoil was one of the first players ...

Markets - Energy - Europe

Oil prices recover with global markets LONDON: Oil prices extended gains on Wednesday, tracking a recovery in equity markets as leaders look to temper fears over the effects of Britain's shock EU exit and traders bet on a fall in US stocks.Around 1000 GMT, the London benchmark Brent crude added 46 cents to $49.04 and US benchmark West Texas Intermediate rose 57 cents to $48.42. "Oil markets mirrored the rebound on stock markets as fundamentals came back into focus," said analysts ...