Energy

Israel, Turkey seek to shield natural gas ties from politics

  Bloomberg Israel and Turkey are working to eliminate a major obstacle to natural gas deals: their own fractious history. The two governments are working on a framework for the export of Israeli natural gas to Turkey that would protect contracts between companies if diplomatic ties break down, Israeli Energy Ministry Director-General Shaul Meridor said in an interview in Jerusalem. ...

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Qatar to merge state-owned LNG producers Qatargas and RasGas

  DOHA/ Reuters Qatar will merge state-owned liquefied natural gas producers Qatargas and RasGas Co Ltd, the chief executive of Qatar Petroleum (QP) said on Sunday, in the Gulf state’s latest reaction to lower energy prices. While Qatar is more focused on gas than oil, it too has been forced into reorganisations, with QP already going through a process that ...

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Saudi signals deeper cuts after deal with non-OPEC countries

  Bloomberg Saudi Arabia signaled it’s ready to cut oil production more than expected, a surprise announcement made minutes after Russia and several non-other OPEC countries pledged to curb output next year. Taken together, the Organization of Petroleum Exporting Countries’s first deal with its rivals since 2001 and the Saudi comments represent a forceful effort by producers to wrest back ...

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Saudi’s Sadara to supply feedstock to Saudi Rufayah Chemicals

  KHOBAR / AFP Sadara Chemical, a $20 billion petrochemical joint venture between national oil giant Saudi Aramco and Dow Chemical, has signed a 20-year agreement with Saudi Rufayah Chemicals Co (RCC), Sadara said on Sunday. Under the deal, RCC, a Saudi downstream firm will use the aromatics concentrate (Pygas) and Pyoil supplied by Sadara for its new chemical complex ...

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China oil imports may slow by over 60%

  Bloomberg One of the biggest engines soaking up the world’s oil is starting to sputter. Growth in crude imports by China, the second largest consumer after the US, will probably slow by more than 60 percent in 2017, according to a Bloomberg survey of analysts including FGE and Energy Aspects Ltd. Private refiners that helped boost purchases to record ...

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Iraq can’t count on Kurds to meet oil cuts

  Bloomberg Iraq can’t count on self-governed Kurds in the country’s north or international oil companies to help it cut crude production as promised at an OPEC meeting last week. That may leave the country with no option but to slash state-controlled supplies to comply with its quota. Under the deal the Organization of Petroleum Exporting Countries reached last Wednesday, ...

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Traders abandon ship as OPEC cuts profits at sea

  Bloomberg OPEC’s decision to pump less is poised to deter some oil traders from hoarding crude at sea. The group’s pledge to cut output and ease a global glut has weakened a market structure known as contango that benefited traders who stocked crude on ships to be sold at a potential profit in the future. The planned reductions have ...

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After oil crisis cull, Norway’s junk market emerges transformed

    Bloomberg Those oil service companies and drillers that are still around will likely survive. That’s the good news, according to Kevin Liang, who helps oversee 10 billion kroner ($1.2 billion) in bonds at Svenska Handelsbanken AB in Oslo. But the bad news is that the debt market for Norway’s battered oil sector is now a very different animal. ...

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Shell signs initial Iran oil and gas deals

  Reuters Royal Dutch Shell signed a provisional agreement on Wednesday to develop Iranian oil and gas fields, an Iranian official said, the first deal by the world’s second biggest listed oil firm in Iran since sanctions were lifted. The Anglo-Dutch company confirmed it had signed a memorandum of understanding with National Iranian Oil Company (NIOC) on Wednesday “to further ...

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Oil trades near $51 after slumping Shale comeback signs

  Bloomberg Oil traded near $51 a barrel amid speculation a production boost from U.S. shale producers will counter the first output cuts from OPEC in eight years. Futures fell 0.2 percent in New York after falling 1.7 percent on Tuesday, the first drop in five days. The Energy Information Administration increased its U.S. oil output forecast for this year ...

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